Tech Giants' Earnings Reports Cause $190 Billion Market Cap Drop

AI-related companies lost $190 billion in market value after Microsoft, Alphabet, and Advanced Micro Devices reported quarterly results that failed to meet investor expectations, highlighting the elevated anticipation following an AI-fueled stock market rally. Alphabet's drop was attributed to missed ad revenue expectations and increased spending on data centers for AI competition with Microsoft, while Microsoft's stock fell despite beating revenue estimates with new AI features. Chipmaker Advanced Micro Devices also tumbled after its first-quarter revenue forecast missed estimates, and shares of Nvidia and Super Micro Computer were affected as well.