Stocks
Tech Giants Rebound as Earnings Reports Ease AI Fears
The world's largest tech companies are regaining their footing in the stock market after being battered for months over concerns about their AI spending.
A pair of recent earnings reports from Microsoft Corp. and Amazon.com Inc. have eased fears about their AI-related revenue growth, which had been slowing down.
Microsoft posted its quarterly results on July 29, and the stock jumped 16% the next day. Amazon followed suit with its own report on July 30, seeing a 15% surge in its shares over the next session.
In just seven trading days since July 29, Microsoft's shares have risen by 28%, while Amazon's have climbed 21%, adding a combined $1.3 trillion to their market value.