Apple and Amazon report rising revenues as investors turn on some tech stocks

Both tech companies beat Wall Street predictions on revenue in their second quarters

Apple and Amazon both released their second quarter earnings on Thursday, a test of investor confidence in major tech companies amid growing concerns over exorbitant AI spending.

Apple revealed quarterly revenue of $109.4bn, beating Wall Street expectations of $108.65bn in revenue. It also reported $2.02 earnings per share, driven by sales of its marquee products such as iPhones and laptops.