U.S. stocks slid Thursday as oil prices surpassed $100 a barrel, marking the first time in two months. Concerns over significant spending on artificial intelligence by major tech firms resurfaced following earnings reports from Alphabet and Tesla.

The Dow Jones Industrial Average decreased by 506.93 points (0.97%), closing at 51711.65. The S&P 500 fell 90.66 points (1.21%) to 7408.30, and the Nasdaq Composite dropped 553.21 points (2.15%) to 25137.69.

Alphabet experienced its largest one-day market cap loss on record, dropping 6.9%, after increasing its capital spending forecast to $205 billion. Tesla tumbled 14% after reporting negative free cash flow for the first time in two years, due to investments in autonomous-vehicle and robotics initiatives. A central issue for both companies was negative free cash flow despite soaring revenues, highlighting the substantial costs of AI development.