Three months ago, Wall Street punished the world’s largest technology firms for spending enormous amounts to develop artificial intelligence, only to deliver results that failed to justify the costs.
Tyler Radke, senior equity research analyst, Citi and Liz Miller, president of Summit Place Financial Advisors, joins us and talks about the outlook for Microsoft amid the AI race.
They’re each trying to convince Wall Street that these huge investments will make their future businesses more profitable than the current ones selling digital ads, goods and software. Apple Inc. has also vowed to invest in AI, introducing a suite of services, like a more capable Siri, called Apple Intelligence. But its relatively weak financial results this quarter weren’t helped by its new AI products, which mostly hadn’t arrived.
For Microsoft, its lackluster quarterly performance came not because customers weren’t lining up to pay for its cloud and AI offerings but because the company couldn’t build capacity quickly enough. “This demand all showed up pretty fast,” CEO Satya Nadella told investors in a call on Wednesday. Data centers, he added, “don’t get built overnight.”
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