The Main Points
- Microsoft, Amazon, and Alphabet added a combined $1.5 trillion in market value this week after reporting quarterly results.
- Microsoft alone gained more than $600 billion in market cap, with Amazon and Alphabet each adding over $400 billion.
- Nearly $2 trillion has moved in or out of the six megacap stocks that have reported so far this earnings season.
- Investors appeared reassured that heavy AI infrastructure spending is starting to show up in cloud growth and revenue, not just costs.
- The moves highlight a growing split on Wall Street between AI "winners" seeing real returns and others whose spending is drawing more skepticism.