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Tesla, Alphabet Lose Hundreds of Billions in Value in Post-Earnings Stock Plunge

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Shares of Tesla and Alphabet fell sharply on Thursday after both companies signaled increased spending on artificial intelligence. Tesla's stock closed 14.5% lower, while Alphabet lost 7.1%.

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Tesla, Alphabet Lose Hundreds of Billions in Value in Post-Earnings Stock Plunge

The stock plunge was triggered by Tesla's announcement of increased spending on AI, which unnerved investors worried about the mounting costs of the AI boom. Alphabet also signaled higher spending on AI, which contributed to the decline in its stock value. The decline in value is a significant setback for both companies, which are already under pressure to deliver results. The impact of the stock plunge on the broader market is still unclear.

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