Tech stocks were mixed Wednesday as investors weighed high Treasury yields against another round of major developments across the sector. Uber announced a sweeping restructuring, Dell delivered blockbuster AI server numbers, and Apple entered a new era under CEO John Ternus.

The moves come as investors increasingly question how long the AI spending boom can continue. While Wall Street sentiment has cooled, recent corporate results continue to show substantial demand for the infrastructure needed to build and run AI systems.

Uber Cuts 3,300 Jobs

Uber is reportedly cutting roughly 3,300 positions, representing about 10% of its global workforce, as CEO Dara Khosrowshahi moves to simplify the company after years of rapid expansion. The restructuring will eliminate management layers and small teams, including positions across engineering, science and delivery. Uber is also tightening its remote-work policy, with only about 1% of employees expected to remain fully remote. Uber plans to reinvest some of the savings into drivers, couriers and merchants while increasing investment in autonomous technology. Shares rose about 1% Wednesday following the news.

Dell’s AI Server Business Is Booming

Dell offered investors fresh evidence that AI infrastructure spending remains exceptionally strong. The company reported record quarterly revenue of nearly $47 billion, up 58% from a year earlier, while adjusted earnings reached $7.04 per share.

AI server orders hit a record $60.9 billion, leaving Dell with a massive $95 billion backlog. The company raised its full-year revenue forecast by $25 billion to $192 billion, driven largely by stronger expectations for its AI server business. The results helped Dell shares climb roughly 5% Wednesday and offered a counterargument to growing fears that AI infrastructure demand may be approaching a peak.

AI Investors Are Getting More Cautious

The disconnect between strong corporate results and increasingly skeptical investors has become one of the biggest themes in technology stocks. Companies across semiconductors, servers and other parts of the AI supply chain continue to report strong demand. Investors, however, are becoming more concerned about elevated valuations, rising memory costs and whether the enormous pace of AI capital spending can continue indefinitely.

Dell’s results, along with Nvidia’s recent earnings, suggest the boom has not disappeared yet. But expectations have become so high that companies increasingly need exceptional results simply to keep investors satisfied.

Apple Enters the John Ternus Era

Apple is also entering a major transition following Tim Cook’s departure after 15 years as CEO. John Ternus has taken the top job with Apple, valued at more than $4 trillion, leaving him responsible for protecting one of the most successful businesses in corporate history. AI will be one of his biggest challenges. Apple has faced criticism for moving more slowly than rivals in generative AI, putting pressure on Ternus to define the company’s strategy while continuing to grow its massive hardware and services businesses.

Looking Ahead

Tech investors are increasingly separating companies that can demonstrate tangible AI growth from those relying primarily on future expectations. Dell’s enormous server backlog shows that infrastructure spending remains strong, but growing skepticism around the durability of the boom could keep volatility elevated. Uber’s restructuring and Apple’s leadership change add another dimension to the sector’s transformation. As companies pour money into AI and automation, investors will be watching whether those investments translate into stronger margins, faster growth and sustainable earnings.