Alphabet Shares Fall 13% on AI Spending

Alphabet shares fell 13% on Thursday as investors rethought its AI spending boom. The company spent 121.4% of its operating cash flow on capital expenditure in the September quarter, relying on reserves to cover the shortfall while search revenue grew 12%. Microsoft shares slipped 4% and Oracle slipped 4% as the market prioritized cash generation over unproven AI commitments.