PYMNTS.com August 2, 2024
Big Tech companies’ efforts around artificial intelligence (AI) are reportedly getting a largely negative reception on Wall Street.
In the days since their most recent earnings reports, Amazon, Microsoft and Alphabet have seen their share prices decline, Bloomberg reported Friday (Aug. 2).
These companies failed to show that they are gaining sales from their investments in AI infrastructure, according to the report.
Meta Platforms, on the other hand, reported second-quarter revenue that exceeded expectations, with CEO Mark Zuckerberg saying that the company’s investment in AI has paid off in the form of better ad targeting and content recommendations, per the report.
Meta also surprised analysts by raising its forecast for AI investments, the report said.
Zuckerberg said in a July...
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