Tech rode the cloud's AI wave, but Reddit stumbled hard, leaving us keen for AMD's chip test

GainStreet Daily Brief · Sunday, August 2, 2026

AI-generated research · published by Today is Tomorrow LLC · how we use AI · not financial advice

Evening brief: Tech rode the cloud's AI wave, but Reddit stumbled hard, leaving us keen for AMD's chip test

Published Aug 2, 2026, 8:01 PM EDT

Surging cloud infrastructure spending lifted tech sentiment, helping indexes bounce back despite rising Treasury yields and inflation caution.

Shares surged 15.32% after Q2 revenue jumped 20% to $200.6B, powered by AWS cloud growth accelerating to 36.7%.

The stock plummeted 20.99% as management warnings about choppy Google search referral traffic overshadowed an otherwise strong Q2 earnings beat.

Shares jumped 7.32% following record Q2 adjusted EPS of $3.15 and raised full-year guidance on booming data center demand.

All eyes turn to AMD's Q2 report on August 4th to see if chip demand can validate rich valuations.

Posture: Fear sentiment (42) warrants a selective posture, buying AI cloud infrastructure and semi equipment leaders on pullbacks.

Tickers in focus: AMZN, RDDT, AMD

No lineup changes this day.