Thursday 10/31/2024
Microsoft & Meta earnings put AI spending in focus, Uber slips: Yahoo Finance
Big tech earnings are weighing on the major indexes. “Magnificent Seven” members Microsoft (MSFT) and Meta Platforms (META) both posted better-than-expected quarterly earnings, but the amount these companies are spending on building out their AI offerings has some investors jittery. One stock that is falling in early trading is Uber Technologies (UBER). Its third quarter revenue topped Wall Street expectations but gross bookings fell short. Wall Street is also eyeing the September Personal Consumption Expenditures Price Index report for clues as to what the Federal Reserve’s next move may be. Trending tickers on Yahoo Finance include Super Micro Computer (SMCI), Palantir Technologies (PLTR), and Carvan
EY is walking away from the uper Micro Computer audit, not trustng management reports. Here is the chart. How many more SMCIs are out there yet to be discovered?
In the release above notice MSFT and META hit their numbers BUT
all those enthusiastic investors weeks ago are now worried, not excited, about AI spending. This is a perfect example of how social mood changes on a dime from bull to bear.
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