Key Points
July 26 (Reuters) - A number of U.S. big tech companies fell on Wednesday as Microsoft's results signaled how the high-stakes battle for AI supremacy will cost the tech giants that have seen their shares rally in recent months on hype around the technology...
Microsoft's (MSFT.O) shares fell 3.6% in early trading as the company laid out an aggressive AI-related spending plan, saying deeper investments in AI are required before gains trickle to the bottom line...
Investors also remained cautious on Wednesday, with Wall Street's main indexes muted ahead of a likely Federal Reserve interest rate hike later in the day that could push borrowing costs to their highest since the global financial crisis...
Stuart Cole, chief macro economist at Equiti Capital, said tech stocks tend to be fairly exposed to such sentiment around central bank policy as many of them are reliant on robust economic growth to deliver the returns they promise...
The company's Snapchat app has added a new AI-powered chatbot that can answer questions to attract more users, but Shmulik notes the company has struggled to consistently grow revenue and catch up to rivals like Facebook-owner Meta...
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