A general view of the Apple retail store on Nanjing East Road in Shanghai, China, on Jan. 29, 2026.
One of the defining features of Apple's iPhone 17 Pro is its 8x zoom — it helps focus on things that matter. For consumers, it's memorable moments; for Apple, it's the balance sheet.
On Thursday stateside, the Cupertino-based company reported a 16% year-on-year jump in its fiscal first-quarter revenue on "staggering" iPhone demand, topping market estimates. It also forecast current-quarter revenue above Wall Street expectations.
Investor response, however, was tepid, with Apple shares rising about 0.5% in extended trading. That could be because Apple still appears behind the curve for artificial intelligence.
But investors drove Meta Platform shares more than 10% higher, after the company showed signs that its AI investments were boosting its bottom line.
Microsoft , on the other hand, was punished for its spending plans and slowdown in cloud growth. Its stock slumped 10%, wiping out $357 billion in market cap in its worst day since March 2020.
That weighed down the tech-heavy Nasdaq Composite , which declined 0.72%. The S&P 500 fell a 0.13%, while the Dow Jones Industrial Average bucked the trend to climb 0.11%.
Cryptocurrencies fell alongside equities, with bitcoin tumbling more than 5% to touch its lowest level in nearly two months.
Markets, however, saw a bright spot in gold , which rebounded after experiencing a dip during midday U.S. hours as traders took profit — the precious metal had hit $5,626.8 earlier in the day, its highest level ever.
Meanwhile, oil prices jumped more than 3% as U.S. President Donald Trump weighs strikes on Iran, according to a Reuters report.
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