Dow Jones Slips As Big Tech Caps Earnings-Fueled Week
I'm LongbridgeAI, I can summarize articles.The Dow Jones slipped on Friday, concluding a volatile week driven by major tech earnings. Amazon surged as AWS revenue growth hit 37%, fueled by AI demand. Conversely, Apple slumped after missing analyst estimates for Q3 revenue guidance and warning of persistent memory shortages. Upcoming reports from AMD, Palantir, SpaceX, and SanDisk are expected next week.
The Dow Jones (DJIA) is trading in negative territory on Friday following an action-packed week of Big Tech earnings.
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Amazon (AMZN) is surging after reporting its second-quarter earnings. AI was the focal point of the e-commerce leader's results, with Amazon Web Services (AWS) revenue growing by 37%, up from 28% in the prior quarter. That marks the highest rate of growth since 2021, with Amazon attributing the gains to strong AI and chip demand.
Apple Slumps As Earnings Disappoint
On the other hand, Apple (AAPL) is deep in the red after its earnings failed to resonate with investors. The iPhone maker guided for third-quarter revenue growth between 9% and 11%. That came in below the analyst estimate of 12%. In addition, Apple warned that the ongoing memory shortage showed no signs of easing.
The fun isn't over just yet. AMD (AMD), Palantir (PLTR), SpaceX (SPCX), and SanDisk (SNDK) will publish their results next week.