Big Tech’s AI promises become a ‘show me’ story for investors: Report

After a jam-packed week of earnings reports from megacap technology companies one thing is clear: as profits slow, investors aren’t impressed by artificial-intelligence promises anymore. They want to see results.

With six companies inside a group known as the Magnificent Seven already having reported, year-over-year earnings growth has slowed to nearly 30 per cent in the second quarter, down from 50 per cent in the prior period. Analysts expect that rate to decelerate further, to about 17 per cent for those companies in the third quarter.