New York, February 8, 2026, 09:35 (ET) — The market is closed.
- Alphabet’s Class C stock (GOOG) slid 2.48% to finish Friday at $323.10, marking its fourth consecutive decline.
- Big Tech’s plans for ramped-up AI capital expenditures in 2026 are making investors step back, with caution now edging into the trade.
- Coming up: traders are watching for the U.S. jobs report on Feb. 11, followed by CPI inflation numbers dropping Feb. 13. U.S. markets will be closed Feb. 16 for a holiday.
Alphabet’s Class C stock (GOOG) slid 2.48% Friday, settling at $323.10 and logging a fourth straight day of declines, even as major indexes moved up. Volume picked up, with about 33.7 million shares changing hands—topping the recent average. The week wrapped with the stock sitting roughly 7.7% off its 52-week peak. 1
This shift comes as investors balk at the soaring costs of the AI boom. Tech giants are tossing around figures in the hundreds of billions for data centers and chips by 2026, but the street wants answers on profit—how much, and how soon. “It’s a de-risking trade,” said Andrew Wells, chief investment officer at SanJac Alpha, speaking to Reuters. 2
The move drops into a choppy market, where cash has been pulling out of the packed megacap names and finding its way into lower-priced sectors. “The selloff in the names that carried markets higher may have paused,” said Tim Murray, capital markets strategist at T. Rowe Price. Still, he noted, investors are “chasing to buy cheaper companies.” 3
The AI trade isn’t moving in lockstep anymore—not even within the “Magnificent Seven,” where investors are picking favorites instead of treating the whole bunch as a single play. “The market is no longer tolerating spending for spending’s sake,” said Mark Hawtin, head of global equities at Liontrust. 4
Alphabet trailed some of its biggest tech rivals on Friday. Microsoft climbed 1.90%. Meta Platforms fell 1.31%, and Amazon tumbled 5.55%, MarketWatch data showed.
Alphabet finds itself at the heart of the spending debate as one of the biggest “hyperscalers”—those heavyweight cloud and data-center operators ramping up AI infrastructure. Investors are left to judge if the immediate drag on free cash flow justifies the strategy, particularly following a big rally in the stock.
Late in the week, a fresh wrinkle: an insider sale filing. According to a Form 4, CEO Sundar Pichai unloaded 32,500 Alphabet Class C shares on Feb. 4, picking up prices between about $330 and $344. The same filing disclosed that on Feb. 6, 1,348,607 Class C shares vested as performance stock units, with a chunk withheld for taxes. 5
Insider sales aren’t always meaningful—sometimes they’re just pre-set, and this filing actually pointed to a Rule 10b5-1 trading plan, which lets companies line up trades ahead of time. That said, traders tend to pay attention when these pop up as the stock drops.
The real headache for Alphabet bulls isn’t just one court filing. The deeper worry? Investors could keep dialing back their stakes in pricey megacaps, especially if the AI investment boom morphs into a drag on margins instead of fueling growth, or if Wall Street senses the rewards are getting pushed further out.
U.S. markets are closed this weekend, putting the spotlight squarely on fresh macro data that could shake up rate expectations and risk sentiment. The Labor Department’s jobs report hits at 8:30 a.m. ET on Wednesday, Feb. 11, with the consumer price index set for Friday, Feb. 13, also at 8:30 a.m. ET. 6
Later in February, a holiday-shortened week is on tap for traders. U.S. equity markets will be shut on Monday, Feb. 16 for Washington’s Birthday/Presidents Day, per the NYSE calendar. 7
Alphabet’s stock action around those Feb. 11 and Feb. 13 drops will be the next real test. Investors have to weigh whether the AI build-out merits more patience, or if it’s headed for another markdown.
