The search giant said it will spend a staggering $75 billion this year as the AI arms race heats up. Investors may have concerns about whether it will pay off. Shares in Google’s parent company, Alphabet (Nasdaq: GOOG),

From a purely business financials perspective, a large part of the reason for the sell-off stemmed from slowing growth in data centres revenue. Google’s cloud business is a huge money driver and posted a 30 per cent increase in revenues, totalling nearly $12bn (£9.6bn).