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AI Giants Surge: Microsoft, Meta Add $440B in Market Value
30 Jul
Summary
- Microsoft, Meta add $288B and $152B in market value, respectively
- Nvidia and Amazon also see stock gains on AI momentum
- Meta forecasts strong revenue, boosts AI investment
On July 30, 2023, Wall Street's AI heavyweights experienced a massive boost in their stock market values. Microsoft and Meta Platforms, two of the industry's leading players, reported quarterly results that showcased the growing returns on their AI investments.
Microsoft's Azure cloud computing business powered revenue above Wall Street's expectations, demonstrating the company's successful AI bets. In extended trading, Microsoft's stock jumped 8%, increasing its market value by $288 billion.
Meanwhile, Meta Platforms, the parent company of Facebook, surged 9% after forecasting quarterly revenue well ahead of expectations and raising its annual capital expenditures forecast by $2 billion to fuel its "superintelligence" push in the heated AI race. This added $152 billion to Meta's market capitalization.
Other major tech firms also benefited from the AI momentum. Nvidia, the world's most valuable company, climbed 1%, while Amazon, which reported its results the following day, added over 2% in value. Investors are eagerly anticipating the returns on the massive investments these companies have made in artificial intelligence.
