Intel, Alphabet, and Meta Platforms shares fell sharply on Friday, pushing prices below the levels at which investors purchased stock during recent large-scale equity offerings tied to the AI infrastructure boom. The decline began after Alphabet's earnings report Wednesday revealed ad revenue from search and other channels missed expectations, followed by Intel disclosing supply chain issues affecting its data center components. The sell-off highlights growing market skepticism over whether massive AI investments can sustain long-term stock returns. With investors already struggling to absorb heavy AI-related share issuances, the price declines will make it harder for companies to raise capital going forward. The downturn also casts doubt on Anthropic's ability to match or exceed SpaceX's record-breaking IPO fundraising earlier this year.