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Shares of Tesla and Alphabet fell on Thursday due to increased spending on artificial intelligence, raising investor concerns about costs. Tesla's stock dropped 13%, while Alphabet's shares decreased by over 7%. Both companies reported negative free cash flow for the second quarter, but there were positive signs in revenue growth for Alphabet's cloud services and Tesla's automotive business.
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Shares of Tesla and Alphabet fell on Thursday due to increased spending on artificial intelligence, raising investor concerns about costs. Tesla's stock dropped 13%, while Alphabet's shares decreased by over 7%. Both companies reported negative free cash flow for the second quarter, but there were positive signs in revenue growth for Alphabet's cloud services and Tesla's automotive business.
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TESLA, ALPHABET sink as AI spending spooks investors...
Tesla and Alphabet Shares Decline Amid Increased AI Spending