Shares of technology companies fell after a tepid growth outlook from Amazon.com.
Shares of the online mega store slid after the company projected lower-than-expected sales and operating income and said it plans to allocate a record amount to capital expenditure this year to build artificial-intelligence infrastructure.
Amazon echoed the ambitious plans from other Magnificent Seven tech giants, with Microsoft, Google and Meta Platforms among those committing tens of billions of dollars to AI-related capital expenditure in the current fiscal year.
Uber Technologies shares rallied after investment firm Pershing Square reported building a roughly $2 billion stake in the ride-hailing company, saying it was undervalued based on the value of its brand and quality of its management.
Social-media concern Pinterest posted its first ever billion-dollar revenue quarter and forecast higher-than-expected sales for the current period, sending shares of the image-sharing platform skyrocketing.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
February 07, 2025 17:27 ET (22:27 GMT)
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