CNBC Daily Open: Strong earnings pave the way for markets

📆 25.10.2023 08:14:00
📰 CNBC

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Markets are now slowly starting to come away from the tumultuous swings of last week when Treasury yields were high, and catalysts were few.

That no longer seems an issue as investors can now look to a heavy flow of earnings to make their next call.Cloud revenue was key for both Microsoft and Alphabet. It's a business that's becoming even more significant with the emergence of generative artificial intelligence, which runs hefty workloads in the cloud.

The clear winner of this quarter's cloud battle was Microsoft, powered by Azure as clients flocked to new generative AI tools in the cloud that have been enhanced with software from Microsoft-backed startup OpenAI.Web Services. But Google's core advertising also weakened due to economic softening last year and increased competition from TikTok.

"If you want this stock to keep going higher, you've got to have cloud become more profitable," said Lee Munson, chief investment officer of Portfolio Wealth Advisors. "It's a third-rate cloud platform. We need to see it make money."on Tuesday designed to run AI software — including the large language models, or LLMs, that have captivated the technology industry — without having to connect to the internet.

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