Aug 1, 2026 – 4.31amSix of the magnificent seven megacap US tech companies have reported results and the consensus is that there’s more reason to be positive than negative that the hundreds of billions being invested in artificial intelligence will prove profitable.Amazon shares surged more than 15 per cent after it reported a fifth quarter of cloud revenue growth. “We’re unusually well-positioned for this AI inflection,” Amazon boss Andy Jassy said in a conference call.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles