Alphabet shares dropped after the search giant fell short of Wall Street's fourth-quarter revenue expectations and announced big spending plans

Alphabet shares fell 8% on Wednesday as investors balked at the Google parent's slowing cloud growth and planned $75 billion capital spending for the year, underscoring growing fears over Big Tech's escalating artificial intelligence costs.

The internet giant reported cloud sales that narrowly missed Wall Street’s estimates, worrying investors about the company’s A.I. business.