Alphabet, Microsoft earnings show hefty AI bets are driving growth

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NEW YORK, April 27 ― Alphabet and Microsoft ignited a rally in technology stocks yesterday with earnings that showed big AI investments were driving growth, allaying doubts...

At Google, cloud revenue jumped about 28 per cent with strong growth in Google Workspace, where the Alphabet unit offers a slew of AI features powered by its large language model Gemini. ― Reuters file picNEW YORK, April 27 ― Alphabet and Microsoft ignited a rally in technology stocks yesterday with earnings that showed big AI investments were driving growth, allaying doubts that their costly bets would take time to pay off after a soft forecast from Meta Platforms.

AI services accounted for 7 percentage points of the 31 per cent jump in revenue at Microsoft's Azure cloud-computing platform between January and March, finance chief Amy Hood said.She added near-term AI demand was a bit higher than the company's capacity, which held back growth in the quarter and highlighted the need for spending to expand its infrastructure.

“This quarter illustrated how demand remains high for generative AI from Microsoft customers, and we continue to believe that Microsoft sits as a leader in this GenAI environment,” DA Davidson analyst Gil Luria said. “The three hyperscalers we've heard from thus far all highlighted a similar message on AI capital expenditure ― this is an arms race, the AI opportunity is enormous, and spending will continue to be aggressive/ahead of market expectations,” Bernstein analyst Michael Chiang said.

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