businessFriday, July 24, 2026
Markets punished big tech today as investors balked at the cost of the AI arms race. Google and Tesla shares plunged after both reported negative free cash flow, while SAP's strong earnings offered a counterpoint. Meanwhile, the EU fined Google another billion, and a new green fund is betting Japan's nuclear power can solve AI's energy problem.
The bill for the AI race came due today, and investors didn't like the price tag.
Google and Tesla shares tanked after both reported negative free cash flow, with Tesla down 14.5% and Google nearly 7%. Investors are spooked by the billions both are pledging to spend on AI with no clear near-term payoff.
SAP beat earnings expectations, easing fears that AI tools would eat its enterprise software business. Its cloud services and operating system products are still in demand despite the AI boom.
Elon Musk said OpenAI did the opposite of what it was founded for, it accelerated the AI race instead of counterbalancing Google. A pointed reflection given today's market reaction to AI spending.
Antitrust and tariff news kept the pressure on big business.
The EU fined Google €890 million ($1 billion) for using its search and Play store to unfairly promote its own services. Another regulatory blow as Google's stock already slides.
Canadian PM Mark Carney is intensifying trade talks with the US after Trump threatened 50% tariffs on Canadian goods. Canada is preparing countermeasures if the tariffs take effect August 19.
Amazon is now requiring third-party sellers to label AI-generated product images, following a New York law on synthetic performers. A sign that regulation is starting to shape e-commerce practices.
Where the money is flowing: faceless robots, nuclear power, and software over hardware.
The most impactful robots aren't humanoid, they're rolling boxes, robotic arms, and robot dogs. The article frames the US-China race to build these functional machines as the real robotics story.
BNP Paribas's Green Tigers Fund is up 34% this year by betting on Japanese nuclear and grid stocks to solve AI's power crisis. A concrete example of how AI's energy demand is reshaping investment.
Genesis AI is reportedly raising $500 million just a year after its record seed round, signaling VCs are now betting on robotics software and AI 'brains' over hardware.
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