Editorial companion

What stands out

Friday’s tape looked like two stories at once. Amazon jumped after cloud-computing revenue accelerated for a fifth straight quarter, a signal that investors may finally be getting comfortable with the company’s heavy AI-related spending, while Apple slipped in late trading after component shortages forced a weaker sales outlook. The clip crystallizes a market split, AI-driven capex and chip rebounds on one side, hardware and supply-chain risk on the other, and forces investors to decide which theme they want exposure to.