Apple and Amazon both released their second quarter earnings on Thursday, a test of investor confidence in major tech companies amid growing concerns over exorbitant AI spending. It also reported $2.02 earnings per share, driven by sales of its marquee products such as iPhones and laptops. Apple, meanwhile, has benefitted from the chip stock selloff as investors viewed the company as a safe haven amid the broaderAI-driven volatility. The company’s stock is up around 23% this year, leading the so-called Magnificent Seven tech stocks, which include Meta, Microsoft, Alphabet, Amazon, Tesla and Nvidia. Apple’s stock price dropped slightly on Thursday following earnings after it reported its revenue from its services division was below market expectations.