Microsoft, Meta, and Amazon reported results this week, with the market delivering different verdicts. Microsoft shares surged after Azure growth beat expectations, supported by strong forward bookings and steady capex plans. Amazon rallied as AWS recorded its fastest growth in 18 quarters, reinforcing confidence in cloud demand. Meta moved in the opposite direction after weaker earnings, softer guidance, and higher costs raised questions about near-term returns from its AI spending. The broader AI and semiconductor sector rebounded, helped by stronger earnings and a more positive outlook for memory pricing. The key message is that the market is no longer rewarding AI capex alone; investors increasingly want evidence that spending is translating into cloud growth, revenue, and backlog.