Technology Shares Fall as Investors Continue to Fret About AI Spending — Technology Roundup

Shares of technology companies are lower as investors mulled quarterly results this week from Alphabet parent Google and Intel that showed unabated AI spending continues.

Intel's business continues to turn around, demonstrated by a second quarter earnings report that came in well ahead of investors' expectations. The chip maker reported sales of $16.1 billion for the June quarter, up 25% from the year-earlier period and beating estimates from analysts by 11%. Intel projected that September quarter revenue will come in between $15.8 billion to $16.8 billion. Intel also raised its forecast for capital expenditures for this year to more than $20 billion up from $18 billion previously and said next year's capex will be "significantly above" this year's level.

SAP climbed after the German business-software group logged strong revenue figures in 2Q, reassuring investors that growth at its cloud business remains healthy despite fears of disruption from artificial intelligence. The company said its current cloud backlog-a closely watched measure of sales that SAP expects over the coming year based on existing contracts-grew 26% at constant currencies, above expectations of around 24%. Reporting on a non-IFRS basis, SAP's total revenue increased 11% at constant currencies to 9.88 billion euros ($11.24 billion) from a year earlier. Analysts had forecast total revenue of 9.85 billion euros, according to a non-IFRS consensus provided by the company. SAP's net profit increased to 1.83 billion euros from 1.75 billion euros.

TikTok may be in breach of the European Union's digital content rulebook, according to the EU's executive arm, which said it provisionally found that the company's rules for minors' accounts don't meet the bloc's safety standards.

Write to Patrick Sheridan at patrick.sheridan@wsj.com

(END) Dow Jones Newswires

July 24, 2026 17:59 ET (21:59 GMT)