genai / news / / ABC17News.com
Wall Street wants more proof that Big Tech’s enormous spending on artificial intelligence will pay off.
Alphabet reported a $460 billion backlog for cloud contract services linked to AI growth.
KEY POINTS
- Meta plans to increase AI spending by at least $10 billion but lacks cloud service revenue.
- Wall Street is shifting from cheering AI spending broadly to demanding concrete monetization results.
- Alphabet shares surged 10% after earnings, while Meta shares dropped almost 9% for lacking AI payoff.
COMPANIES
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