Alphabet is down about 16% from its recent all-time high. The drop came after they raised their full-year capex guidance to $195B-$205B, mostly to build out AI data centers. Q2 earnings were actually pretty solid. Cloud revenue was up 82% year-over-year and their cloud backlog hit $514B. Management said AI demand is outpacing supply right now, so they have to spend heavily to keep up. The market didn't like the short-term costs. The heavy spending pushed them to be free-cash-flow negative in Q2, meaning they took on debt and issued equity to fund it. The stock is currently trading at a 17 P/E, which is near historical lows.