WS #13119
Amazon and Microsoft earnings confirm AI capex translating into revenue, with AWS +37% and Azure +43%, driving a global semiconductor rally. Apple's weak guidance due to memory cost inflation and supply constraints overshadows earnings beat, leading to 7%+ premarket drop. FOMC holds rates with three dissents favoring hikes, and hot ECI data (+0.9% vs +0.8% est) supports higher-for-longer narrative.
AI capex supercycle
Amazon and Microsoft earnings confirm AI capex translating into revenue, with AWS +37% and Azure +43%, driving a global semiconductor rally.
Apple's weak guidance due to memory cost inflation and supply constraints overshadows earnings beat, leading to 7%+ premarket drop.
FOMC holds rates with three dissents favoring hikes, and hot ECI data (+0.9% vs +0.8% est) supports higher-for-longer narrative.