New Delhi, March 27 -- The latest wave of earnings from US Big Tech-covering giants like Apple, Microsoft, Alphabet, Meta, Amazon and Tesla-has reinforced one overarching message: AI and cloud spending remain enormous, but markets are less willing to give every company a free pass. Some stocks have rallied on strong guidance; others have sold off despite headline beats.

For investors, particularly those outside the US building exposure via Nasdaq 100 and S&P 500-linked products, these reports offer five key lessons.

Earnings commentary shows that hyperscalers are still committing tens of billions of dollars annually to AI data centers, networking and custom chips. That supports multi-year demand for semiconductor and infrastructure name...