Tech Titans Surge on AI Focus: Alphabet Dividends, Microsoft Gains, Meta Platforms' Strong AI Bet
April 30, 2024![Tech Titans Surge on AI Focus: Alphabet Dividends, Microsoft Gains, Meta Platforms' Strong AI Bet](https://cdn.brief.news/images/stories/cefd1c9e24213eaf7fe75085638afeb7a3f8b63c132f148e698b2336ca8bfa1f566b89c42645bf96af3aef9477247ed47fab7d7564ac57e194bc1d5eb1455e49.jpg)
Tech giants Alphabet, Meta Platforms, and Microsoft reported strong quarterly results, highlighting the impact of artificial intelligence on their growth.
Alphabet announced the initiation of a dividend, contributing to a nearly 10% stock surge.
Microsoft's revenue increased by 17% year over year, showcasing strong financial performance.
Meta Platforms' revenue exceeded expectations at $36.46 billion, growing 27% year-over-year, with earnings per share up 114% to $4.71.
Investor concerns over Meta's increased AI-related expenses and higher capital expenditure guidance triggered a sell-off.
Analysts maintain a positive outlook on Meta's long-term growth, driven by AI initiatives and metaverse developments.
Meta is investing in its own AI and silicon technologies, including the launch of Meta AI powered by Llama 3 and global expansion plans.
Apple is poised to announce AI developments at its Worldwide Developer Conference, presenting a potential investment opportunity.
Meta Platforms holds a 'Strong Buy' consensus rating from analysts, with a stock price target suggesting substantial upside potential.
Summary based on 30 sources
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