The Globe and Mail reports in its Friday edition that U.S. stocks slid Thursday, with investors reassessing big tech's massive artificial-intelligence spending spree as they digested high-profile earnings and crucial inflation data the day after the Federal Reserve held U.S. interest rates steady. A Reuters dispatch to The Globe says all three major U.S. equity indexes lost ground, with the tech-laden Nasdaq losing the most in the wake of Alphabet's disappointing quarterly results released late Wednesday. In contrast, the small-cap Russell 2000 advanced 1 per cent. Alphabet was in the latter camp following its quarterly report released late on Wednesday. The Google parent's revenue miss was compounded by its accelerated AI-related cash burn. Its shares slid 12.6 per cent. "A risk-off day like this, with small caps outperforming, is a good sign that thus far the market's interpretation of cracks in the AI story doesn't mean cracks in every corner of the market," said Ross Mayfield at Baird in Louisville, Ky. The S&P/TSX Composite Index ended down 16.06 points at 36,249.03, after three days of gains. The materials group, which includes mining shares, fell 2.9 per cent as Fed tightening expectations weighed on gold.