Amazon is riding high premarket, and set to lift the market as a whole at the open.

The company reported higher-than-expected revenue from Amazon Web Services on Thursday. It also said higher memory-chip prices would mean splashing more on data centers. But investors seemed to cheer the prospect of spending with the aim of selling more computing power to customers such as OpenAI and Anthropic.

Shares rose Thursday when Chief Executive Andy Jassy disclosed the capex increase on a call with analysts and investors. They ticked up further on Friday morning before the bell.

Over at Apple, things aren't so rosy. The company's forecasts for its September quarter were fell short of Wall Street's expectations, overshadowing strong iPhone and Mac sales.

For much of the year, Apple's more modest spending plans have won out with investors who have grown nervous about lavish expenditures by some of America's other tech giants.