Microsoft Azure Grows 48% While Alphabet Slides 10% After Hours on First Miss in Nearly Four Years

Big Tech earnings split sharply after Wednesday's close. Microsoft rose about 2.6% in extended trading after beating revenue expectations, helped by 48% growth in its Azure cloud business.

Alphabet fell more than 10% after hours after reporting its first top- and bottom-line miss in nearly four years. ServiceNow also dropped about 18% after adjusted earnings per share missed estimates by two cents.

The moves suggest investors are increasingly judging large technology companies on individual results rather than treating AI spending as a single trade. Questions about the sustainability of heavy AI infrastructure investment are likely to keep tech volatile in the sessions ahead.