Tech Earnings Wrap-Up: Amazon Rises on Cloud Growth; Apple Falls Amid Weak Guidance
Amazon and Apple concluded a busy week for Big Tech earnings with divergent investor reactions. Amazon shares rose over 10% after beating revenue estimates, driven by strong cloud growth—AWS sales jumped 37%. The company also raised its capital expenditure forecast to $220 billion in 2026. In contrast, Apple's stock fell more than 7% premarket due to weak guidance caused by supply constraints, despite a revenue beat and increased iPhone sales. Tim Cook delivered his final earnings call as CEO before handing over leadership to John Ternus on September 1. He highlighted significant AI opportunities for the company. Meanwhile, hedge fund Situational Awareness is unwinding its public stock portfolio after suffering losses from falling AI infrastructure stocks and unfavorable short positions in software names. ExxonMobil and Chevron reported record second-quarter profits due to rising crude prices linked to supply disruptions caused by geopolitical tensions.
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Topics: AI Amazon Apple Inc. Market Trends Stock Performance