Why Microsoft and Amazon went up while Google went down - Industry Implications and Winners and Losers

Microsoft’s 15.5% post-earnings gain—its largest one-day move since 2008 and a record increase of roughly $450 billion in market value—was not a normal reaction to an 18% revenue quarter. The market did not suddenly decide that a conventional earnings beat was worth hundreds of billions of dollars. It changed its answer to a more consequential question: is Microsoft’s AI buildout beginning to produce enough incremental revenue, utilization and contracted demand to justify the largest capital program in the company’s history?^[7]

Three pieces of evidence arrived together.