Wall Street faced declines as Microsoft and Meta Platforms, despite strong profits, dragged stock indexes lower, reflecting high expectations that proved difficult to meet.
Microsoft's stock dropped 6% despite reporting bigger profit growth than expected, as investor scrutiny focused on disappointing Azure growth estimates.
Meta Platforms also reported a strong profit but saw a 3.6% decrease in stock price, with investors concerned about upcoming significant spending increases on AI.
The high valuations of Microsoft and Meta raise questions about whether their stock prices can sustain their rapid climb in an uncertain market context.
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