The sell-offs following earnings reports from the tech giants reflect investors’ high expectations following the AI-led stock market rally of recent months. Shares of AI-related companies have surged to record highs, buoyed by the potential for integrating the technology into corporate operations.

Alphabet shares fell 5.6% after the company’s advertising revenue fell short of expectations last quarter. Alphabet said it will spend more on data centers this year to support AI programs, as it seeks to compete with rival Microsoft. While Alphabet’s Google Cloud revenue growth was slightly higher than Wall Street had expected, Microsoft’s Azure platform grew faster.

Microsoft beat analysts’ revenue expectations last quarter, as new AI features helped attract customers to its cloud and Windows services. But shares of Microsoft were still down 0.7% in the session. Earlier, optimism about AI had pushed Microsoft’s market value above $3 trillion this month, surpassing Apple’s.

Chipmaker Advanced Micro Inc. shares fell 6% on Tuesday after the company forecast first-quarter revenue below previous estimates, despite forecasting strong sales of its AI processors.

Nvidia shares also gave up earlier gains, falling more than 2% in the session. The company’s stock had surged 27% in January after more than tripling in the past year on optimism about AI.

Server maker Super Micro Computer, another company that has benefited from AI-related demand, saw its shares fall more than 3%, after rising to a record high earlier in the session.