Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) topped expectations this week, pushing U.S. equity futures higher and refueling tech-led gains. Apple beat fiscal Q4 estimates, logged an 8% year‑over‑year revenue increase and said holiday iPhone sales should climb in double digits. Amazon surged more than 13% after AWS showed its strongest cloud growth in years and management outlined aggressive data‑center expansion. In the short term investors cheered earnings beats and ETF flows; in the long term the results accelerate demand for AI compute, storage and networking across the US, Europe and Asia, reversing a cautious stretch earlier in the year.

Earnings winners: Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) set the tone

Apple’s fiscal Q4 print surprised on multiple fronts. Revenue rose roughly 8% year‑on‑year. Services again showed strength, with management citing record Q4 services revenue and margin improvement. Free cash flow widened about 10.8% year‑over‑year to nearly $99 billion, underscoring the balance‑sheet strength behind Apple’s product and services investments.

Apple’s forecast for a double‑digit holiday iPhone bounce matters now because supply constraints have eased and China demand is recovering — two near‑term drivers that can sustain the company’s hardware momentum into the seasonally important quarter. Analysts raised targets and some brokerages described the Q4 guide as a potential “game‑changer.”

Amazon’s Q3 showed the other side of the tech rebound. AMZN beat top‑line estimates as AWS rallied. The company said AI‑related revenues and enterprise cloud demand are accelerating. Shares climbed more than 13% in premarket trading after management detailed plans to expand data‑center capacity and capacity‑related investment. AWS posted its fastest growth in nearly three years, and the company flagged stronger AI services uptake within retail and advertising businesses.

Markets reacted quickly. Pre‑open ETFs and futures took cues: the SPDR S&P 500 ETF Trust (SPY) climbed roughly 0.8% pre‑bell, while technology sector ETFs moved higher as investors re‑priced growth expectations for Q4.

AI infrastructure ripple: chips, storage and cloud platforms benefit

The earnings beat from Big Tech immediately fed demand signals through the supply chain. NVIDIA (NASDAQ:NVDA) remains central to that narrative — its GPU roadmap and large cloud deals keep data‑center capex expectations elevated. Recent announcements include major country‑level GPU deployments and multi‑hundred‑thousand GPU buildouts that underpin global AI capacity expansion.

Storage and networking names responded as well. Western Digital (NASDAQ:WDC) posted a Q3 with revenue up about 27.4% year‑over‑year to $2.82 billion and posted non‑GAAP results above consensus; management said large AI customers provided multi‑quarter purchase orders. Seagate and other storage suppliers have seen similar order momentum this year as nearline disk demand surged.

Cloud and edge software beneficiaries also outperformed. Cloudflare (NYSE:NET) reported Q3 revenue of $562 million, a 30.7% year‑over‑year increase, and raised guidance; the stock hit record highs after the beat. Twilio (NYSE:TWLO) posted $1.30 billion in revenue (up 14.7% YoY) and an adjusted EPS of $1.25, prompting a near‑double‑digit jump in its shares on the day.

Market reaction, ETF flows and what to watch next

Equity futures moved up ahead of the open; the S&P 500 closed the session with modest gains while the Nasdaq outperformed on renewed Big Tech leadership. However, internals matter: consumer discretionary names rallied on Amazon’s print, while some cyclical segments lagged.

• Key market figures: Amazon shares rose more than 13% premarket on the quarter; Apple’s free cash flow improved about 10.8% YoY to near $99 billion; Cloudflare’s Q3 revenue reached $562 million (up 30.7% YoY); Western Digital reported sales of $2.82 billion (up 27.4% YoY); Twilio posted $1.3 billion in revenue and adjusted EPS of $1.25.
• Monitor near term: holiday iPhone sales execution, AWS capacity announcements and lead times for AI GPUs, storage order cadence from hyperscalers, and enterprise adoption metrics for cloud networking and security platforms.
• Macro and ETF flows: SPY and XLK moves show liquidity chasing earnings momentum; keep an eye on whether flows concentrate in a handful of megacaps or broaden to infrastructure suppliers.

In addition to headlines, two practical takeaways stand out for investors and industry watchers. Apple’s strong holiday guidance makes the December quarter a focus for demand validation across handset suppliers. Meanwhile, Amazon’s AWS acceleration and explicit data‑center expansion plans are lifting demand signals for chips, storage and networking vendors worldwide.

The earnings pulse this week is informational and immediate: it explains why futures and sector ETFs moved, clarifies where revenue is accelerating, and shows which tech subsegments are benefiting from increased AI and cloud spending. Watch company calls and vendor order books in the coming weeks for the next confirmation points.