These tech stocks were big winners this earnings season even as AI hype slowed

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 78 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 34%
  • Publisher: 97%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Microsoft proves its strength; Qualcomm may have turned a corner

The hype around artificial intelligence was taken down a notch in the third quarter, as Big Tech companies came under pressure to show results in what has become the largest technological shift since the creation of the internet.

Microsoft: Microsoft is the clear frontrunner in AI-focused Big Tech, driven by its strong monetization and adoption narrative. In the third quarter, it showcased robust results across many metrics, and strong performance was fueled by AI and cloud services. Microsoft is the biggest company investor in OpenAI, the creator of ChatGPT.

In a recent conversation with CEO Cristiano Amon, he expressed confidence in Qualcomm’s strength, highlighting positive revenue growth from Chinese manufacturers and significant growth in the automotive business. He said smartphone makers have worked through most of their inventory and are starting to place orders again. Boosting investor confidence, Qualcomm signed a new supply agreement with Apple in September.

ServiceNow: ServiceNow showcased consistent growth in simplifying complex software environments with its AI-powered Now platform. The company is operating at a $10 billion annual rate, a milestone, having posted accelerating revenue growth for the third straight quarter. On the bright side, the number of daily and monthly active users in various categories all rose during the quarter, by up to 7%. Advertising revenue jumped 24% to $33.6 billion, more than twice the pace of rival Alphabet GOOG, +1.17%. Amazon’s ad revenue increased slightly faster, by 26%, though the total amount in dollar terms is almost one-third that of Meta.

Jassy cited AWS’s innovation in generative AI, emphasizing momentum with notable clients including Adidas, Booking.com and Merck.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Microsoft Corp. stock outperforms market on strong trading daySupported by world-class markets data from Dow Jones and FactSet, and partnering with Automated Insights, MarketWatch Automation brings you the latest, most pertinent content at record speed and with unparalleled accuracy.
Source: MarketWatch - 🏆 3. / 97 Read more »