Unusual simultaneous reports of financial results by several of the US’s largest tech companies gave positive indications for the stock market despite widespread fears of an AI bubble on Wednesday.
Four of the so-called Magnificent Seven tech stocks, the most valuable publicly traded companies in the world, reported their quarterly financial results on Wednesday. The cluster is not typical, as these disclosures do not often occur on the same day, and provides a snapshot of how the tech industry is faring as it rides the AI boom. Amazon, Alphabet and Microsoft all revealed double-digit gains in their cloud computing units, which have seen supercharged growth thanks to increasing adoption of AI. Meta, not in the business of cloud computing, failed to meet Wall Street expectations.
