Microsoft and Alphabet hailed the emerging technology following strong earnings reports, bolstering shares for firms making key AI hardware like Nvidia and AMD.
Microsoft's shares advanced 3.84% in trading before the U.S. market opened after the company beat Wall Street estimates for third-quarter revenue and profit, driven by gains from the adoption of AI across its cloud services.
Microsoft, the tech titan most closely associated with AI, has announced nearly $10 billion in investments in artificial intelligence abroad in recent months, the price it is willing to pay
Microsoft Corp. and Google owner Alphabet Inc. sent a clear message to investors on Thursday: Our spending on artificial intelligence and cloud computing is paying off.