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[ad_1] Google CEO Sundar Pichai speaks at a panel at the CEO Summit of the Americas hosted by the U.S. Chamber of Commerce on June 09, 2022 in Los Angeles, California. Anna Moneymaker | Getty Images Results were good, but not good enough. That's Wall Street's reaction to quarterly results on Tuesday from Alphabet and Microsoft . Both companies reported revenue and earnings that exceeded estimates, yet the stocks sold off in extended trading. In investor speak, the stocks were priced for perfection. Alphabet shares are up 56% for the year and climbed to a fresh high last week, exceeding the prior record from late 2021, the peak of the tech boom. Microsoft is up 70% over the past 12 months, also reaching a fresh high recently and surpassing Apple as the most valuable publicly traded company. The companies generated excitement last year by riding the artificial intelligence wave, and were also lauded by shareholders for their dramatic cost-cutting efforts, which included ...

[ad_1] Rep. Mike Gallagher (R-WI) (C), chair of the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party, joins Rep. Elise Stefanik (R-NY) (L) and Majority Whip Steve Scalise (R-LA) for a news conference following a GOP caucus meeting at the Republican National Committee offices on Capitol Hill on February 28, 2023 in Washington, DC. Chip Somodevilla | Getty Images A group of lawmakers will travel to California to meet with tech and media executives, including Apple CEO Tim Cook and Disney CEO Bob Iger, to discuss China-related topics, CNBC has confirmed. Nearly a dozen lawmakers representing both parties on the House Select Committee on the Chinese Communist Party are set to make the three-day trip, led by Chair Mike Gallagher, R-Wis., a spokesperson for the committee told CNBC. Bloomberg and Axios previously reported details of the trip. The trip highlights how the committee's work could affect the tech and media i...

[ad_1] U.S. stocks fell sharply Friday after the Federal Reserve's preferred inflation gauge showed a stronger-than-expected increase in prices last month. The Dow Jones Industrial Average fell by 364 points, or 1.1%. The S&P 500 and Nasdaq Composite slid 1.4% and 2.0%, respectively. The Dow fell as much as 510 points, or 1.54%, earlier in the trading session. Boeing shares slipped more than 4% after the company temporarily halted delivery of its 787 Dreamliners over a fuselage issue. Shares of Microsoft and Home Depot also fell more than 1%. The major averages are headed for a losing week. The S&P 500 is down 2.9% and is set for its worst week since Dec. 9. The Dow is down nearly 3% this week and headed for its fourth straight losing week. The Nasdaq is 3.5% lower, and on pace for its second negative week in three. The core personal consumption expenditures price index , the Fed's preferred measurement of inflation, rose 0.6% in January and 4.7% from the p...

[ad_1] Amazon CEO Andy Jassy doesn't believe the retail and cloud computing giant should be counted out of the artificial intelligence race just yet. In a wide-ranging interview with CNBC, Jassy challenged the notion that Amazon has fallen behind in AI as Microsoft and Google add chatbots to consumer products like their search engines, likening it to the "hype cycle" before the "substance cycle." "I think most people are focused on the applications, you know, things like ChatGPT brought everybody's awareness up, but I think of generative AI as having three macro layers," Jassy told Jon Fortt in an interview that aired on "Closing Bell Overtime" late Thursday. "I think they're all really big and important." Jassy has said Amazon intends to invest in AI across the company, and that AI programs have the potential to improve "virtually every customer experience." But he specifically pointed to Amazon Web Servi...