Combined revenues for the five largest technology companies exceeded $400 billion in the second quarter, up 18% year-on-year.
Cloud computing and enterprise AI products accounted for the majority of growth, with consumer hardware sales remaining flat.
Investors responded positively, pushing tech stocks to new highs despite ongoing regulatory scrutiny in the US and Europe.
Analysts predict the AI investment cycle will continue through 2027, though questions remain about long-term profitability.
