Alexander Lewis 
Jan 31, 2024
Companies dealing with AI technologies lost $190 billion in stock market value on Tuesday as tech tycoons such as Microsoft, Alphabet and Advanced Micro Devices submitted their quarterly results,
The results have resented biggest backers of these AI firms who had invested massively with hopes of making big profits in wake of the boom that settled over the realm of technology for the past few years.
The volume of sold shares following tech giants' quarterly reports reflected on investors' substantial expectations associated with the integration of AI in the corporate landscape.
Read more: AI advancement will result in more cyberattacks, GCHQ warns
Alphabet, Google's parent company, lost 5.6pc in its December-quarter ad revenue. The company, however, pledges to invest more on data centers to back its AI plans this year to catch up its AI rival Microsoft. Meanwhile, Google Cloud revenue surpassed the expected targets predicted by Wall Street targets, propelled by interest in AI, Microsoft's Azure grew faster, according to Reuters.
Similarly, Microsoft's quarterly revenue went beyond analysts' estimates as its new AI offerings widened its customer base, attracting them to its cloud and Windows services. Contrarily, its share value in the stock market fell 0.7pc in extended trade after briefly hitting an intra-day record high earlier on Tuesday.
Chipmaker Advanced Micro dipped 6pc, failing to meet its expectations for first-quarter even as it projected strong sales for its AI processors, while shares of Nvidia also dropped over 2pc in extended trade.
Super Micro Computer, a server maker firm that registered significant gains from the ongoing AI boom, lost over 3pc.
