The latest earnings from Tesla and Alphabet offered two different snapshots of the artificial intelligence trade. Alphabet revealed that the Gemini app now has 950 million monthly active users and raised its full-year capital expenditure forecast to $195 billion-$205 billion, with Ryan Lee of Direxion noting that Google appears to have made greater progress in translating AI investment into near-term monetization. Tesla missed Wall Street EPS estimates despite a revenue beat, with operating margin shrinking and free cash flow turning negative; capital expenditures surged 142% year over year to $5.79 billion as it invested in AI compute, Robotaxi, and Optimus. Lee said Tesla’s valuation increasingly depends on whether those AI initiatives begin generating meaningful returns. For traders, leveraged ETFs are available for both stocks, including the Direxion Daily TSLA Bull 2X ETF and Direxion Daily GOOGL Bull 2X ETF for bullish exposure, and bearish counterparts for hedging.