Amazon, Microsoft, and Meta beat estimates but stocks dropped.

Amazon grew revenue 17% with AWS up 28%, Microsoft hit $82.9B in revenue with Azure up 40% and AI at a $37B run rate, and Meta posted its fastest revenue growth since 2021. Yet META fell 0.21% and MSFT fell 1.07%. Meta's capex forecast ballooned to $125-$145B for AI infrastructure, raising profitability questions, while Amazon's current-quarter guidance disappointed. The market is no longer rewarding beats alone, only flawless forward guidance.

Chipotle surged 6% while Carvana and Ford faced skeptical markets.

CMG jumped 6.2% after hours on a surprise same-store sales gain, proving premium consumer brands with strong value perception can still grow traffic in a cautious spending environment. Carvana posted record Q1 retail unit sales of 187,393 units, up 40% year over year, and a $405M profit beat, yet shares fell 2.35%, likely reflecting valuation concerns after a strong run. Ford beat estimates and raised full-year guidance by $500M, but a key piece of that improvement comes from a $1.3B expected tariff refund tied to a Supreme Court ruling, not pure operational gains.

PayPal restructured into three units, elevating Venmo as standalone.

PYPL rose 2.62% after announcing a reorganization that breaks the company into Checkout Solutions, Consumer Financial Services and Venmo, and Payment Services and Crypto. This is the first time Venmo has been treated as a standalone business under new CEO leadership. Uber separately announced an expansion into hotel bookings via an Expedia partnership and AI voice-assisted ordering, pushing the app toward a broader personal assistant model. Both moves are platform bets that could reward patient investors if the new revenue streams gain traction, but execution risk is real for companies still proving their core businesses.