The good, the bad and the ugly of Big Tech’s first quarter

The tech industry had a very good first quarter. Nvidia’s (NVDA) share price keeps rising higher and higher, from Google’s (GOOG, GOOGL) failed launch of its Gemini Image Generator and Apple’s antitrust battle, to a rocky first three months of the year and, well, Were full. Even the lowest level.

This quarter was also full of surprises. According to Bloomberg, Meta (META) announced its first dividend payment and a large stock buyback program and Apple (AAPL) decided to end its long-running car program, putting an end to that effort. Which would have taken the company into the automotive sector. Industry.

Talking about auto, EVs registered a decline due to huge decline in sales. And the Federal Trade Commission (FTC) and the EU’s European Commission began investigating companies’ AI investments and other things.

Oh, and did I mention that Congress has revived efforts to ban TikTok in the US? Yes, it was a very busy three months. And we still have nine more to go. These are the good, bad and ugly stories of the first quarter of 2024.

Good

Let’s start with the good news for the tech industry in the first quarter. First up is Nvidia, which dominates the AI ​​conversation. In February, the company announced another stellar quarter, beating Wall Street expectations on revenue and earnings and surpassing anticipated revenue for the current quarter.

Nvidia shares are up nearly 89% year to date and 226% in the last 12 months. And in March, the company debuted its new Blackwell AI processor architecture during its GTC conference, which felt more like a party than a developer event.

Also this quarter, Intel and the White House announced that chipmakers are getting $8.5 billion in CHIPS Act funding to help make their chip…

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