The artificial intelligence trade has been losing its luster as of late. Shares of Alphabet (GOOG, GOOGL), Amazon (AMZN), and Microsoft (MSFT), three of AI’s biggest players, are down over the last month, with Google parent Alphabet dropping 14%, Amazon off about 8%, and Microsoft falling more than 7% as of Thursday.
The stock moves come after the companies, along with fellow hyperscaler Meta (META), confirmed they’ll continue to pour billions of dollars into building out their AI infrastructure over the coming quarters — without providing much insight into when they’re going to turn all of that spending into revenue. That, along with the recent market turmoil, has put a damper on AI company stocks.
But the most important component of the AI trade, Nvidia (NVDA), still has to report its earnings. The chip company’s performance could turn around the AI trade more than any…
