By continuing to browse our site you agree to our use of cookies, revised Privacy Policy and Terms of Use. You can change your cookie settings through your browser. Shares of Alphabet and Tesla plunged on Thursday after both companies reported negative free cash flow in their latest quarterly earnings and signaled plans for even heavier investment in artificial intelligence. Tesla shares closed 14.5% lower, wiping out about $200 billion in market value and marking the stock's worst single-day performance since March 2025. Meanwhile, Alphabet, Google's parent company, tumbled 7.1%, losing roughly $300 billion in market capitalization. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, US, July 23, 2026. /VCG Soaring AI spending overshadowed stronger-than-expected revenue in Q2, as investors grew increasingly concerned about the rapid expansion of capital expenditure. Alphabet lifted its capital expenditure forecast for the year to between $195 billion and $205 billion, up from its previous estimate of $180 billion to $190 billion, while warning that spending could rise further in 2027.
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