Alphabet Inc Class A (GOOGL)

It's one of the five biggest spenders in capex on data centres. They reported misses top and bottom for the first time since late 2022. Google Search (50% of revenues) missed, and growth slowed from 17% to 12%, huge. The street fears AI will eat into their core ad business. He fears there's no solution to this problem--and Alphabet didn't notice it themselves. Google Cloud was the only bright spot, but to maintain growth they have to keep spending--it will raise capex spending in 2027. Free cash flow was negative. GOOGL shares were hammered yesterday, -12.6%.