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Alphabet, Microsoft earnings show hefty AI bets are driving growth

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Artificial Intelligence,Google,Microsoft

After pouring billions of dollars into the infrastructure needed to support AI applications, both Alphabet and Microsoft report their quarterly revenue growth was outpacing expectations as more users turn to services including the Copilot AI assistant and the Gemini...

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Alphabet surged 10% and closed with a stock market value above $2 trillion for the first time, according to LSEG data, after the company sweetened the pot for investors with its maiden dividend and a $70 billion stock buyback. 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,” D.A. Davidson analyst Gil Luria said.

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Stock market today (April 27, 2024): Alphabet and Microsoft help Wall Street clinch its best week in nearly 6 monthsNEW YORK — The best week for U.S. stocks since November closed out with more gains thanks to Alphabet and Microsoft on Friday. The S&P 500 rallied 1% to finish its first winning week in the last four. The Dow Jones Industrial Average rose 153 points, or 0.4%, and the Nasdaq composite jumped 2%.
Source: BusinessMirror - 🏆 19. / 59 Read more »