Analysis

Microsoft surged 8%, Amazon jumped 10%, Apple fell 4%, Meta crashed 10%, Alphabet dropped 15%. The Magnificent 5 all reported in one week. Here is the full scorecard, what each result means, and what traders should focus on next.

On July 31, Eastern Time, Apple (AAPL) fell to the $300 level following the release of its third-quarter earnings report. Total market capitalization retreated to $4.4 trillion, despite reaching a global peak of $5 trillion just days ago. Although Apple's fiscal third-quarter performance was robust, with total revenue and iPhone sales slightly beating estimates, performance in the services business and the Chinese market fell short of expectations.

Alphabet fell 15%, Meta crashed 10%, Micron dropped 41% from its high. But Microsoft surged 8% and Samsung confirmed chip shortages. Europe's markets watched all of it without panicking. Here is what the DAX and STOXX reaction actually tells us about where AI investing stands.

Amazon's impressive earnings data triggered a surge in its stock price. JPMorgan believes that factors such as gross margin expansion and the realization of AI monetization will drive further gains in its share price.

CXMT surged 531% on its Shanghai debut, becoming China's most valuable listed company at $487B. Q1 revenue grew 719%. Apple is testing its chips. HBM production starts 2026. Here is the full picture on the stock that spooked Micron and SK Hynix.

TradingKey - On Friday (July 31) Eastern Time, the three major U.S. stock index futures rose collectively in pre-market trading, with Nasdaq 100 futures leading the gains. Amazon's (AMZN) earnings report strengthened market confidence in AI cloud demand and the earnings resilience of tech stocks, driving a rebound in chip stocks and AI infrastructure plays. However, Apple's (AAPL) sharp post-earnings decline, coupled with a rising U.S. dollar and Treasury yields, continued to limit the further expansion of market risk appetite.

The KOSPI closed July 31 at 6,595.45, up 17.91% - the largest single-day gain in its history. SK Hynix hit the 30% daily limit. Samsung gained 27%. South Korea's chip exports grew 199.5% in June. Here is what drove the move and where the index goes next.

DeepMind released several next-generation embodied AI models, boosting the stock price by nearly 3%, though it may struggle to break through the double resistance level of $360 in the short term.

TradingKey - During the Asia-Pacific session on July 31, South Korea’s KOSPI index closed up 17.91% at 6,595.45 points, marking its largest single-day gain in history. SK Hynix closed up 29.95% at 1.718 million won (approximately $1,240), hitting its daily limit; Samsung Electronics rose 26.81% to close at 262,500 won.

TradingKey - Pre-market on July 31, ET, the U.S. semiconductor sector saw a significant rebound, with Micron Technology (MU), SanDisk (SNDK), SK Hynix ADR (SKHY), Nvidia (NVDA), Advanced Micro Devices (AMD), and Intel (INTC) all rising across the board. However, despite month-end fund inflows driving a technical recovery in chip stocks, the overall semiconductor sector is still set to record its worst monthly performance since 2002 in July, indicating that market sentiment toward the AI industry chain has not yet fully recovered.

UNI prices surged 58% in July, reaching a new high since February, and are currently facing short-term resistance at $5.

TradingKey - Japanese NAND flash manufacturer Kioxia reported its first-quarter fiscal 2026 results on Friday. Driven by demand from AI data centers, the company’s profit saw significant growth but fell slightly short of the market expectation of 1.37 trillion yen. Additionally, its second-quarter operating profit guidance of 1.89 trillion yen was lower than the Bloomberg consensus estimate of 1.95 trillion yen. However, the company expects NAND flash prices to continue rising in the second quarter, indicating that the memory industry's upcycle is likely to extend into the third quarter.

TradingKey - Situational Awareness, an AI-focused hedge fund founded by former OpenAI researcher Leopold Aschenbrenner, has recently been hit hard by a significant correction in AI stocks. Under the pressure of leverage, the fund was forced to liquidate a large portion of its public market holdings and is currently seeking new financing support. Once regarded by Silicon Valley as one of the most representative AI investors, Aschenbrenner has now become one of the most high-profile victims of the recent plunge in the AI sector.

Apple’s earnings guidance fell short of expectations, causing its stock price to plunge more than 6%, with the risk of continuing to drop toward the $300 mark.

TradingKey - On July 30, Eastern Time, Amazon (AMZN) announced its second quarter fiscal 2026 financial results. Boosted by the accelerating growth of its AWS cloud computing business, continued high growth in its advertising business, and overall performance that exceeded market expectations across the board, Amazon's stock price surged over 9% at one point in after-hours trading. This earnings report not only alleviated previous market concerns regarding a slowdown in AWS growth but also reaffirmed that demand for AI infrastructure remains in a phase of rapid expansion.

TradingKey - On July 30 ET, according to a report by The Information, TSMC (TSM) is developing an advanced packaging technology to rival Intel's (INTC) EMIB, internally referred to as "EMIB-like." Following the news, TSMC's US ADR surged 7.64% on Thursday to close at $403.31.

On July 31, Japanese and South Korean stock markets staged a historic rally. South Korea’s KOSPI Index surged 17.91% to close at 6,595.45 points, marking its largest single-day gain since the index's inception. Japan’s Nikkei 225 Index rose 4.03% to close at 64,362.02 points, recovering a portion of

Treasury Secretary Scott Bessent urged the Senate to vote on the CLARITY Act as soon as possible, fueling a rally in the cryptocurrency market.

TradingKey - On July 30, Eastern Time, Tesla (TSLA) CEO Elon Musk posted on the social media platform X, denying rumors that Tesla is selling its China business. Tesla China officials also explicitly responded to multiple media outlets, stating that the reports regarding a sale of its China operations are "false information."

TradingKey - After the market close on July 30, ET, Amazon released its second-quarter 2026 financial results. The company's revenue and earnings both significantly exceeded market expectations, with revenue from its core cloud computing business, AWS, growing 37% year-over-year. This marked the fastest growth rate since late 2021 and the fifth consecutive quarter of acceleration, further validating that enterprise AI demand remains robust.