Fed Holds Rates, Record $130bn AI Spend

U.S. stock futures were mixed, with Dow down 275 points (0.6%), S&P 500 down 0.1%, Nasdaq 100 up 0.1% on Thursday.
Mega‑cap tech firms reported earnings: Alphabet’s cloud revenue beat expectations, Amazon’s AWS posted its biggest growth since 2022, Microsoft met cloud forecasts, and Meta raised 2026 capex by $20 bn to $125‑$145 bn.
The four tech giants spent a record $130.65 bn on AI data‑center construction in Q1, a 71% year‑over‑year increase.
The Fed left rates unchanged at 3.5‑3.75%, Powell announced he will stay on the board, and oil prices surged to their highest since February amid Iran‑related tensions.