AI Growth Failed to Shield Alphabet and Intel From October Selloff
Photo: TokenPost
Alphabet and Intel posted strong growth in AI-related businesses as technology stocks sold off late in October, putting attention on the cash demands and business mix behind that expansion. The Philadelphia Semiconductor Index fell about 7.2% on Oct. 30. The results add earnings detail to earlier pressure on Meta, Alphabet and Intel shares . Alphabet's third-quarter revenue increased 25% to $127.58 billion. Google Cloud revenue more than doubled, rising 103% to $30.71 billion, while its operating income grew to $11.12 billion from $3.59 billion a year earlier.
Source: TokenPost
