Alphabet, Microsoft earnings show hefty AI bets are driving growth

) ignited a rally in technology stocks on Friday 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 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.

At least 19 analysts raised their price target on Alphabet, pushing the median view to $176.65, compared with its last close of $156. Microsoft saw 17 price-target increases from analysts, with the median view on the stock now at $475.Some analysts believe the more premium valuation was justified.

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