Alphabet's big spending plans surprised Wall Street. The news should soothe investors worried about last week's DeepSeek shakeup disrupting the AI narrative.

Nvidia was gaining early on Wednesday after Google-parent Alphabet committed to spending on artificial-intelligence infrastructure and rival Advanced Micro Devices’ AI chip revenue disappointed. Nvidia shares were up 0.

Key Takeaways Nvidia and Broadcom shares surged Wednesday after Google parent Alphabet, a customer of both chipmakers, said it plans to ramp up spending on artificial intelligence. Alphabet said Tuesday that it plans to spend as much as $75 billion in capital expenditures this year,

Because Nvidia is still growing its revenue rapidly, using trailing earning metrics can give a false impression of where the company is headed. However, they're also useful in this case because its future had a wrench thrown into it thanks to DeepSeek's breakthrough.