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Under this restructuring, Microsoft will hold a 27% stake in OpenAI, further solidifying its leadership in AI research and enterprise integration.
Investors Await Big Tech Earnings
Investors are now eyeing quarterly earnings reports from major technology players, including Apple, Microsoft, Alphabet, Amazon, and Meta Platforms.
Market participants expect detailed updates on AI spending and investment strategies from these firms.
Apple Inc. shares edged up 0.1%, after briefly surpassing a $4 trillion market capitalization for the first time in its history.
“Momentum and earnings results are pushing the market higher. So far, earnings have been impressive,” said Peter Cardillo, Chief Economist at Spartan Capital Securities in New York.
“However, investors are still waiting for the results from the big tech names.”
Earnings Growth and Market Breadth
According to data from LSEG, out of 180 S&P 500 companies that have reported so far, third-quarter earnings are up 10.5% year-over-year, exceeding earlier projections.
At the New York Stock Exchange (NYSE), declining issues outnumbered advancing ones by a ratio of 1.35-to-1, with 613 stocks hitting new highs and 102 reaching new lows.
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