Microsoft Amazon Nvidia And Alphabet Lead Tech Stock Surge To Two-Month

Tech stocks on Wall Street defied sticky inflation Friday to post their biggest gain in more than two months-easing market anxiety about a slowdown in economic activities-after blockbuster first-quarter earnings and continued betting on artificial intelligence fired up the valuations of major companies.$317 billion. That’s how much money investors gained on tech stocks following Friday's rally. The earnings reports of big tech companies like Microsoft and Alphabet showed their commitment to AI. Microsoft CEO Satya Nadella reportedly said the company offers AI accelerators including “the latest from Nvidia,” while Alphabet offers “industry-leading portfolio of NVIDIA GPUs” together with its in-house TPUs, Chief Executive Sundar Pichai said during the first-quarter earnings call. Inflation remained unchanged at 2.8% in March from the previous month, but stayed well above the consensus economic expectations of 2.7%. The hotter-than-expect inflation figure added to concerns around the economy, which began this year with the slowest pace of expansion since the second quarter of 2022. Stock investors usually look out for strong earnings growth, as it could indicate a company’s capacity to generate future cash flows and sustain both capital gains on investment and dividend payouts. With Microsoft and Alphabet beating Wall Street earnings estimates in the first quarter of 2024, forecast of increased Amazon sales when it releases its report by April 30, together with indications of continued usage of Nvidia AI hardwares by major clients, it appears investors are upbeat about the growth potential of the big tech companies.$317 billion. That’s how much money investors gained on tech stocks following Friday's rally
All data is taken from the source: forbes.com
Article Link: www.forbes.com/sites/segunola...
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