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US stocks looked strong last Friday, but internally it didn't look like a broad bull market. The S&P 500 rose 0.70%, the Nasdaq gained 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 supported by a handful of giants, and the market breadth did not keep up. The chart shows Friday's closing data, in order: SP500, Nasdaq 100, All stocks. Amazon$AMZN is at the center of this rally. Its stock price rose 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 posted its fastest quarterly revenue growth in over four years, easing investors' concerns about runaway spending on AI data centers. The market is accepting massive capital expenditures, but with a more stringent condition: computing power must quickly translate into cloud revenue and profit. Apple$AAPL offers the opposite case. The company warned that supply constraints could drag on growth, causing the stock price to drop 7.14% to $308.91. Historical performance is no longer enough; what the market wants is visibility for the next quarter. The split between Amazon and Apple shows that current valuations reward not the "big tech" identity, but companies that can prove future growth. The problem is, US stocks are still not cheap. The S&P 500 is currently about 20 times its expected earnings for the next 12 months,