The AI Spending Spree Takes a Toll on Tech Giants The recent stock market plunge for Alphabet and Tesla has sent shockwaves through Wall Street and Silicon Valley.
Investors are growing concerned about the mounting costs of the artificial intelligence boom, with both companies signaling increased spending in this area.
Alphabet's parent company saw its market capitalization drop by around $300 billion, while Tesla lost a staggering $200 billion on Thursday. Amazon was also dragged down, losing 4. 6% and around $120 billion in value.