Amazon and Apple

Like Google parent Alphabet and Microsoft, Amazon and Apple reported revenue growth on Friday, and their market capitalizations rose by a combined $160 billion (about 1.32 trillion yuan) in one day. This shows that despite rising inflation in the U.S. and consumers cutting back on spending, the tech giants' performance remains stable.

Amazon shares jumped 10 percent, the biggest gain since February. Apple shares rose 3.3 percent. Amazon shares jumped 27 percent in July, the biggest gain since October 2009, and Apple rose 19 percent in July, the biggest gain in nearly 2 years.

Amazon's e-commerce and cloud computing businesses are growing, and analysts believe Amazon is more inflation-proof than Walmart because Amazon users are a bit more relatively affluent.

Apple's revenue was higher than analysts expected because Apple's iPhone sales increased just as global smartphone shipments declined. Overall results were better than expected, although Apple's net income was down 11 percent.

Piper Sandler analyst Harsh Kumar said, "The iPhone business does not appear to be impacted in the current macro environment." He believes that production in China was no longer constrained at the end of the quarter and some pent-up demand was met.