Billions of dollars are being poured into a new wave of AI technology. But will it pay off?

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Aggressive AI spending plans by Amazon.com Inc., Microsoft Corp. and Alphabet Inc. provided fresh evidence that demand for chips and related equipment will remain strong, offering relief to a sector that’s been battered in recent days.

By Noel Randewich July 31 (Reuters) - Wall Street ended higher on Friday, lifted by Amazon as the tech heavyweight's strong quarterly report bolstered investor confidence in AI-related stocks, while Apple dropped after its results disappointed investors.

Amazon is gutting its AI labs and funneling its resources into a new project headed by a noted AI robotics guru.

Amazon shares jump as AWS revenue and margins accelerate faster than rising AI capex, signaling stronger cloud demand and improving returns on Amazon’s heavy investments.

Amazon is pouring $200 billion into AI this year, but a new report reveals there have been instances of “catastrophically expensive” overspending on failed AI projects.

Amazon reports second-quarter results Thursday afternoon, with AWS growth expected to accelerate and capital spending on pace for a record $200 billion this year.

Everyone is debating which AI company will build the best AI model. But that may be the wrong question for investors to focus on.

Amazon reported a surge in revenue at its key cloud business while Apple issued disappointing guidance.