Big tech results give fresh hope of AI boom

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The latest results from Big Tech companies may alleviate the concerns of investors anxious for returns in the AI race. Google posted bumper earnings on Wednesday, with revenues from its cloud computing arm rising by 63%. Amazon also reported strong cloud sales growth on the back of business customers pushing to integrate AI into their workflows, while Microsoft has increased the number of Microsoft Office users who pay for Copilot. Meta has less to show for its huge spending plans, which this week caused its share price to slump.