Editorial companion

What stands out

Amazon rallied the most since 2012 after management reported accelerating cloud computing revenue, which calmed investors worried that massive AI-related spending would never produce returns. At the same time Apple plunged about 9.5% on warnings that component shortages will hurt sales, a reminder that even the most durable businesses can be tripped by supply chains. Those two moves capture the market’s tug of war between optimism for AI-driven scale and anxiety about real-world headwinds to earnings.