CNBC May 11, 2023
Key Points
– Many tech companies focused on plans to “do more with less” in their first-quarter earnings calls.
– AI and cloud infrastructure are two areas seeing increased investment as companies reallocate spending.
– Amazon CEO Andy Jassy said the company has cut projects “where we didn’t see a path to meaningful returns.”
It’s been a week since earnings season for mega-cap tech came to an end, with Apple’s report last Thursday. A theme investors heard from top execs across Silicon Valley and beyond was that it’s time to “do more with less.”
Cost cuts that kicked into gear in late 2022 ramped up in the first quarter, and are continuing into the second. Microsoft CEO Satya Nadella told...
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