Wall Street ended sharply lower on Thursday, with the Nasdaq dragged to its lowest since November by losses in Microsoft, Amazon and other tech heavyweights after Alphabet said it could double capital spending on AI in the race to dominate the emerging technology.

Shares of Alphabet fell more than 3% after the Google parent said it would double its capital expenditure this year, signaling another aggressive push to strengthen its position in the AI race. Qualcomm slid 8.

SAN FRANCISCO — Wall Street ended sharply down Feb. 5, with the Nasdaq dragged to its lowest point since November by losses in Microsoft, Amazon and other technology heavyweights after

U.S. stocks ended lower on Wednesday, with losses in Advanced Micro Devices, Palantir and other technology companies, as investors worried about pricey valuations and whether Wall Street's AI rally has reached its peak.

Stocks fell across the board Thursday, pulled down again by growing worries that hefty AI investments by tech heavyweights may not pay dividends as soon as hoped.

Major European and Asian stock markets mostly fell Thursday after more losses on Wall Street's Nasdaq, where technology firms are under pressure over concerns about vast AI investments.

The S&P 500 and Nasdaq ended lower on Wednesday, with losses in Advanced Micro Devices, Palantir and other technology companies, as investors worried about pricey valuations and whether Wall Street's AI rally has reached its peak.

Wall Street tumbled on Tuesday as investors worried about AI creating more competition for software makers, keeping investors on edge ahead of quarterly reports from Alphabet and Amazon later this week.