Microsoft and Google’s owner Alphabet have quashed investor scepticism around the vast sums spent on developing artificial intelligence, after being boosted by rampant corporate demand for their cloud computing services.
The combined market value of the two US tech giants rose by more than $250bn on Friday, a day after each reported double-digit revenue growth in their first-quarter results to comfortably beat analysts’ expectations. Shares in Amazon and Nvidia, two other beneficiaries of AI spending, also rose by around 3 and 6 per cent respectively.
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