The print further highlighted Microsoft’s unique position as an AI frontrunner, showcasing strong demand for its AI-powered services, which played a crucial role in the better-than-expected performance of its key Azure cloud business.
"If this trend continues, then AI will be a large driver of Azure's long term revenue and will require re-evaluation up of Azure's potential size,” they added.) soared to a new record high on Friday following a 10% jump driven by a stronger-than-expected earnings report for the fiscal first quarter of 2024.
"1Q24 highlighted effective monetization of the new GenAI platform shift. Search & Other, YouTube Ads, and Google Cloud exceeded our growth expectations by 260bps, 720bps, and 190bps, respectively, attributable primarily to GenAI products," they noted.) unsettled investors on Wednesday by forecasting higher expenses and lighter-than-expected revenue, which led to a nearly $200 billion reduction in its stock market value.
Meta’s management highlighted the challenges ahead, including tougher comparisons due to contributions from Chinese advertisers, which had boosted first quarter 2024 growth by three percentage points. While the ongoing debate concerning the duration of AI infrastructure development before a potential pause remains a key concern among investors, Nvidia 's imminent product transition “has become the latest flashpoint in the concern around an air pocket in the near-term even as investors seem more broadly convinced about the long-term drivers of the AI spend over a multiyear period," said the bank.
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