Amazon, Microsoft, and Google all saw investors connect rising AI investments with robust growth in their cloud businesses. AWS revenue came in at $42.2 billion, up 37 percent, which CEO Andy Jassy called their fastest growth in eighteen quarters, at a 39.4 percent operating margin. Microsoft had the biggest single-day move of any stock in US history, about $450 billion added, on Azure up 43 percent and a $678 billion contracted backlog. Google’s cloud was up over 80 percent the week before. Amazon could lift its 2026 capex to $220 billion on higher memory costs and still finish the day up 15 percent. Meta and Apple saw more negative reactions post-quarter. Meta’s revenue rose 28 percent while costs and expenses rose 55, free cash flow came in at $784 million against $31 billion of quarterly capex, and the full-year guide narrowed to $130 to $145 billion. Apple’s revenue was $109.4 billion up 16 percent and EPS up 29, and the stock still fell about nine percent, close to $373 billion of market value, on services growth of 12 percent. Nvidia is seeing lower relative valuations against its semiconductor peers, at about 32 times earnings, against AMD at 172, Marvell at 72 and Broadcom at 64, on 71 percent revenue growth versus AMD’s 35, at a 64 percent operating margin versus Broadcom’