Big Tech Fails to Convince Wall Street That AI Is Paying Off 

– Amazon, Microsoft, Alphabet earnings disappointed investors

– Amazon projected profits that fell shy of market expectations

Amazon.com Inc., Microsoft Corp. and Alphabet Inc. had one job heading into this earnings season: show that the billions of dollars they’ve each sunk into the infrastructure propelling the artificial intelligence boom is translating into real sales.

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In the eyes of Wall Street, they disappointed. Shares in Google owner Alphabet have fallen 7.4% since it reported last week. Microsoft’s stock price has declined in the three days since the company’s own results. Shares of Amazon — the latest to drop its earnings on Thursday — plunged by the most since October 2022 on Friday.

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