Tech Sector Divergence & AI Capex Concerns Deepen; Amazon, Apple Earnings Drive Rebound

Mag-7 rout partially reversed as Amazon and Apple reported earnings. Amazon surged 9% on cloud strength, but Apple's weak guidance caused divergence. Nasdaq rallied 3.4% on July 30 but still logged its worst month in over a year. 70% of tech stocks still down 20%+ from highs. AI trade shifting from chipmakers to hyperscalers. Chip stocks bounced (SMH +8%) but rotation to value may pause.