Apple stock is plunging, Microsoft stocks up as investors fear Microsoft will fail to deliver on its promises to invest billions of dollars in its cloud services.
The slide in Microsoft shares has triggered fears that the Redmond firm will be unable to meet its promise to spend billions of US dollars in cloud services this year.
Analysts say Microsoft will be forced to lay off thousands of people and cut its workforce to try to meet the expectations of investors.
Apple shares rose more than 5% on Tuesday after the tech giant announced it would spend $3 billion in 2020 on its cloud-based business, which it says will make it one of the world’s largest providers of cloud services, including its iCloud and App Store.
Shares of Apple rose about 7% in early trading on Tuesday.