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International Business Times

Business

Big Tech's AI Spending Rattles Markets

Amazon Google Microsoft Andy Jassy Apple DeepSeek e-commerce Meta

For the full year 2024, Amazon's net income jumped to $59.2 billion from $30.4 billion in 2023 (Credit: AFP)

E-commerce giant Amazon reported strong earnings Thursday but, like its big tech peers Microsoft and Google, saw its stock price fall on concerns over high AI investment costs.

The mounting expenses of data-intensive artificial intelligence and its infrastructure have cast a shadow over this earnings season, with only Facebook owner Meta winning Wall Street's approval.

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