) put the AI narrative back on track, sparking renewed confidence that big tech’s expensive bets on AI is boosting growth.
Results from Microsoft and Google gave Wall Street an early glimpse at how AI will drive stocks for years to come. Microsoft said AI services accounted for 7 percentage points of the 31% revenue jump in its Azure cloud division. In a note to clients this week, Bank of America’s Michael Hartnett wrote that “narrow mega-cap growth leadership” will remain intact until threats of a recession materialize.
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