Large-cap tech is now delivering the kind of numbers that not only justify existing valuations but also reframe investor expectations. What began as a thematic rotation into AI has evolved into broad-based earnings strength. S&P 500 earnings, initially forecast to rise around 7% year-on-year, are now trending closer to 12%, led by a familiar cohort of digital platform leaders.
Alphabet’s latest quarter offered more than a top-line beat, it underlined how demand for AI is flowing into both advertising and cloud infrastructure. Apple, meanwhile, continues to translate device engagement into recurring service income, with its latest iPhone cycle proving more than incremental. Amazon posted significant upside, with its cloud business again the standout, reinforcing the idea that these companies are no longer just beneficiaries of AI, they are becoming its infrastructure layer.
US–China trade risks have temporarily eased. A new agreement has deferred major restrictions on critical exports and tariffs for at least a year. While no breakthrough, it removes a meaningful short-term tail risk, especially for companies with global supply chains and Asian revenue exposure.
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