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Big Tech needs to work harder

Big Tech needs to work harder

America’s Big Tech stocks have emerged from a veritably mixed reporting season – an important reminder for investors that these are unique businesses, with unique challenges. However, two themes interlinked the results: increased investment and conservatism – or, perhaps, cautiousness – about the outlook for the months ahead. There was also an overarching sense that, for various of these companies, the growth engines of the past are revving more slowly – with the onus shifting increasingly towards their other, often subscription-based, bets.

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