Microsoft Smashes Stock Market Records with $450B AI-Fueled Boom

Microsoft's stock market performance reached unprecedented heights on Thursday, surging by $450 billion in one day. This massive gain is the largest single-day increase in stock market history.

The tech giant closed up 16% on Wall Street, marking its biggest rise in 18 years. The company's financial results showed remarkable demand for its AI services, particularly through its Azure division. Azure recorded a 30% rise in sales, driving Microsoft's record-breaking performance.

Amazon also reported robust results, easing fears of a slowdown in the US tech sector. However, Apple disappointed investors due to lackluster sales in China and a slowdown in its lucrative services arm. The iPhone maker warned that ongoing chip shortages would continue to force price hikes on Macs and iPads.

Memoirs of Meta's Mark Zuckerberg took a hit as his company's share price plummeted over 10% after investors expressed concerns about the pace of its heavy AI spending. Despite Zuckerberg's vision for AI-powered 'agents' that can assist users in various aspects of life, the tech giant's costs rose by 55% to $42 billion in the second quarter, outpacing revenue growth.