The Globe and Mail reports in its Wednesday, Aug. 12, edition that larger-than-usual post-earnings stock swings for artificial intelligence and hyperscaler companies this season have disrupted the typical pattern where smaller companies drive larger stock moves, says options analytics service ORATS. A Reuters dispatch to The Globe reports that the early weeks of earnings season are usually led by major companies like JPMorgan, Wells Fargo, and big tech firms such as Apple, Microsoft, Alphabet and Meta. Smaller companies gain attention in the later weeks. Small-cap earnings reactions are typically larger than those of mega-caps. Not so this time. "The smaller companies in recent weeks have had more muted earnings moves -- a contrast to the early weeks when AI and hyperscalers' reports helped drive larger-than-usual moves," ORATS founder Matt Amberson said. Some of the largest hyperscalers, including Amazon, Microsoft, Google and Meta, have produced big post-earnings stock swings, surpassing their respective average moves in past quarters, as investors aggressively cheered or sold off shares depending on whether AI capital expenditures appeared to be paying off.