Amazon and Meta surge after results, while Apple drops

Meta Platforms and Amazon.com added a combined $280 billion in stock market value late on Thursday after the Big Tech duo reported quarterly results that impressed investors, while Apple's value shrank by $70 billion after its results. Investor optimism about generative AI drove rallies in the U.S. stock market's most valuable companies last year, with many hitting all-time highs in recent sessions. Microsoft's lead over Apple in stock market value will probably grow over the next five years thanks to its early advantage in AI, 13 analysts consulted last week by Reuters unanimously agreed. The extended-trade surge in Meta's market capitalization was equivalent to more than five times the entire $26 billion value of smaller social media rival Snap Inc.