Daily Ranking & Brief
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AI Unleashed - The first quarter of 2024 has underscored the ongoing transformative impact of AI on the tech industry, with Microsoft and Alphabet both revealing significant strides in their AI ventures.
Alphabet Inc. exceeded expectations with a reported first-quarter revenue of $67.6 billion, outpacing projections thanks to a 28% robust growth in its cloud computing unit. Alphabet's pivot towards AI is beginning to pay dividends (literally), evident from its cloud unit's impressive profit of $900 million.
Despite the challenges posed by emerging competitors and internal AI development missteps, Alphabet's cloud and search advertising sectors continue to drive its financial success.
On the other hand, Microsoft Corp. reported a stellar performance with its third-quarter sales jumping 17% to $61.9 billion and profits rising to $2.94 per share. These figures were buoyed by a 31% growth in revenue for Microsoft's flagship cloud offering, Azure.
The company's extensive investment in data centres and AI research, notably its collaboration with OpenAI, has positioned Microsoft as a frontrunner in the AI space.
As AI continues to evolve, both Alphabet and Microsoft earnings are a testament to the fact that AI isn’t just a buzzword but a substantial profit engine for those leading the charge.
Response from tech peers: Here is the historical 1-month response from Tech peers, when Alphabet and Microsoft both beat earnings estimates:
Nvidia: 13.46%
Amazon: 8.17%
META: 6.61%
Salesforce: 4.23%
SAP ADR: 4.08%
Adobe: 3.53%
Apple: 2.84%
Oracle: 0.85%
Intel: -0.29%
IBM: -1.60%