Alphabet Inc. shares fell sharply on Thursday as disappointing results intensified investor worries that the company's debt-funded AI spending may not pay off, according to a report by 36Kr citing Cailian Press. ICE Data Services showed Alphabet's five-year credit default swap quote rising as much as 5.3 basis points to 84 basis points a year, the largest increase since September 21, while CDS for Meta Platforms and chipmaker Broadcom also widened. S&P Global Market Intelligence fixed-income pricing executive director Gavan Nolan noted that if AI investments pay off, equity investors could gain substantially, whereas bondholders bear the losses if the situation deteriorates.