AI Spending: Investors are drawing a harder line between tech firms that can fund their AI push and those burning cash. Alphabet shares sank after an earnings miss and a $9.1 billion free-cash-flow deficit; Microsoft and Oracle won favor with stronger signs of financial discipline. Chipmakers: Samsung posted record quarterly operating profit of 107.4 trillion won, but its shares fell as investors questioned whether AI demand can last. Crypto Finance: Moody’s gave Ripple’s RLUSD an A2 investment-grade rating, citing its cash and short-term Treasury reserves while warning that weaker coverage or liquidity could prompt a downgrade. Wall Street is also looking to brokerage accounts and ETFs to draw more retail investors into crypto. IPO Oversight: Australia’s corporate regulator is investigating investment banks over the marketing of Firmus’s failed A$43 billion float, after a major share tranche was reportedly described as oversubscribed. Shareholder Claims: Zillow agreed to pay $212.5 million to settle investors’ claims over its shuttered home-buying business.