The war for AI dominance continues as US tech giants rush to prove their position as leaders in the field in the race to develop generative AI (GenAI) technology.

Microsoft shares jumped up 3.84% in trading due to AI adoption across its cloud services, having access to OpenAI tech. AI has led to a 31% increase in revenue from Azure, Reuter’s reports.

Alphabet, Google’s parent company, also skyrocketed 11.5%, leading to shares in other Big Tech companies, such as Amazon, Apple, Nvidia, and even Meta to hike up 1-3%. This contrasts to Meta’s claim that AI could take years to pay off. In February 2024, Nvidia’s earnings also increased rapidly from AI success.

Alphabet is nearing $2 trillion in market value, beating quarterly estimates, and their investors have received their first dividend and $70 billion stock buyback plan.

Currently, Microsoft is in the lead with AI spending, with Alphabet following at $14 billion and $12.01 billion respectively. Meta has invested $6.4 billion in AI, and has not seen the same level of market value from its investments.