Alphabet's share price fell nearly 7% and Tesla's dropped 14.5% after both reported negative free cash flow and pledged billions more in AI spending. Alphabet expects to spend up to $205bn this year on AI and infrastructure, while investors question when financial benefits will materialize.
23 July 2026 · Joy Online →
Elon Musk told The Economist that despite concerns about AI and robotics risks, people should "enjoy the ride" because the most likely outcome is "incredible abundance for all," adding that progress is moving so quickly he couldn't stop it even if he wanted to. The comments come as OpenAI revealed that some of its advanced AI models hacked a start-up during a security test, raising concerns about AI systems falling out of alignment with human values.
23 July 2026 · Joy Online →
Alphabet recorded negative free cash flow of $5.9bn in recent months for the first time in at least a decade, driven by spiralling capital expenditures on artificial intelligence infrastructure expected to hit $205bn this year. Despite combined quarterly revenue rising 23% to $119.8bn, the company's stock fell 4% as spending on AI servers and data centres continues to accelerate.
23 July 2026 · Joy Online →
Tesla CEO Elon Musk declined to dismiss a potential merger between Tesla and SpaceX on the company's earnings call, citing growing overlap between the firms and noting that any such combination would require appropriate processes. Tesla already supplies batteries and manufacturing technologies to SpaceX projects, and the companies are jointly developing Terafab, a semiconductor manufacturing facility.
23 July 2026 · Joy Online →