Alphabet's AI bill

Alphabet's cloud revenue grew more than 80% year on year and the stock still dropped 3%. Tesla burned cash too, positing its first negative free cash flow in over two years. And with Houthi militants now forcing Saudi tankers to turn around in the Red Sea, oil is pushing toward $100 a barrel - giving the ECB a headache it wasn't expecting today.

Today’s recommended read:⁠ America's 'mass affluence' is bigger than you think, Mike Dolan

Subscribe to Mike Dolan's Morning Bid&⁠newsletter,⁠&and check out his columns on&⁠Reuters Open Interest⁠.