Alphabet and Tesla shares dropped after both companies raised AI capex targets sharply, pushing free cash flow negative and alarming investors.

Alphabet and Tesla report Q2 2026 earnings on July 22. Tesla holds 11,509 BTC with unrealized losses, while Alphabet's AI capex hits $180-190B.

Alphabet stock drops over 4% after Gemini 3.5 Pro AI delay. With $180-190B capex and earnings due July 22, investors question Big Tech AI