The Globe and Mail reports in its Saturday edition that Wall Street ended higher on Friday, lifted by Amazon as its strong quarterly report bolstered investor confidence in stocks related to artificial intelligence, while Apple fell after its results disappointed investors. A Reuters dispatch to The Globe reports that Amazon surged over 15 per cent after posting its biggest quarterly revenue growth in over four years. Its results, along with a similar report from Microsoft on Wednesday, alleviated investor concerns about potential overspending on AI data centres. Concerns about long-term returns from heavy AI infrastructure investments shook global markets this month and raised doubts about key companies driving Wall Street's recent rally. Longbow Asset Management's Jake Dollarhide says, "There were worries that Amazon's spending was just moonshot spending, that it's irresponsible spending, and [CEO] Andy Jassy just put those fears to bed." The PHLX chip index increased by 0.07 per cent but is still down over 20 per cent from its June 22 record high. Apple dropped 7.4 per cent after warning that supply constraints would impact growth, raising concerns about the effect of recent iPhone price hikes on consumer demand.