"The artificial intelligence boom now comprises a major single digit percentage of GDP, and the majority of GDP growth. Companies have been beating earnings left and right."
"Meta recently reported earnings that showed 33% revenue growth on the top line, up to $56.3 billion. That. Is. Staggering."
"These aren't unproductive dollars. Companies simply would not be spending tens of billions of dollars on AWS, Azure, Meta, or YouTube ads for the sake of it."
"The promise of artificial intelligence creating major efficiencies across all industries seems to be going from promise to reality."
The S&P 500 and Nasdaq reached record highs amid hopes of resolving the US/Iran conflict, despite previous false alarms. Brent crude oil prices remain elevated, indicating ongoing challenges. The market's rise is supported by strong business fundamentals, particularly from the AI sector, which significantly contributes to GDP growth. Approximately 85% of companies reporting earnings exceeded expectations, with notable performances from firms like AMD and Meta, which reported staggering revenue growth. Companies are investing heavily in cloud services, indicating real returns on investment and efficiency gains from AI.
Read at 24/7 Wall St.
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