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 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.

The internet giant reported cloud sales that narrowly missed Wall Street’s estimates, worrying investors about the company’s A.I. business.

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.

Alphabet reports fourth-quarter earnings after Tuesday's closing bell. Investors will be focused on cloud momentum and AI traction, with shares of the Google and YouTube parent company holding fast near the record levels achieved last week.

Alphabet is scheduled to report earnings after Tuesday’s close. The stock ($GOOGL) just hit a record high of $205.48/share and is currently trading near $201. The stock is prone to big moves after reporting earnings and can easily gap up if the numbers are strong.