Buying chips vs selling bits


The gains in chipmakers and losses in their biggest customers underscored a divide in the AI landscape, with investors recently questioning whether Wall Street's AI rally may have become overextended.

"Microsoft reported some deceleration in its core cloud business, but a huge increase in capex [capital expenditure]. That represents a transfer of wealth from Microsoft shareholders to Nvidia shareholders," said Gil Luria, senior software analyst at D.A. Davidson.

In its report after the bell, Microsoft said revenue from its Intelligent Cloud unit —home to the Azure cloud-computing platform —jumped 19% to $28.5 billion in the quarter ended June 30, but missed analysts' estimates of $28.7 billion, LSEG data showed.

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