April 26, 2024
Alphabet, Microsoft earnings show big AI bets are driving growth
NEW YORK: Alphabet and Microsoft sparked a rally in tech stocks on Friday with earnings that showed big AI investments were driving growth, allaying doubts that their expensive bets will take time to pay off after a soft forecast from Meta Platforms . After pouring billions of dollars into the infrastructure needed to support artificial intelligence applications, both Alphabet and Microsoft reported quarterly revenue growth that beat expectations as more users turn to services like AI assistant Copilot and chatbot Gemini. Artificial intelligence services accounted for 7 percentage points of the 31% revenue growth at Microsoft’s Azure cloud-computing platform between


