Big Tech Earnings Split Wall Street as Amazon Surges and Apple Slides

A packed week of Big Tech results left Wall Street sharply divided, with investors rewarding the companies they view as clearer winners from the artificial intelligence boom and punishing those whose spending or strategy raised doubts. Amazon shares jumped in the wake of its report, helped by strength in its cloud-computing division, while Apple fell even after beating expectations, as some investors questioned its slower, more measured approach to AI. The divergence followed similar splits earlier in the week, when Microsoft rallied strongly and Meta Platforms slid on concerns about its AI plans and heavy capital spending. Analysts said the reaction underscored how selective the market has become: earnings beats alone are no longer enough, and guidance on AI investment and returns is now the key swing factor. Even so, the broader results season has been strong, with second-quarter profit growth for the S&P 500 tracking above 20% year over year, according to analyst estimates. The moves added to a volatile stretch shaped by Federal Reserve policy and geopolitical tensions.