Alphabet shares plunge 12.6% over AI spending worries

Alphabet shares fell 12.64% on Nasdaq to close at $283.82, wiping out about $482 billion in market value in its worst single-day drop since 2004. Quarterly revenue rose 25% to $127.6 billion and Google Cloud revenue more than doubled, but infrastructure spending above $51 billion and falling net profit revived doubts about returns on AI investment.