'AI All-Star' Microsoft's rosy earnings spark rally in tech stocks

Microsoft Corp shares surged 8 per cent premarket on Wednesday and lifted tech stocks after the company's robust earnings eased fears of a slowdown in cloud computing and boosted confidence that artificial intelligence will become a major growth driver.

At least 18 analysts raised their price targets on the stock, with Piper Sandler's Brent Braceli saying"AI-All Star" Microsoft's results floored investors, who had braced for a weak quarter, with better-than-expected growth across several units ranging from cloud computing to Office productivity software.

Shares of Big Tech peers Amazon.com Inc and Meta Platforms Inc rose, while those of Alphabet Inc, which is in a race with Microsoft for AI domination, fell 1.3 per cent. The Windows maker's earnings call on Wednesday underscored the growing importance of AI, with CEO Satya Nadella referring to 50 times in a 60-minute event.

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