#gambling-stocks

#gambling-stocks

Sending markets lower, Alphabet ( NASDAQ: GOOG) projected a significant increase in AI spending, calling for capex of $185 billion. That was enough to spook investors because it raises free cash flow concerns. Also, according to Deutsche Bank, Alphabet "stunned the world" with its capex spending plan. "With tech in a current state of flux, it's not clear whether that's a good thing or a bad thing," added the firm, as quoted by CNBC.

Meanwhile, during what is typically a boom time for sportsbooks, New York state data showed that revenues from online sports wagering plunged from a year earlier. DraftKings shares dropped as much as 8.3% in New York trading, the worst intraday plunge since late October. Shares of Flutter, which runs the gambling app FanDuel, were down as much as 5.5%, falling to the lowest intraday level since late November. The broader gambling space also took a dive, with an S&P gauge of the industry's shares shedding as much as 2.5%.