Tech stocks (XLK) provided a boost to the overall markets, with the S&P 500 ending the week nearly one percent higher.
Meta (META) shares soared on an earnings beat, posting revenue of $28.65 billion versus an estimated $27.67 billion and earnings per share of $2.20 versus $2.01 estimated. Alphabet (GOOGL) ending the week up after announcing a $70 billion share buyback and beating on the top and bottom line. Microsoft (MSFT) reported an earnings beat, the stock up on better-than-expected guidance.
Daniel Morgan, Synovus Trust Senior Portfolio Manager, said Microsoft is a winner this week. Morgan joined Yahoo Finance’s Julie Hyman and Diane King Hall to recap major tech earnings to discuss the impact of AI on big tech’s stock prices. “The best thing you can do as a CEO to jumpstart your stock is talk about AI…My biggest concern is how can AI trickle down and actually affect the bottom line and grow profits into the future? Or is it just going to create more efficiencies and productivity within the existing products?”
Key video moments
00:00:02 On mentioning AI
00:00:10 On who is winning in AI race
00:00:42 On biggest AI concern
