Tech's Dueling Earnings: Apple Sinks, Amazon Soars as Bond Yields Test Resolve

Amazon's cloud business delivered a knockout blow to the bears, surging 37% year-over-year in the second quarter and sending shares skyrocketing over 14%. The results were a powerful validation of the massive AI capital expenditure cycle, with the company's AWS segment demonstrating that demand for its AI infrastructure is real and accelerating. Amazon's management even hiked its full-year capital spending forecast to $220 billion, a bold bet that the market is...