Alphabet's fourth-quarter earnings day is here, with numbers expected to be released after the markets close Tuesday. This will be followed by an earnings call at roughly 4:30 p.m. ET. The stock has been riding high over the past month as investors grew bullish over Google's AI investment.

Central to this is massive AI investing, with scrutiny on Alphabet's spending now after reports showing that its rival China's DeepSeek had developed a competitive AI model at a fraction of U.S. tech costs.

Alphabet will face investor scrutiny over its massive spending on AI when it reports earnings on Tuesday, as revenue growth at the Google parent likely slowed in the holiday quarter due to a slowdown in its advertising and cloud businesses.

Alphabet is shrugging off concerns sparked by DeepSeek over AI spending, boosting its capital expenditures to a whopping $75 billion.

Alphabet plans to spend US$16 billion to US$18 billion in the first quarter, a far bigger number than the roughly US$6 million DeepSeek said it spent on the final training run to develop its AI model. To be sure, developers at leading US AI firms said the total training cost was likely magnitudes larger.