Alphabet said on Tuesday it will spend $75 billion on its AI buildout this year, 29% more than Wall Street expected, while posting cloud revenue that missed analysts' target.The tech giant's shares were down 9% in extended trading.

Alphabet's fourth-quarter earnings day is here, with numbers expected to be released after the markets close Tuesday. This will be followed by an earnings call at roughly 4:30 p.m. ET. The stock has been riding high over the past month as investors grew bullish over Google's AI investment.

TMTPOST -- Alphabet Inc. stocks dived more than 6.9% on Wednesday, erasing all their gains in the past three weeks. Shares sold off on slower-than-expected cloud sales and Google parent’s more aggressive artificial intelligence (AI) spending amid the shock from highly-efficient Chinese upstart DeepSeek.