cnbc_topnews

Apple drops 7%, Amazon surges 12% as investors pick AI winners after earnings

📰 source: cnbc_topnews · 💼 business

amazon shares surged 12% in premarket friday while apple fell 7%, as investors reacted to starkly different june quarter earnings reports from the two tech giants. both reported on thursday.

apple beat on earnings, revenue, and iphone sales, but issued weak current-quarter guidance of 9-11% revenue growth, missing the 12% analysts expected. the company cited supply constraints, including a memory shortage and competition for chip manufacturing capacity, which led it to raise prices on mac and ipad. analysts expect an iphone price rise this year.

amazon's cloud computing business grew 37% year-on-year in the second quarter, its strongest expansion since 2021. the company raised its capex forecast to $220 billion from $200 billion, but aws's growth appeared to justify that spending, with forrester analyst tracy woo saying infrastructure investments are meeting market demand. the moves diverged from other big tech: meta sank 8% thursday while microsoft rallied 15%, as investors pick ai winners this earnings season.

why it matters: investors are rewarding tech firms with proven ai demand like amazon while punishing supply-driven guidance misses like apple.

source: cnbc_topnews
sentiment: +0.10 · impact: 0.90

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Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects