US tech-related stocks jump after Microsoft, Meta Platforms results
Microsoft logo is displayed on a screen during a media tour, as preparations continue ahead of the opening of the Hannover Messe, one of the world's largest industrial trade fairs with this year's partner country Canada, which, like the European Union, is similarly affected by the new U.S. tariffs, in Hanover, Germany, March 30, 2025. REUTERS/Fabian Bimmer
NEW YORK (Reuters) -U.S. technology-related stocks including many involved in artificial intelligence rose sharply on Thursday following stronger-than-expected results from Microsoft and Meta Platforms, while investors awaited results from Apple and Amazon.com after the closing bell.
Shares of Microsoft jumped 8.6% and Meta Platforms gained 4.8%, while AI heavyweight Nvidia was up 4.3%. Also in the AI space, Advanced Micro Devices rose 1.2%, and Broadcom and Sun Micro Computer both gained 3.5%.
Shares of Amazon climbed 2.7%, while Apple was roughly flat at $212.42 as a federal judge ruled the iPhone maker had violated a U.S. court order to reform its App Store.
Demand for artificial intelligence is fueling growth in cloud and digital ads, but U.S. President Donald Trump's global trade war is still expected to be a risk for many companies, especially more consumer-related names.
The top U.S. technology and growth stocks, known as the "Magnificent Seven", had stumbled early in 2025 as investor concerns about the economic fallout from Trump's tariffs grew. Even though the group has rebounded since Trump paused many of his heftiest tariffs on April 9, investors are closely watching their results.
Microsoft said late Wednesday that AI's contribution to Azure growth increased to 16 percentage points in its fiscal third quarter, from 13 percentage points in the previous three months.
Meta Platforms' report also late Wednesday signaled that its AI-powered tools helped draw advertising dollars despite tariff-related economic uncertainty.
However, shares of mobile chip designer Qualcomm were down 8.2% on Thursday. The company late Wednesday forecast third-quarter revenue just shy of Wall Street estimates.
Also, earlier this week, Super Micro Computer's shares fell after it cut its revenue forecast.
(Reporting by Caroline Valetkevitch; Editing by Susan Fenton)
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