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The current week on world financial markets is marked by the release of quarterly reports from the "Magnificent Four"—Microsoft (MSFT), Alphabet (GOOG) (GOOGL) (Google), Meta (META), and Amazon (AMZN). This isn't just another batch of corporate data. This is, perhaps, the moment of truth for the whole AI boom of the last two years.
Investors expected results from these releases that had to do more than just beat estimates; they had to justify the trillions of dollars of capitalization added to the market based on faith in artificial intelligence. However, a fundamental trap likely lies behind these expectations. Regardless of the actual results these companies reported—whether they demonstrated phenomenal growth or an annoying slowdown—the main problem of the modern market seems to lie not in corporate balance sheets and not even in the pace of AI implementation.
