Wall Street falls as Alphabet drops 13% on AI spending concerns

Wall Street opened lower on Thursday, with Alphabet shares plunging 13% after disappointing investors with its latest earnings report, dragging down the tech-heavy Nasdaq index. Alphabet's net profit rose 105% year-over-year to $200.855 billion over nine months, but investors penalized a 114% surge in capital investment to $51.4 billion in the third quarter, raising concerns over AI expansion costs. Other tech firms like Marvell Technology, Intel, and Broadcom also fell. The Dow Jones lost 0.41%, while the S&P 500 dropped 0.55%. The Federal Reserve held interest rates steady at 3.75%-4%, and the U.S. economy grew 0.8% in the third quarter. Gold, silver, and oil prices also declined.