By Miguel Mike Medina
Photo Credit: Yahoo Finance
Google parent Alphabet, Microsoft, Amazon, and Meta Platforms have all received their quarterly earnings.
Alphabet’s stock climbed after the company reported better-than-expected first-quarter results. The company also announced plans to begin selling its custom TPU chips to select third-party customers for installation in their own data centers. The alphabet cloud business grew more than 60 percent. It’s the fastest growth since 2017.
Meta’s revenue jumps to 33 percent, shares pummeled after it raised its full-year AI spending. Thursday’s slump plunged Meta stock into the red for the year. Shares have lost nearly 7 percent of their value in 2016.
Amazon’s AWS grows 28 percent, the fastest pace in nearly 4 years. According to CNBC, Andy Jassy, CEO of Amazon, has said that AWS customer spending has been on Bedrock. OpenAI models, which are used in Bedrock, a service for building AI agents and applications, have jumped 170 percent from the fourth quarter.
“OpenAI has said they’re already seeing unprecedented demand for this new product, and we’re seeing heavy customer interest as well,” Jassy said.
The market is becoming more competitive. Companies will have to start paying attention to a small company called Neoclouds, which holds a 5 percent share. Neocloud provides high-performance infrastructure designed to power AI workloads.
Amazon also announced that Amazon Prime Day will take place this summer. Amazon is hosting its biggest sale of the year in June. The retailer hasn’t yet mentioned the exact dates. In the past, Amazon would host every other year in July since 2022. Amazon hasn’t done one in June since 2021. Prime members are the only ones who can access Prime Day deals. Prime members can also shop for early deals as the event approaches.
NVIDIA’s stock went down as much as 4 percent on Thursday.
Miguel Mike Medina is the publisher of The MMM Journal. He can be reached at medinamiguelmike@gmail.com and themmmjournal@gmail.com
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