AI focus as Microsoft and Alphabet's Google report latest quarterly earnings 

Separately, Apple shares slipped after an influential technology analyst warned that the company is expecting lower demand for iPhones this year

Google-owner Alphabet and Facebook-owner Meta were the first of the Big Tech giants to report quarterly earnings.

Microsoft posted quarterly earnings on Tuesday night that beat expectations for revenue, while Alphabet-owner Google missed some estimates for ad revenue, sending its shares 4% lower in after-hours trading. 

Alphabet and Microsoft are among the Big Tech giants to report earnings this week and are under intense scrutiny following a winning streak that continues to propel US stock markets higher. However, many watchers worry over growing risks as the so-called "Magnificent 7" group of tech giants continue to tap investors buying into potential hype surrounding artificial intelligence, or AI, products. Apple, which is part of the Magnificent 7, is due to post its latest earnings on Thursday night.