'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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Microsoft shares rise 4% as earnings, revenue top forecastsMicrosoft beat Wall Street's estimates for third-quarter revenue on Tuesday (Apr 25), driven by growth in its cloud computing and Office productivity software businesses. Shares gained 4 per cent in after-market trading following a report by Redmond, Washington-based Microsoft that profits were US$2.45 per
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Microsoft earnings, revenue top forecasts, shares jump 4.6%Microsoft Corp beat Wall Street's estimates for third-quarter revenue and profit on Tuesday, driven by growth in its cloud computing and Office productivity software businesses.Shares gained 4.6 per cent in after-market trading following a report by Redmond, Washington-based Microsoft that profits were $2
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