US tech stocks send Nasdaq to hit record high, as Alphabet beats forecasts

The tech-heavy Nasdaq Composite Index rises 0.8 percent arsenic investors stake connected beardown net from Meta, Amazon and Microsoft.

US tech stocks person catapulted the Nasdaq to a grounds precocious arsenic investors stake connected beardown net from firm heavyweights.

The tech-heavy Nasdaq Composite Index roseate 0.8 percent connected Tuesday, arsenic Google’s genitor institution Alphabet reported forecast-beating net for the 3rd quarter.

Alphabet’s gross jumped 15 percent to $88.3bn during the July-September period, portion nett surged 34 percent to $26.3 bn.

Google and Alphabet CEO Sundar Pichai said the institution was experiencing “extraordinary” momentum owed to the beardown show of its hunt and unreality businesses arsenic good arsenic its absorption connected innovation, including artificial intelligence.

“Our committedness to innovation, arsenic good arsenic our semipermanent absorption and concern successful AI, are paying disconnected and driving occurrence for the institution and for our customers,” Pichai said connected an net call.

“We are uniquely positioned to pb successful the epoch of AI due to the fact that of our differentiated full-stack attack to AI innovation, and we’re present seeing this run astatine scale.”

Alphabet’s stock terms roseate astir 6 percent successful after-hours trading.

The tech giant’s beardown show comes up of hotly-anticipated net results this week from Apple, Microsoft, Meta Platforms and Amazon, each of which registered banal terms gains connected Tuesday.

Shares of Meta Platforms, Amazon, Microsoft and Apple roseate 2.62 percent, 1.3 percent, 1.26 percent and 0.12 percent, respectively.

Tesla, different of the “Magnificent Seven” stocks that relationship for much than one-third of the market, dropped 1.14 percent, aft soaring 22 percent past week pursuing a forecasting-beating nett successful the 3rd quarter.

The broader marketplace saw lone a humble rise, with the benchmark S&P 500 inching up 0.2 percent.

The beardown show of tech giants was offset by slumps by firm giants including Ford and JetBlue Airways, which saw their banal terms descend 8.4 percent and 17.1 percent, respectively.

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Al Jazeera and quality agencies