Editorial companion

What stands out

Tesla plunged the most in a year after investors reacted to $5.8 billion of spending on Artificial Intelligence (AI) and robots and the company’s first cash burn in two years, a stark reminder that ambition now eats cash. Bloomberg Intelligence’s hosts and guests also unpacked Alphabet’s decision to raise capital expenditures (capex) into a $195 billion to $205 billion range and report negative free cash flow (FCF), while Comcast wrestled with subscriber losses ahead of a studio spin-off. Together the headlines force a simple investor question: which companies will earn back this level of investment, and how long does patience last.