this post was submitted on 01 Feb 2024
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368
AI Companies Lose $190 Billion After Dismal Financial Reports (futurism.com)
submitted 9 months ago by stopthatgirl7@kbin.social to c/technology@lemmy.world
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Reuters reports that AI-related companies lost $190 billion in stock market value on Tuesday following disappointing earnings reports.

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[–] Copernican@lemmy.world 29 points 9 months ago* (last edited 9 months ago)

Look at the reuters article cited: https://www.reuters.com/technology/ai-companies-lose-190-billion-market-cap-after-alphabet-microsoft-report-2024-01-31/

Jan 30 (Reuters) - AI-related companies lost $190 billion in stock market value late on Tuesday after Microsoft (MSFT.O), opens new tab, Alphabet (GOOGL.O), opens new tab and Advanced Micro Devices (AMD.O), opens new tab delivered quarterly results that failed to impress investors who had sent their stocks soaring. The selloff following the tech giants' reports after the bell underscored investors' elevated expectations following an AI-fueled stock market rally in recent months that propelled their shares to record highs with the promise of incorporating the technology across the corporate landscape.

I don't know that I would say this has anything inherently to do with AI...

The reuters article for AMD specifically: https://www.reuters.com/technology/high-flying-chipmakers-hit-after-amds-forecast-falls-short-2024-01-31/

Jan 31 (Reuters) - High-flying semiconductor stocks slipped on Wednesday after Advanced Micro Devices' (AMD.O) disappointing current-quarter revenue forecast added to investor worries over sluggish demand for non-AI chips

...

That overshadowed the company near doubling its AI processor projections to $3.5 billion for 2024.