The stock fell nearly 5% in premarket trading on Thursday as investors were spooked by Alphabet's capex spending trends. Google's Q2, at a glance: Concerns on AI spending overshadowed a strong quarter for the company. CEO Sundar Pichai highlighted strong momentum across AI products, including AI-powered Search, YouTube, and Gemini, as the company continues to scale its AI ecosystem. The bottom line: With capex spending plans by the hyperscalers getting intense scrutiny by investors, it's reasonable to expect Alphabet's stock to test the 200-day moving average. Click here for in-depth analysis of the latest stock market news and events moving stock pricesRead the latest financial and business news from Yahoo Finance