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)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.