The share prices of the biggest tech firms in the US swung up and down as investors considered their immense spending on artificial intelligence (AI).
Facebook's owner Meta, Google's owner Alphabet, Microsoft, and Amazon all reported their business results for the first three months of this year at the same time on Wednesday.
The companies collectively plan to spend more than half of a trillion dollars on AI this year, with Meta and Amazon making mass job cuts to offset these costs.
Meta's shares slumped over 5% in after hours trading, while Microsoft and Amazon were down 2% and 1.6% respectively, before recovering by the end of the day. Meanwhile, Alphabet's share price jumped by almost 6%.
Investors in these firms have become increasingly concerned about whether the money being spent will generate returns.
