On Wednesday, shares of tech giant Microsoft surged over 8% following its better-than-expected earnings report on Tuesday.
The stock's bullish sentiment was further reinforced by analysts who highlighted Microsoft's increased investments in artificial intelligence and integration with Azure. In other tech earnings news, Google parent Alphabet reported earnings that beat expectations, driving its shares up 1%. Similarly, e-commerce giant Amazon's shares rose 3.9% ahead of its earnings report, scheduled for Thursday. However, video game publisher Activision Blizzard saw its shares slide 11% after a UK regulator blocked Microsoft's purchase of the company, despite posting better-than-expected earnings and revenue for the first quarter.
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