WS #13076
Microsoft's Azure revenue surge drives +16.8% gain, lifting semiconductor and AI-related stocks (MU +18%, LRCX +18%, AMD +14%, TER +13%) as AI capex outlook improves. US Q2 GDP advanced estimate slows to 1.5% (below 2.1% prior), but consumer spending accelerates to 3.2% and AI investment surges; imports weigh on headline. Meta Platforms falls ~9% after Q2 earnings miss estimates, with Wall Street skeptical on AI spending ROI; Piper Sandler lowers PT to $785.
Tech Rally on Microsoft Azure Strength
Microsoft's Azure revenue surge drives +16.8% gain, lifting semiconductor and AI-related stocks (MU +18%, LRCX +18%, AMD +14%, TER +13%) as AI capex outlook improves.
US Q2 GDP advanced estimate slows to 1.5% (below 2.1% prior), but consumer spending accelerates to 3.2% and AI investment surges; imports weigh on headline.
Meta Platforms falls ~9% after Q2 earnings miss estimates, with Wall Street skeptical on AI spending ROI; Piper Sandler lowers PT to $785.