Google shares have plunged after a $50bn (£38bn) AI splurge raised fears of overspending by the tech giant. Alphabet, Google's parent company, saw its shares fall as much as 9pc in after-hours trading after quarterly sales and profits missed Wall Street estimates. Massive spending by the cloud giants such as Meta, Google, Microsoft and Amazon has raised fears of an AI bubble, with markets worried the outlays will fail to translate into profits. Google's outlays on AI did little to allay those concerns, with the tech giant spending $51.3bn between July and September, up from $44.9bn in the prior quarter. Google also burned through cash to help keep pace with the AI boom, reporting negative free cash flow of $9.1bn.
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