Imani Moise

No biggie.

Both the S&P 500 and Nasdaq finished April with their biggest monthly gain since 2020 and kicked off May by hitting fresh records.

All three major indexes finished the week higher.

The Nasdaq was up 1.1 percent.

The S&P rose 0.9 percent and the Dow inched up 0.6 percent.

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, SK Hynix, and Micron into a whole new league.

Those three companies alone are expected to generate around $350 billion in profit this year, with some now ranking among the most profitable businesses in the world.

Shares in Micron and SK Hynix rallied about 9.5% over the week, respectively, while shares in Microsoft and Meta slid around 2.0% and 10%.

Google Parent Alphabet, which is playing both sides of the AI trade, was a standout.

Its shares finished the week 12% higher.

Energy stocks were once again among the top performers this week.

That came as crude surged to its highest level since the start of the conflict in Iran.