Six US tech giants’ market caps swing nearly $2 trillion in earnings week as cloud lifts three, Apple loses
Six major US technology companies that reported earnings this week recorded a combined market-value movement of nearly US$2 trillion. Amazon, Microsoft and Alphabet each surged after posting strong cloud results, with Microsoft adding over $600 billion, while Amazon and Alphabet each gained over $400 billion, together contributing nearly US$1.5 trillion (RMB10 trillion). In contrast, Apple shed over $350 billion on memory-chip supply constraints, Meta lost roughly $85 billion after its earnings release, and Tesla slipped about $7 billion following negative free cash flow and higher spending forecasts. Amazon cloud revenue rose 37% year on year, the fastest since 2021, and it raised its 2026 capital spending forecast to US$220 billion.
The six large tech companies that reported earnings this week saw a combined market-value movement of nearly US$2 trillion. Amazon, Microsoft and Alphabet all posted sharp gains after reporting strong cloud-business growth. Microsoft’s market capitalisation added more than US$600 billion this week, while Amazon and Alphabet each gained over US$400 billion, lifting the three by nearly US$1.5 trillion (about RMB10 trillion) in total.
Among other tech giants, Meta’s market value shrank by about US$85 billion this week after its earnings release; Apple lost more than US$350 billion this week amid memory-chip shortages that clouded its outlook; Tesla shed about US$7 billion after reporting negative free cash flow and forecasting higher spending.
Amazon’s quarterly results showed its cloud-computing revenue rose 37% year on year in the second quarter, the fastest pace since 2021. Amazon Web Services accounts for the bulk of its AI-related sales. The company projected capital expenditure of US$220 billion for 2026, up from a previous forecast of US$200 billion, with funds continuing to flow into AI infrastructure. Its shares closed more than 15% higher on Friday.
Apple is facing memory-chip shortages and has already raised prices of Macs and iPads as a result. Its shares fell more than 7% on Friday.
So far in 2026, Amazon’s stock has risen about 4%, while Apple’s has gained 23% over the same period. This week, Meta lowered the lower end of its 2026 capital-expenditure guidance range and offered no further details on cloud demand for AI infrastructure. Meta shares dropped 8% on Thursday, while Microsoft’s stock jumped 15% on the same day.