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.

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 as much as 9% in after-hours trading Tuesday after the company reported fourth-quarter results that missed on revenue expectations. The company also announced that it plans to invest $75 billion in capital expenditures in 2025 as it continues to expand on its artificial intelligence strategy.

Alphabet shares fell 7.3% in Frankfurt on Wednesday a day after the company reported quarterly earnings that showed cloud revenue growth slowed and missed analyst expectations. Shares in the company dropped over 8% in extended trading on Tuesday following the results,