Apple and Amazon report rising revenues as investors turn on some tech stocks

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Apple and Amazon both released their second quarter earnings on Thursday, a test of investor confidence in major tech companies amid growing concerns over exorbitant AI spending. Apple revealed quarterly revenue of $109.4bn, beating Wall Street expectations of $108.65bn in revenue. It also reported $2.02 earnings per share, driven by sales of its marquee products such as iPhones and laptops. Amazon reported that its revenue was $200.6bn compared with analyst predictions of $196.47bn. The company also grew its AWS cloud computing service and beat market expectations on advertising revenue, though free cash flow declined. Amazon’s stock jumped more than 8% in immediate after hours trading. It has been a tough…

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