Alphabet flashed the feared "death cross" on Thursday, a technical signal that typically precedes further downside in the price of an asset.

Alphabet reported a larger negative free cash flow than analysts had expected while maintaining its spending gudiance for the year.

Alphabet spent more on capital expenditures last quarter than it generated in operating cash flow, so it turned to stock sales and a mountain of new debt to keep the AI buildout running. What that means for shareholders is more complicated than it looks.

Alphabet missed across the board on Q3 earnings. Analysts are now worried about its ability to fund the AI buildout as it faces near-term headwinds.

If the stock closes down more than 9.77% in Thursday’s session, it will be the worst post-earnings reaction in the company’s 22-year history and the second-largest single-day loss of any stock.

Wall Street hammered Alphabet for an earnings miss that included weaker-than-expected revenue out of the company's core business.

The stock fell after the company’s latest earnings report.

Alphabet and Microsoft reported strong earnings fueled by growing AI demand, even as the tech giants continue investing billions in data centers and cloud infrastructure.

Google reported third-quarter revenue and profit that missed analyst estimates as its core search business grew more slowly than expected while boosting its spending on AI again to surpass $50bn.

"A $300-billion (capex) number could ⁠potentially ⁠scare the market because free cash flow ⁠now is finally negative," said Jeremy Saltsburg, ​senior investment officer at Check Capital.

Alphabet (NASDAQ:GOOGL | GOOGL Price Prediction) shares are down about 13% this morning, trading near $283, after third-quarter results disappointed. CNBC reported the stock was on course for its biggest post-earnings drop on record.