Nvidia became the first company ever to reach $ 4 trillion in market value (and just earlier this month), and now Microsoft is coming to the AI chip maker in the exclusive $ 4 trillion club.
Microsoft reported better than expected Profit on Wednesday, which means that shares with 8%jump and increase the market capitalization of the company to around $ 4.1 trillion. From the moment of writing, Microsoft has sustained growth with a market value of $ 4.03 trillionWith shares on Thursday morning around 5%.
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Both Microsoft and colleague AI Giant Meta added one Combined $ 440 billion In market value, on Wednesday, with the income of meta that one 9% rise In his market capitalization in trade after hours. Both companies exceeded the expectations of analysts with strong financial results on Wednesday, which showed that the AI investments of Big Tech are bearing fruit.
Microsoft’s Chief Financial Officer Amy Hood told investors In a profit call on Wednesday that the company was planning to Register $ 30 billion for the current quarter on AI expenditure such as data centers, more than the $ 24.23 billion Analysts expected.
The Microsoft meeting was due to the strength of the newest winning report For the quarter ending on June 30, which the Tech giant announced on Wednesday after the bell. In the report, Microsoft revealed the quarterly turnover of $ 76.4 billion, an increase of 18% compared to the same period last year, which marked the fastest company’s fastest revenue growth in three years.
Related: The CEO of Microsoft says that despite financial success, the massage of the company ‘weigh heavily on me’ in an internal memo
Microsoft CEO Satya Nadella. Photo by Stephen Brashear/Getty images
Analysts expected $ 74.62 billion In Azure income, so that the Microsoft report exceeds expectations.
The growth was largely powered by Microsoft’s Azure Cloud Computing Division, which offers computing power and storage for AI. Microsoft CEO Satya Nadella revealed Azure Revenue for the first time in the report and noted that Azure “exceeded $ 75 billion in income, an increase of 34%, driven by growth in all workload.”
“Cloud and AI is the driving force of business transformation in every industry and sector,” Nadella said in the report.
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