Big Tech’s AI boom is still on.
Artificial intelligence was the focus of the five tech giants, cumulatively valued at more than $10 trillion, that reported quarterly earnings this week. Executives at Apple (AAPL), Microsoft (MSFT), Alphabet (GOOG; GOOGL), Amazon (AMZN), and Meta (META) touted the progress their companies have made incorporating AI into their operations and rolling out new AI features for customers. They also spoke to the strength of AI demand—and the challenges they’ve met trying to meet it.
Investors now turn their attention to the last of the Magnificent Seven companies to report: Nvidia (NVDA), whose results are due Nov. 20. Its stock surged to a record high last month as investors anticipated that this week’s earnings would contain evidence of booming demand for its AI chips.
Big Tech’s spending on infrastructure has skyrocketed this year. Cloud providers have raced to build out their AI …