Progressive's George O'Connor and Ian Robertson catch up on US giants results, reflecting on very different approaches and perhaps outlooks, before considering whether the IPO noise is consistent with the share price performance of UK tech stocks.

Microsoft – AI reality, talk of returns on its own investment on AI but no real idea on those of its customers. George argues that it’s the best placed and bemoans the lowly valuation.

Meta – it’s worth listening to the call just as reminder of how different the mindset and culture is to Microsoft, Nvidia, Google and Amazon.

This leads onto what is AI 2.0: What business will be built on top of the cold AI servers? What’s next for search? Perhaps we will see Zuckerberg’s virtual dreams becoming a reality.

Back to the reality of the UK market and how the FTSE 100 rise contrasts with the UK small cap tech share price declines. Just how strong is the underlying local demand for new IPOs at full tech prices?