Dow Jones futures were down by 0.27%, the S&P 500 futures fell 0.45%, and the tech-heavy Nasdaq 100’s futures declined 0.68%.

  • Alphabet stated on Wednesday that it expects capex to reach $175 billion to $185 billion this year.
  • At the top end, this would be more than double the capex spend of $91.45 billion in 2025.
  • The company said that its investments in AI computing capacity were central to its capex plans for 2026.

U.S. stocks appear set for a cautious opening on Thursday as investors turn their focus to Amazon.com Inc.’s (AMZN) earnings, amid a risk-off stance toward tech stocks.

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The SPDR S&P 500 ETF (SPY), which mirrors the S&P 500 index, was down 0.6% at the time of writing, while the Invesco QQQ Trust (QQQ), which mirrors the Nasdaq 100 index, fell 0.72%. The SPDR Dow Jones Industrial Average ETF Trust (DIA), which tracks the Dow Jones Industrial Average, declined 0.31%.

“The recent heavy selling in both AI and software has made the entire tech sector more volatile, with many market participants appearing to sell at the first sign of danger,” said analysts at Schwab Center for Financial Research in their latest note.

Alphabet Projects Increase In AI Spending

After announcing in October 2025 that it expects a “significant increase” in capital expenditure in 2026, Alphabet stated on Wednesday that it expects capex to reach $175 billion to $185 billion this year. At the top end, this would be more than double the capex spend of $91.45 billion in 2025.

The company said that its investments in AI computing capacity were central to its capex plans for 2026. “We are seeing our AI investments and infrastructure drive revenue and growth across the board,” Alphabet CEO Sundar Pichai told analysts during a post-earnings conference call on Wednesday.

Dow Jones futures were down by 0.27%, the S&P 500 futures fell 0.45%, and the tech-heavy Nasdaq 100’s futures declined 0.68%. Futures of the Russell 2000 index were down by 0.49%.

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