Amazon Surge Lifts Nasdaq as Apple Warns of Supply Constraints

The Nasdaq led gains on Wall Street's main indexes on Friday, boosted by Amazon's 13.7% surge after reporting strong cloud revenue growth.

This helped put to rest concerns about AI returns, which had been weighing on investors' minds since July.

Amazon's shares jumped after the company posted its biggest revenue growth in over four years for the previous quarter, joining similar reports from Microsoft and Alphabet earlier this month.

However, Apple warned that supply constraints would hurt growth, prompting investors to look beyond near-term shortages to gauge the impact of an expected iPhone price hike, which sent shares down 9.8% in early trading.