By Noel Randueitch
(Reuters) – The AI heavyweight on Wall Street added half a trillion dollars in stock market value later on Wednesday after quarterly reports from Microsoft and Meta platforms showed massive investments in new technologies paid off.
In extended trade, Microsoft rose 8% and Meta surged 9%, with two grand seven companies increasing by $288 billion and $152 billion, respectively.
Nvidia, the dominant AI chip maker, the world's most valuable company, rose 1%, but Amazon, reporting its results on Thursday, added more than 2%.
The stocks of the most valuable companies in the US stock market have skyrocketed in recent years to compete to control artificial intelligence, and with their large investments, investors want to see the results.
Raising late-night enthusiasm for AI-related stocks, Meta forecasts quarterly revenues far ahead of Wall Street's expectations, increasing the lower annual capital expenditures by $2 billion thanks to the push for high stakes in “emergency” in hot AI races.
Microsoft also provided a quarterly report with the business power of azure cloud computing that shows you earn more than Wall Street expectations and showcases increased returns on AI bets.
(Reported by Noel Landewi Cheditting with Rod Nickel)
