Goldman Sachs The Markets
Why big tech's earnings reveal a "bifurcated market"
May 10, 2024
Goldman Sachs' Peter Callahan discusses big tech's earnings in a 'bifurcated market.' Topics include positive cloud business trends, AI investments, advertising, and capital expenditure impact. Also covers stock buybacks by Google and Apple, surplus cash strategies, and market performance.
05:55
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Quick takeaways
- Big tech earnings highlight a mixed market with positive trends in public cloud and advertising sectors.
- Large tech companies are investing in headcount and infrastructure, while implementing significant stock buybacks for shareholder returns.
Deep dives
Positive Trends in Large Cap Tech
Recent earnings reports from large cap tech companies indicate positive trends, with public cloud trends re-accelerating and advertising trends remaining strong. Additionally, there is an increase in capital intensity and CapEx spending as companies shift towards investing in headcount and infrastructure, moving away from cost-cutting measures.
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