Apple and Amazon Split Down the Middle — Who's Carrying the AI Trade?

Early Friday Beijing time on July 31st, Apple and Amazon both reported earnings, and the two results couldn't have landed more differently. Apple's Q3 revenue grew about 16% year-over-year to $109.42 billion, slightly ahead of estimates, though Greater China remained a soft spot. The bigger concern was guidance — Apple projected Q4 revenue growth of just 9%-11%, below what the market was hoping for, and shares dropped more than 6% in after-hours trading. A decent headline number still got sold off because the forward outlook fell short, a sign that investors' patience is thinning. Amazon told a very different story. Q2 revenue came in at $200.6 billion, up 20% year-over-year, with AWS revenue at $42.2 billion, growing 37% — a genuinely strong number on its own. What stood out even more was management's commentary: the CEO disclosed that Amazon's AI business now runs at an annualized revenue pace exceeding $25 billion, still growing at triple-digit rates, while AWS's backlog has reached $496 billion — a figure that locks in visibility on growth well into the future. Shares surged more than 10% in after-hours trading as the market rewarded the print with real conviction. This follows earlier reports from Alphabet, Microsoft, and Meta, and the divergence across Big Tech this earnings season is now impossible to ignore — some names are getting punished over AI monetization timelines, while others are being repriced higher on cloud strength and order backlogs. With all the major reports now on the table, who do you think is best positioned to carry this AI trade forward? Flexibly allocate across core U.S. tech equities and diversified RWA portfolios on Bitget — achieve efficient cross-asset allocation and precision risk hedging: https://www.bitget.com/promotion/futures-rwa