Tech Earnings Fail to Fire Up Traders With Sky-High Expectations
- Index tracking Magnificent 7 stocks ended the week down 1.8%
- Profit outlook for tech giants clouded by heavy AI spending
Microsoft Corp. spent $14.9 billion in the quarter, a 50% rise from last year — and an amount higher than the company had ever spent on property and equipment in a single year before 2020.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
Investors had hoped earnings from five of the world’s biggest companies would shake the stocks out of a malaise and provide a fresh jolt for the S&P 500.
Instead, in many cases they were left wanting.