Tech Giants Lose $190 Billion as AI Optimism Cools After Disappointing Earnings
• AI companies like Alphabet, Microsoft, and AMD lost $190 billion in market value after reporting disappointing quarterly results that failed to impress investors • Alphabet's ad revenue and Google Cloud revenue missed expectations; Microsoft Azure grew faster than Google Cloud • Microsoft beat revenue estimates but its stock still fell after hitting an intraday record high earlier • Chipmaker AMD's forecast for next quarter revenue missed estimates despite projected strong AI processor sales • AI optimism recently drove huge stock gains for companies like Microsoft, Nvidia, and Super Micro, but latest results prompted a selloff