Big tech companies earn 27% more through September thanks to AI breakthroughs

The top five technology businesses earned a total net profit of $225.658 billion in the first nine months of 2023, a 27% increase over the same time last year, mainly to advances in artificial intelligence (AI).

According to EFE data, the combined revenues of Alphabet (Google), Amazon, Apple, Meta, and Microsoft climbed by over 7% to 1.15 billion dollars, up from 1.07 billion dollars during the same period the previous fiscal year.

Along with the widespread adoption of AI, these companies benefited from the strong growth of their cloud-related areas and the recovery of the advertising market, in addition to the comparison with the previous year, when their profit fell by 19% due to an increase in expenses following the outbreak of the Ukrainian war.

As was the case in the previous quarter, AI has become one of the main bets for technology businesses, with early returns.