Alphabet Inc. raised its capital spending forecast to as much as $205 billion this year, reigniting concerns about a lack of fiscal discipline in the race to dominate artificial intelligence.
The Google parent company boosted its projected capital expenditures for the year to a range of $195 billion to $205 billion, up from a previous forecast of $190 billion. Shares fell more than 6% on Thursday. It was a reminder that the full cost of Silicon Valley’s AI rivalry is still largely unknown.