Big Tech Earnings Season Reveals AI Cloud Tailwinds and Memory Supply Crunch

실적/어닝스 | Sun Aug 02 2026 00:00:00 GMT+0000 (Coordinated Universal Time) | 9 sources

Amazon AWS posted explosive growth while Apple faced memory shortage concerns, alongside Q2 earnings from Boeing, SpaceX and other major companies.

Analysis

[Amazon] delivered a Q2 earnings surprise driven by explosive AWS growth ^[4]

• AWS revenue grew 37%
• significantly exceeding market expectations of 31%
• AWS operating profit of $16.6 billion accounted for approximately 60% of Amazon's total profit
• Company-wide revenue growth of 20% reached the highest level since COVID
• Most of the annual $220 billion CapEx will be invested in data center buildout

[Apple] reported a solid quarter amid memory supply constraints ^[7]

• Memory shortage negatively impacted both results and guidance
• Despite company-wide mitigation efforts
• the quarter was not deemed perfect
• Multiple positive factors identified
• leading to price target upgrade

[Boeing] posted a Q2 revenue surprise driven by a 14% increase in commercial aircraft deliveries ^[1]

• Commercial aircraft deliveries increased 14% year-over-year
• Q2 revenue exceeded market expectations
• Focus on whether the company is recovering from a prolonged management crisis

[SpaceX] prepared its first post-IPO earnings report with a massive lockup expiration looming ^[3]

• Q2 revenue expected at $6.9 billion
• 68% year-over-year growth
• Starlink satellite internet business grew 50% in 2025 revenue
• Signed AI compute sales agreements with Anthropic and Alphabet
• Massive insider stock lockup expiration scheduled for August 6

[Silicon Motion] posted Q2 revenue surge of 127% on explosive memory demand ^[5]

• Q2 revenue of $451 million
• up 127% year-over-year
• Exceeded guidance of $411 million with 32% sequential growth
• Projected up to 20% sequential growth in Q3
• Signaled continued growth beyond 2027

[Lucid Group] faced key questions on cash, new models, and robotaxi ahead of Q2 earnings on August 4 ^[2]

• Stock price fell one-third in 2026
• market cap dropped below $3 billion
• Secured $4.7 billion liquidity last quarter
• providing runway through 2027
• Two mid-size EV models under $50
• 000 planned for launch
• Attempting to enter robotaxi market alongside Tesla and Rivian

[EPAM Systems] surged 17.5% on joining the OpenAI Partner Network ^[6]

• Stock rose 17.5% from July 24 to July 31
• Achieved Advanced Partner status in the OpenAI Partner Network
• Plans to certify over 5
• 000 consultants and issue over 10
• 000 credentials in first year
• Upside confirmed despite Citigroup lowering price target to $100

[Magnificent Seven] saw its single investment thesis further fracture through this week's earnings ^[1]

• Unified investment logic across seven big tech stocks diverging
• Concept as a single investment theme unraveling
• Market volatility expanded as Fed decision overlapped with big tech earnings

Sources

• [1] SA Asks: What's next for Boeing after its Q2 revenue beat? - Seeking Alpha Market News
• [2] Lucid Group Reports Earnings on August 4. Here's What Investors Should Be Watching. - The Motley Fool
• [3] Why Aug. 4 Could Be a Big Day for the Stock Market - The Motley Fool
• [4] Amazon Just Left Investors Speechless - The Motley Fool
• [5] Silicon Motion Crushed Earnings and Surprised Memory Chip Bears - The Motley Fool
• [6] Why EPAM Systems Stock Rocketed Higher This Week - The Motley Fool
• [7] We're raising our Apple price target, seeing plenty of good despite the memory crunch knocks - CNBC World Markets
• [8] This week's earnings scrambled everything we knew about investing in the 'Magnificent Seven' - CNBC Investing
• [9] From a Fed decision to Big Tech earnings: What drove last week's volatile market - CNBC Earnings