Market news, served by the slice.
AMD’s data center sales nearly doubled to $8.5 billion and its forecast topped expectations. But Nvidia added more data center revenue in a year than AMD has in total.
Tap any stock to read every story about it. Colour shows today’s move: green up, red down, darker = bigger.
Growth sped up to 3.4% on AI equipment, stockpiling and steady consumers, while quarterly inflation cooled. But demand is running hot, and markets still expect a rate hike in December.
Alphabet had its biggest quarter ever, but the AI build-out is eating into its margins and cash flow faster than the new business pays it back.
In the same AI spending race, Microsoft’s operations still cover the bill with cash to spare, while Alphabet’s cash flow has turned negative.
The Claude maker’s S-1 shows revenue up fourteenfold in a year, a first operating profit and hundreds of billions in compute contracts. Growth is cooling just as those contracts start to bill.
Microsoft’s cloud business combines subscriptions and usage-based services, supported by infrastructure that requires substantial investment before it generates returns.
They run the rails, not the loans. That one design choice explains their margins, and their biggest risks.