Microsoft experienced a remarkable 15% increase in its stock price, marking its best day since 2008 and adding approximately $450 billion to its market capitalization. This surge comes amid a broader positive trend in the market, with stock futures rising following a rally on Wall Street.
In contrast, Amazon's shares rose over 10% after exceeding revenue expectations and reporting a 37% growth in AWS sales, the fastest since 2021. The company also increased its 2026 capital expenditure forecast to $220 billion.
Conversely, Apple shares fell more than 7% premarket due to supply constraints that led to a weak guidance for the upcoming quarter, despite a revenue beat and a 22% increase in iPhone sales. Tim Cook, in his final earnings call as CEO, highlighted significant opportunities in AI, while John Ternus is set to take over as CEO on September 1.
Additionally, the hedge fund Situational Awareness, led by Leopold Aschenbrenner, is unwinding its public stock portfolio after suffering significant losses in AI infrastructure stocks. In the energy sector, ExxonMobil and Chevron reported substantial earnings increases due to rising crude prices, with Chevron's net income soaring nearly 400% to $12 billion.
Lastly, President Trump's proposal to impose tariffs on Iran, despite minimal U.S. imports from the country, is seen as largely symbolic and may complicate a bipartisan sanctions bill. The trend of companies opting to remain private rather than going public continues, as secondary markets provide alternative capital access without the burdens of public scrutiny