Hey listeners, it's Saturday, May 2nd.

I'm Imani Moise for the Wall Street Journal.

And this is what's news in markets, our look at the biggest stock moves of the week and the

news that drove them.

Let's dive in.

Markets extended a multi-week run of record highs.

Powered by a wave of earnings showing corporate America

is still minting money, even in the face of war, higher oil prices, and more cautious consumer

spending. No biggie. Both the S&P 500 and NASDAQ finished April with their biggest

monthly gains since 2020 and kicked off May by hitting fresh records.

All three major indexes finished the week higher.

The NASDAQ was up 1.1%, the SMP rose 0.9%, and the Dow inched up 0.6%.

Big Tech is making big money on AI, but they aren't the booming industry's biggest winners.

Microsoft, Amazon, Google, and Meta all posted strong earnings this week, with AI driving growth in their cloud businesses.

Amazon's cloud unit grew at its fastest pace in years, helping push overall revenue up 17%.

Microsoft's revenue jumped 18%, and Meta reported its biggest revenue growth in nearly five years.

But each of those companies also announced plans to increase their spending.

You may have heard, tech giants are pouring hundreds of billions of dollars into data centers,

chips, and infrastructure to keep up with demand, and those costs are rising fast.

In fact, the industry is expected to spend nearly $3 trillion on AI infrastructure over the next few years,

according to Morgan Stanley.

That spending frenzy has catapulted tech infrastructure stocks like Samsung,

...