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.

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 more than 9% in after-hours trading Tuesday after the company reported fourth-quarter results that missed on revenue expectations and announced more artificial intelligence investments. Earnings per share for the Google parent company beat analysts' estimates by two cents. Here are other numbers Wall Street was watching:

Alphabet shares fell 7.3% in Frankfurt on Wednesday a day after the company reported quarterly earnings that showed cloud revenue growth slowed and missed analyst expectations. Shares in the company dropped over 8% in extended trading on Tuesday following the results,