A number of U.S. big tech companies fell on Wednesday as Microsoft's results signaled how the high-stakes battle for AI supremacy will cost the tech giants that have seen their shares rally in recent months on hype around the technology.
AI-related spending plan, saying deeper investments in AI are required before gains trickle to the bottom line.
"AI will generate a lot of revenue and earnings for such firms, but a lot of investors have been buying the rumor and now that we have earnings, they are taking profits," Paul Nolte, senior wealth advisor and market strategist for Murphy & Sylvest said. The recent rally has driven up Microsoft's valuation. The stock is trading at 31 times 12-month forward earnings, compared to a PE multiple of 20 for Alphabet.
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