Big Tech rebounds and preps for transformative AI investments

A year ago, the tech industry’s prospects looked bleak. Google’s profit dropped. Shares of Facebook’s parent company, Meta, were in free fall. Business growth at Amazon had slowed to its lowest level in two decades.

But what looked like an industrywide bust appears to have been more of a correction. The most recent quarter was surprisingly strong for tech’s biggest companies. Meta’s and Google’s ad businesses rebounded. Microsoft’s cloud computing business continued to expand. So did Amazon’s e-commerce business. Apple, with a 1% decline, was the only big tech company whose revenue dropped.