Tag Archives: Google

SCI-TECH

Big Tech’s AI spending rattles markets

Posted on by The Esbec Team
For the full year 2024, Amazon's net income jumped to $59.2 billion from $30.4 billion in 2023. Photo: Julio Cesar AGUILAR / AFP/File Source: AFP
07
Feb

For the full year 2024, Amazon’s net income jumped to $59.2 billion from $30.4 billion in 2023. Photo: Julio Cesar AGUILAR / AFP/FileSource: AFP E-commerce giant Amazon reported strong earnings Thursday but, like its big tech peers Microsoft and Google, saw its stock price fall on concerns over high AI investment costs. The mounting expenses of data-intensive artificial intelligence and its infrastructure have cast a shadow over this earnings season, with only Facebook owner Meta winning Wall Street’s approval. Meta’s stock surged 18 percent in January as investors endorsed its AI strategy. Amazon’s AWS cloud division, along with rivals Microsoft and Google, are investing heavily in AI data centers while meaningful returns remain uncertain. Amazon CEO Andy Jassy defended the spending, saying the company was on track to spend $100

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