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The company's long-term prospects are good, but investors should proceed with caution because of its valuation.
Amazon is planning to spend more than $100 billion over the next decade on power hungry data centers as it competes with Microsoft and Alphabet’s Google, creating a need for additional energy supply.
Google stock has climbed 30% in 2024 as investor fervor over generative artificial intelligence drives gains in technology companies. Google earnings are due in late July with a new CFO set to take over.
Market Chatter: Microsoft Informs Texas State Agencies, Universities of Emails Exposed in Russian Hack
Nvidia shares rose as much as 27% in June, boosting its market capitalization to $3.34 trillion, before giving up some of their gains later in the month, due to profit booking and concerns over its high valuations. Microsoft's market capitalization increased by 7.6%, while that of Apple Inc surged 9.6% over the past month. Meanwhile, Amazon.com Inc hit $2 trillion in market value last month, becoming the fifth U.S. company to achieve the milestone, riding on AI-influenced enthusiasm.