AXIOS August 2, 2024
Big Tech’s message to investors on back-to-back earnings calls this week was “Stop worrying about the billions we’re spending on AI — everything’s going to be just great.”
The big picture: Over the past month, Wall Street began questioning the growing cost of buying high-end chips and building data centers, asking when these investments would start to show up in revenue and profit growth.
- Google, Microsoft and Meta, each in different ways, told Wall Street to relax.
By the numbers: These companies all continue to grow and remain jaw-droppingly profitable, providing an enviable financial foundation for their most ambitious dreams.
- Last week, Google parent Alphabet reported $24 billion net profit on $85 billion revenue.
- On Tuesday Microsoft...
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