Caroline Hyde

People have still got this underlying anxiety that a lot of these older school business models cannot hang on in the age of competitive threats and the unwinding of some of these B2B software that we've been so used to and so ingrained in our every day.

We're seeing Microsoft having its worst day since March 2020.

You have got $400 billion more than wiped off of its market capital expenditure, and it beat...

But it's spending a lot to get growth and the growth isn't showing up fast enough, particularly in the cloud part of the equation.

AI agents are getting pretty impressive.

You might not even realise you're listening to one right now.

But we don't just talk.

We work 24-7 to solve customer problems.

No hold music, just answers and action.

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This is Bloomberg Tech.

Coming up, Amazon cuts 16,000 corporate jobs to remove layers of bureaucracy and, quote, increase ownership.

Plus, ASML also announcing job cuts to boost efficiency and posting strong fourth quarter orders.

And sources tell Bloomberg that SoftBank is in talks to invest as much as $30 billion more into open AI.

Let's check in on these markets, though, because there's been some interesting whipsawing, ASML among them, but we go more macro right now.

At one point, we saw the S&P 500 above that $7,000 level.

We have never seen that before.

And that is as we see the momentum in AI continuing.

But we have a crucial Fed meeting.

What is going to be put to Jay Powell later today about independence of the Federal Reserve?