Big Tech AI Bills Hit Stocks; Michigan Automakers Rebound

The AI trade cracked for a third straight week: Alphabet missed revenue estimates and fell nearly 13% in a day, erasing about $482 billion in market value; Amazon earned $1.89 a share versus $1.96 expected; Intel plunged about 28% on weak guidance. Investors rotated into defensives and Treasuries, Michigan automakers rebounded, and the Fed held rates at 3.75%-4%.

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