Three of the Wall Street's heavyweight technology firms have reported better-than-expected sales at their cloud computing units in recent days, as interest in artificial intelligence drives a rebound in spending by corporate customers.
Item 1 of 2 An AI sign is seen at the World Artificial Intelligence Conference in Shanghai, China July 6, 2023. REUTERS/Aly Song/File PhotoAn AI sign is seen at the World Artificial Intelligence Conference in Shanghai, China July 6, 2023.
"The number of Azure AI customers continues to grow and average spend continues to increase," Microsoft CEO Satya Nadella said on the company earnings call, adding that more than 65% of the Fortune 500 companies were Azure OpenAI Service customers. More than 60% of funded generative AI startups and nearly 90% of genAI unicorns were using Google Cloud, Alphabet CEO Sundar Pichai said on his company's earnings call last week.
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