Big Tech’s AI Divide Widens | Open Interest 7/31/2026

Watch on YouTube ↗  |  July 31, 2026 at 17:15  |  1:27:19  |  Bloomberg Markets
Speakers
John Blackledge — Head of Research, Cowen
Will Power — Baird
Amanda Agati — Chief Investment Officer, PNC Asset Management Group
Ed Ludlow — Co-Host, Bloomberg Technology
Paisley Nardini — Managing Director and Portfolio Manager, Simplify
James Seyffart — ETF Analyst, Bloomberg Intelligence
Dani Burger — Anchor, Bloomberg Television

Summary

The episode dissects the widening divide among Big Tech after earnings, with Amazon surging on massive AI-driven AWS growth while Apple slumps on supply chain missteps. Analysts from TD Cowen, Baird, and PNC provide bullish takes on Amazon, Apple, and the broader market, respectively. The show also covers the dramatic unwind of the leveraged AI-focused hedge fund Situational Awareness, oil market tensions from the Strait of Hormuz, Fed policy dissent, and South Korea's moves to curb leveraged ETF trading.

  • Amazon beats estimates as AWS growth accelerates to 37% and AI demand keeps capacity constrained through 2027.
  • Apple misses guidance due to misjudged demand and chip shortages, shares fall sharply.
  • TD Cowen analyst John Blackledge aggressively raises AWS revenue forecasts and sees Amazon firing on all cylinders.
  • Baird's Will Power maintains Outperform on Apple, arguing demand remains strong and supply headwinds are temporary.
  • PNC's Amanda Agati highlights the Mag 7 breakup, strong S&P 500 earnings, and broadening market leadership.
  • Situational Awareness hedge fund faces margin calls, sells public portfolio to Citadel, highlighting leverage risks.
  • Oil prices rise on Iran-US tensions in the Strait of Hormuz; Exxon and Chevron results diverge.
  • South Korea proposes curbs on leveraged ETFs after extreme volatility in AI chip names.
  • Fed's Warsh welcomes dissent, causing bond yields to rise as markets adjust to less forward guidance.
Ideas
John Blackledge Head of Research, Cowen 11:37
AWS growth accelerating, AI demand overwhelming
Amazon beat across the board: AWS grew 37%, well above expectations, and the company demonstrated AI investment returns with a $25 billion annualized run rate for both the AI services business and the custom Trainium chip rental. Demand exceeds supply, capex is rising but justified, and ancillary businesses like Alexa Plus are boosting Prime engagement. The stock's 11% pre-market gain reflects multiple positive data points.
AMZN HIGH
Will Power Baird 17:28
Apple demand resilient, supply headwinds temporary
Apple's demand signals remain robust despite short-term supply chain constraints and memory cost issues. iPhone growth has been over 20% for three quarters, Mac is resurging, and the services business is a $100 billion segment growing low double digits. Pricing power is strong, consumers are relatively inelastic, and the upcoming product cycle with AI-enabled Siri should drive further demand. The firm maintains an Outperform rating suggesting investors look through the temporary turbulence.
AAPL HIGH
Amanda Agati Chief Investment Officer, PNC Asset Management Group 24:20
Broad market setup strong, leadership broadening
The Magnificent Seven are breaking up as a cohort, with significant distinction between winners and losers. This shift in market leadership is healthy and signals broadening market breadth. S&P 500 earnings growth is exceptionally strong at 47% year-over-year, with four consecutive quarters of exceeding high bars. Even at elevated valuations, earnings power has driven multiple compression, setting up a strong market environment into the fall despite political and volatility risks.
SPY MED
Up Next
2:32
South Korea Trading Giant Puts Receivables On-Chain
CoinDesk · Jul 31
57:50
President Trump holds a Cabinet meeting at Camp David — 7/31/2026
CNBC · Jul 31
3:32
Market Midday: Stocks Higher, Apple Down 9%, Amazon Soars 14% • 7/31/26
CNBC · Jul 31
7:46
President Trump holds cabinet meeting at Camp David
CNBC · Jul 31
4:20
Kalshi board member: New York lawsuit aims to shut down prediction markets entirely
CNBC · Jul 31

This Bloomberg Markets video, published July 31, 2026, features John Blackledge, Will Power, Amanda Agati discussing AMZN, AAPL, SPY. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: John Blackledge, Will Power, Amanda Agati  · Tickers: AMZN, AAPL, SPY