Alphabet Shares Plunge 12%, Shedding $480 Billion as Finnish Police Open Criminal Probe into Data Center Site

Alphabet (GOOGL) shares fell more than 12% on Thursday, erasing about $480 billion in market value in the second-largest single-day market-cap loss in U.S. stock history, as fresh earnings concerns were compounded by news of a criminal investigation. Finnish police said Thursday they had opened a criminal probe into suspected environmental violations at a planned Google data center site near Muhos in northern Finland. Authorities allege subsidiary Tuike Finland carried out logging and drainage work before completing the environmental impact assessment required under Finnish law. Investigator Kari Pakanen said police are examining whether the company's operations violated water pollution laws and caused environmental damage, adding that fines are possible if violations are confirmed. Police expect to report progress in December, with the full investigation running through 2027. Finland's supervisory authority LVV ordered Google on October 6 to halt environmentally altering preparatory work at the site. The project is part of a $15 billion Finnish investment announced last month, which Google called its largest in Europe. A Google spokesperson said the company is cooperating with police and remains committed to regulatory compliance.