![]() ![]() As exuberance faded in the second quarter, tech stocks roared back to lead gains before slipping again to give way to financial stocks and communication companies in the third quarter. Tech stocks were the worst-performing sector in the S&P 500 in the first quarter, as expectations of a reopening trade pegged to companies beaten down by the pandemic took hold. Nonetheless, its weaker performance this year is indicative of a shift by investors away from technology stocks, which had led the market higher, and toward more cyclical companies set to benefit from economic recovery. The Nasdaq Composite rallied back from early losses on Friday, rising 0.3 percent and finishing the week 2.7 percent higher. The disappointing updates contrasted with several other major tech groups such as Alphabet that reported earlier in the week, whose strong results helped the tech-heavy Nasdaq Composite catch up with wider equity markets and surpass its record-high hit in early September. Amazon is valued at $1.7 trillion and ranks as the fourth-largest company by market capitalization, behind Google parent Alphabet. Its stock has risen more than 7 percent since the start of the week, taking its year-to-date gains to almost 50 percent.Īnother tech giant, Amazon, fell 2.2 percent on Friday after warning that rising costs due to labor shortages would crimp its earnings for the rest of the year. Microsoft last rallied back above Apple in the midst of the pandemic-induced sell-off in 2020. Microsoft and Apple have vied for the position of the most highly valued public company since Apple first overtook Microsoft in 2010, retaining its position until 2018. “We are still in the early days in digital transformation and Microsoft is benefiting from this trend,” said Rishi Jaluria, an analyst at RBC Capital Markets, noting that Microsoft’s cloud software Azure has made up ground on its dominant rival, Amazon Web Services.Īpple missed analysts’ forecasts in results released after markets closed on Thursday evening, as chip shortages and factory disruptions due to the coronavirus pandemic hit production. The company’s quarterly revenue grew 22 percent, its largest gain since 2014. Microsoft reported this week that its revenues soared in the third quarter, aided by a pandemic-fueled surge in cloud computing resulting from a shift to remote working. Apple slid 1.9 percent, taking its market cap to $2.46 trillion. Microsoft’s 2.2 percent gain on Friday lifted its market valuation to $2.49 trillion. Subscribe to our 3x per week newsletter at Microsoft regained its crown as the most valuable publicly listed company in the world on Friday from Apple, whose shares slumped following a weak quarterly earnings update from the maker of iPhones and Mac computers. ![]() The Near Memo is a weekly conversation about Search, Social, and Commerce: What happened, why it matters, and the implications for local businesses and national brands. Whether this commodifies AI or leaves it in the hands of a few dominant players remains to be seen. The growing productization points to the integration of these new capabilities as a feature in a range of software features. ![]() The Neeva search engine shows the way how it will be integrated into search. The quality of AI voice generation based has implications across a range of applications from chat bots to deceptive scams. Vall-e translates text to speech based on a person’s actual voice. Will this lead to an exodus of good employees or to a loss of morale?ĪI’s rapid advancements and easy implementation will impact everything from audio chat bots to Excel: With a recession on the horizon and growth constrained, many tech companies including Google are looking to become more efficient and are using stack ranking as a way to identify low performing employees. The tech industry over-hired during the demand created by Covid. The value of stack ranking as a way to prune employees: When you realize that Business Connect is positioned as a way to integrate your business Place Card with a whole suite of Apple products including iMessage, Apple Pay, Siri and more you have to wonder what role this will play in Apple’s coming augmented reality play. This is the first time Apple has allowed third parties to directly interact with Maps. The bigger news is probably the roll-out of the API. ![]() The small business interface is very elegant and supports very hi res imagery as well as a Post-like product called Showcases. Why the new Apple Business Connect is so important:Īpple Business Connect is both a small business interface AND an API. ![]()
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