Pre-Market: Amazon Surges 15% as Apple Slides 7% — Earnings Season Fuels Sharp Divergence
I'm LongbridgeAI, I can summarize articles.Amazon soars over 15% on blockbuster earnings; Apple drops 7% on weak Q4 guidance. Roblox plunges nearly 27%, Canaan sinks 30%. Nvidia and Microsoft edge higher amid AI sector rebound.
US stock futures pointed to a sharply divided open on August 3, as the tech earnings season triggered severe polarization. Amazon surged over 15% in pre-market trading after a blowout quarter, while Apple tumbled more than 7% on disappointing forward guidance. Nvidia and Microsoft posted modest gains, while Roblox cratered nearly 27% and Canaan sank over 30%.
Across the board, mega-cap tech names swung in opposite directions. Amazon led the upside on across-the-board earnings beats, while Apple dragged on the downside after its Q4 outlook fell short of Street expectations. In semiconductors, Nvidia ticked higher amid mild AI sector strength, while Intel edged lower. Cryptocurrency-linked stocks came under heavy pressure, with Canaan among the steepest decliners.
Amazon Jumps Over 15% After Earnings Beat Across the Board
Amazon (AMZN) surged 15.32% in pre-market trading to $271.58. The rally followed quarterly results that handily topped consensus estimates on both revenue and profit. AWS cloud revenue growth reaccelerated, advertising revenue maintained robust momentum, and the market delivered a positive reappraisal of the company's AI roadmap and retail business outlook.
Apple Drops Over 7% as Q4 Guidance Disappoints
Apple (AAPL) fell 7.35% in pre-market action to $308.91. While Q3 revenue exceeded expectations and iPhone and Mac hardware posted standout performances, the Q4 outlook underwhelmed. Management flagged that constrained 3nm SoC capacity and rising memory costs would limit sequential revenue growth, with normalized gross margins expected to compress by roughly 160 basis points, stoking concerns over near-term profitability.
Nvidia and Microsoft Edge Higher in Mild AI Rebound
Nvidia (NVDA) rose 2.93% to $200.75, while Microsoft (MSFT) gained 3.02% to $464.72. Analysts expressed optimism ahead of Nvidia's late-August earnings report, viewing current levels as offering an attractive risk-reward setup. Separately, Meta's recent earnings revealed strong AI compute demand, and the company is reportedly in talks with Anthropic to lease AI computing capacity, lending support to broader AI sector sentiment.
Elsewhere, Roblox (RBLX) plunged 26.85% in pre-market trading to $35.60 after its latest quarterly results fell short of expectations. Canaan (CAN) tumbled 30.24%, with crypto-related names broadly under pressure. Intel (INTC) slipped 1.02% to $90.20.