Tech Giants Diverge as Cloud Growth Fuels Alphabet and Amazon Gains

US equity futures are trending higher on Thursday as investors react to a mixed but generally positive set of earnings from the 'Magnificent Seven' technology leaders. Dow Jones futures rose 0.6%, while the Nasdaq and S&P 500 are expected to gain 0.5% and 0.3%, respectively. The primary catalyst for the move is the continued expansion of cloud computing and AI infrastructure. While Alphabet and Amazon saw their shares climb on strong results, Meta Platforms faced a sharp sell-off due to concerns over its capital expenditure trajectory. Alphabet Inc (GOOG) surged 9.2% in premarket trading after beating analyst expectations. Amazon.com Inc (AMZN) saw its shares rise 3%, supported by its fastest cloud growth in over three years. Microsoft Corp (MSFT) reported a 39% increase in its Azure cloud unit, though its shares dipped 1.7% in early trading. In contrast, Meta Platforms Inc (META) plummeted 9.2% premarket after revealing projected spending between $135 billion and $145 billion, sparking fears regarding the scale and focus of its investment strategy. Simultaneously, macro headwinds persist as WTI crude oil prices spiked above $110 per barrel overnight. This surge has renewed concerns over inflation risks, which may limit the extent of the broader market's recovery.