AI companies lose $190 billion in market cap after Alphabet and Microsoft report

AI-related companies lost $190 billion in stock market value late on Tuesday after Microsoft, Alphabet and Advanced Micro Devices delivered quarterly results that failed to impress investors who had sent their stocks soaring.

The selloff following the tech giants’ reports after the bell underscored investors’ elevated expectations following an AI-fueled stock market rally in recent months that propelled their shares to record highs with the promise of incorporating the technology across the corporate landscape.

Alphabet dropped 5.6% after the Google-parent’s December-quarter ad revenue missed expectations.