Finance

Alphabet suffered a sharp drop of approximately 7% in its share price following its latest corporate earnings release. Despite strong quarterly revenues, investors penalized the search giant after it aggressively raised its annual capital spending projection to as high as $205 billion to fuel infrastructure for artificial intelligence.

Shares of the electric vehicle manufacturer plunged roughly 14% to 15% after missing profit expectations for the second quarter. The decline was exacerbated by news that the company experienced negative free cash flow for the first time in two years alongside its own accelerating expenditures in technology development.

Global energy markets experienced heightened volatility as Brent crude futures jumped to cross the $100 per barrel mark. Supply concerns escalated following reported drone and missile attacks on oil tankers in the Red Sea and continuous military frictions involving the United States and Iran near the critical Strait of Hormuz.