Apple and Amazon are offering more than expected.

Apple is entering the holiday quarter with a strong forecast. CEO Tim Cook stated that demand for the iPhone 17 has pushed sales and revenue expectations above Wall Street forecasts.

Speaking to Reuters, Cook mentioned that he expects double-digit growth in phone sales this quarter and forecasts a revenue increase of up to 12%. This occurred despite ongoing supply issues and delays in shipping new models to China. Problems that impacted iPhone sales in the previous quarter were offset by strong demand for other products such as AI-powered AirPods, and profit expectations were exceeded.

Apple shares rose 3.7% in after-hours trading on Thursday. The company’s latest results indicate that concerns among investors, including U.S.-China tensions and slow-moving AI applications, have been less impactful than managing the production and shipment of millions of devices. Cook also mentioned that they are working to resolve some supply constraints.

Amazon also managed to exceed expectations. Cloud revenues achieved their fastest growth rate in three years, helping the e-commerce giant make stronger quarter sales forecasts. This led to a 14% increase in its shares in after-hours trading, and Amazon's value rose by approximately $330 billion.

The company indicated that demand for AI services is increasing and plans to boost spending next year. By 2025, it is stated that capital expenditures will largely be directed towards AI projects, approaching nearly $90 billion. Strong cloud demand helps offset slowing growth in e-commerce amid weak consumer confidence and global trade uncertainty.