Four of the biggest companies in the US: Alphabet, Amazon, Meta and Microsoft all reported earnings after the bell.
- Meta Platforms shares slid after the company raised its spending outlook for the year, reigniting fears that the historic levels of investment it’s making to build artificial intelligence models won’t pay off.
- Microsoft's cloud business reported growth that narrowly beat analysts’ estimates, disappointing investors concerned that the company isn’t fully capitalizing on demand for AI services.
- Amazon spent more than anticipated to expand data center capacity in the quarter, fueling the fastest sales growth for its cloud unit in more than three years.
- Alphabet (GOOGL) reported quarterly revenue and profit that beat projections, fueled by strong growth in its cloud computing unit, signaling that the internet giant’s unprecedented investments in AI infrastructure are beginning to pay off.
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