Meta, Microsoft reports lift AI-related stocks
Meta Platforms
and
Microsoft
results beat Wall Street expectations.
#Pahalgam Terrorist Attack
A Chinese shadow falls on Pahalgam terror attack case probe
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Buzzkill: How India can dissolve the Pakistan problem, not just swat it
The reports appeared to boost demand for shares in AI chip leader
Nvidia Corp
, which rose 2.8% in late trading, and chip rival Advanced Micro Devices, which rose 2%.
Shares in
Amazon
.com, which competes with Microsoft in cloud-computing and is due to report results on May 1, were up 3% with strong after-the-bell volume.
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parent Alphabet shares were up more than 1% after the reports.
Shares in Microsoft soared more than 6% in late trading after it topped quarterly revenue expectations on strong Azure cloud-computing growth, reassuring investors its hefty AI investments were paying off.
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Shares in social media company Meta Platforms were up more than 4%, after it also beat Wall Street estimates for first-quarter revenue, signalling that its AI-powered tools helped draw advertising dollars despite tariff-related economic uncertainty.
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Shares in smaller AI-related tech company Super Micro Computer briefly rose sharply after the reports but then pared gains and were last up 0.7%. In the regular session on Wednesday Super Micro Computer shares had tumbled 11% after it slashed its revenue forecast.
Shares in C3.AI Inc were up 1% but volume was lighter.
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