Microsoft’s market value tumbled by $360bn after the US tech behemoth reported a surge in data centre spending, reigniting worries about Silicon Valley’s vast investment in AI infrastructure.
The software group’s shares slid 10 per cent on Thursday, its worst day since the height of the coronavirus pandemic in 2020 and bringing Microsoft’s market capitalisation to $3.2tn.
Thursday’s fall came after Microsoft reported a 66 per cent year-on-year surge in its data centre spending, taking its capital expenditure to $37.5bn in the three months to December.
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