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U.S. stocks looked strong last Friday, but internally it was not a broad bull market. The S&P 500 rose 0.70%, the Nasdaq rose 1%, and the Dow Jones rose 0.53%; however, among S&P components, the number of declining stocks was still 1.3 times that of advancing stocks. The index was propped up by a few giants, and market breadth did not keep pace. The chart shows Friday's closing situation, in order: SP500, Nasdaq 100, All stocks. Amazon $AMZN is at the center of this rally. Its stock price surged 15.25% in a single day to $271.58, while Google $GOOGL, Microsoft $MSFT, and Nvidia $NVDA rose 6.71%, 3.01%, and 2.99%, respectively. Amazon delivered its fastest quarterly revenue growth in over four years, easing investors' concerns about runaway AI data center spending. The market is accepting massive capital expenditures but with a stricter condition: computing power must quickly translate into cloud revenue and profits. Apple $AAPL provides a contrasting case. The company warned that supply constraints could drag down growth, and its stock price fell 7.14% to $308.91. Historical performance is no longer enough; the market demands visibility into the next quarter. The divergence between Amazon and Apple illustrates that current valuations reward not the identity of "big tech" but companies that can prove future growth. The problem is, U.S. stocks are still not cheap. The S&P 500 currently trades at about 20 times expected earnings over the next 12 months,