AI spending by Big Tech sparks a futures rally as earnings roll in

U.S. stock futures rose Friday on optimism that Big Tech will sustain heavy AI investment, with Dow futures up about 0.6%, S&P 500 around 0.4% higher, and Nasdaq-100 leading gains after earnings. Amazon jumped on strong results and chip expansion, while Apple slipped on weaker Services/China revenue. The “Magnificent Seven” firms forecast roughly $720–$745 billion in AI-related capex in 2026, signaling continued AI investment despite higher rates. Energy names were in focus ahead of Exxon Mobil and Chevron reports as oil prices eased, with economic data like University of Michigan sentiment on tap later in the day.