Alphabet Inc.’s Google told employees that it will no longer formally seek to improve the diversity of its workforce, marking the latest step in Silicon Valley’s retreat from initiatives that have fallen out of favor during US President Donald Trump’s administration.

Google is scrapping some of its diversity hiring targets, joining a lengthening list of U.S. companies that have been abandoning or scaling back their diversity, equity and inclusion programs

Google is set to scrap its diversity based hiring targets in line with Donald Trump's executive orders. The tech giant is the recent company to put an end to its diversity based hiring initiatives

The internet giant reported cloud sales that narrowly missed Wall Street’s estimates, worrying investors about the company’s A.I. business.

Alphabet shares fell 8% on Wednesday as investors balked at the Google parent's slowing cloud growth and planned $75 billion capital spending for the year, underscoring growing fears over Big Tech's escalating artificial intelligence costs.

Alphabet shares dropped after the search giant fell short of Wall Street's fourth-quarter revenue expectations and announced big spending plans

Alphabet reports fourth-quarter earnings after Tuesday's closing bell. Investors will be focused on cloud momentum and AI traction, with shares of the Google and YouTube parent company holding fast near the record levels achieved last week.