Stock Market Today: Amazon Jumps 15%, Apple Wipes Out $475 Billion

Amazon and Apple delivered starkly different market reactions around their latest earnings reports. Amazon stock surged 15%, reflecting investor enthusiasm likely tied to its revenue base of $716.9 billion, up 12.4% year-over-year, with $7.17 in diluted EPS and a 10.8% net margin. Apple, by contrast, saw its market capitalization wiped out by approximately $475 billion, even though its fundamentals remain solid: $416.2 billion in revenue (+6.4% YoY), a 46.9% gross margin, 26.9% net margin, and $7.46 diluted EPS for its fiscal year ended September 27, 2025.

The divergence matters because it reframes how the market is valuing growth versus profitability among the largest companies in the index. Amazon's acceleration in revenue growth appears to be driving a re-rating higher, while Apple's slower growth rate — despite superior margins — is triggering a de-rating, possibly on concerns about product cycle stagnation, competitive pressure, or guidance that fell short of elevated expectations embedded in its prior valuation.

The setup now creates a clear bifurcation for anyone tracking mega-cap tech: does Amazon's rally have room to extend given the strength already priced in after a 15% single-session move, or does it start to look stretched? On the Apple side, the question is whether a $475 billion value destruction event is an overreaction to a rich starting valuation or a genuine repricing of slowing growth. Watch for follow-through in subsequent trading sessions, analyst commentary adjusting price targets, and whether Apple's margin profile provides a valuation floor while Amazon's momentum either continues or stalls under profit-taking.