Big US tech stocks swing as investors probe AI spend
Meta's shares dropped 7% after announcing increased AI spending, sparking investor concerns about the sustainability of massive tech investments in artificial intelligence. Alphabet, Microsoft, and Amazon also reported earnings, with Alphabet seeing a 7% stock rise due to tangible AI-driven growth, particularly in Google Cloud. While all four tech giants continue boosting AI expenditures, investors remain cautious about costs versus realized returns.
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Meta shares slide as plan to spend billions more on AI spooks investors8 hours agoShareSaveAdd as preferred on GoogleKali HaysTechnology reporterGetty ImagesMeta took the brunt of investor concerns on Wednesday over how the biggest US tech firms are spending massive sums on artificial intelligence (AI).Shares in the company, which owns Facebook and Instagram, dropped 7% in extended trading, after saying it would spend billions more on AI projects than it had initially planned.Meta, Google-owner Alphabet, Microsoft, and Amazon all reported their quarterly earnings at the same time.
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