Six major U.S. technology companies that reported earnings this week saw a combined market capitalization swing close to $2 trillion, as investors sorted winners and losers based on cloud growth and the payoff from heavy artificial intelligence spending. Alphabet, Amazon and Microsoft together added nearly $1.5 trillion in value, with Microsoft gaining more than $600 billion and both Amazon and Alphabet adding more than $400 billion each. On the other side, Apple lost more than $350 billion in market value, while Meta shed about $85 billion and Tesla declined by about $7 billion. Apple beat expectations on revenue, profit and iPhone sales, but its guidance for 9% to 11% revenue growth this quarter came in below the 12% expected by analysts, and the company said memory chip shortages and wafer capacity competition would continue to constrain supply. Amazon rose more than 15% on Friday after AWS revenue grew 37% year over year in the second quarter, the fastest pace since 2021, and after it raised its 2026 capital expenditure forecast from $200 billion to $220 billion. Microsoft climbed 15% on Thursday, while Meta fell 8%, highlighting a clear split in how investors are judging returns on AI investment.
According to BlockBeats, six U.S. tech giants that reported earnings this week posted a combined market capitalization swing of nearly $2 trillion, as investors weighed cloud growth against returns from AI-related capital spending.
Alphabet, Amazon and Microsoft together added nearly $1.5 trillion in market value. Microsoft gained more than $600 billion, while Amazon and Alphabet each added more than $400 billion.
At the same time, Apple lost more than $350 billion in market value. Meta fell by about $85 billion, and Tesla declined by about $7 billion.
Apple drops after guidance trails analyst expectations
Apple beat expectations on revenue, profit and iPhone sales, but it said revenue this quarter would grow 9% to 11%, below the 12% expected by analysts. The company also said memory chip shortages and competition for wafer capacity would continue to limit supply. Its shares closed down more than 7% on Friday.
Amazon jumps on AWS growth and higher capex plan
Amazon said AWS revenue rose 37% year over year in the second quarter, its fastest growth since 2021. That helped send the stock up more than 15% on Friday. The company also raised its 2026 capital expenditure forecast to $220 billion from $200 billion.
Microsoft and Meta move in opposite directions
Microsoft rose 15% on Thursday, while Meta fell 8%, showing a sharp split in how the market is judging returns on AI spending at the two companies.
Jefferies said AI spending by tech giants over the next 12 months is approaching $800 billion. The debate in the market is no longer whether AI demand is real, but whether long-term profits can support investment on that scale.
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