, Columnist
Tech Investors Overreact Like They’re Yelling at a Cloud
Disappointment abounds that cloud service revenue is not doing enough to offset weakness in consumer-facing divisions.
In the cloud.
Photographer: Michael Short/BloombergThis article is for subscribers only.
Microsoft Corp. reported 35% growth in cloud services. Alphabet Inc.’s own cloud unit beat estimates and narrowed its losses. Yet both stocks slumped.
Two tech titans post solid numbers in strategically important businesses in the middle of a stock market rout, rising US dollar and looming recession. Yet investors reacted like Grampa Simpson: angry at everything, and very cranky. Their frustration is understandable, but not particularly useful.