US stocks on Thursday wrapped up their best month since 2020, as investors shrugged off disruptions from the Iran war and picked winners and losers in Big Tech.

A day after quarterly earnings reports pointed to a surge in AI investments among the world’s largest tech firms, Meta and Microsoft’s stocks sank on concerns over their high spending, while Alphabet and Apple surged.

The diverging fortunes showed that pouring capital into AI isn’t enough to satisfy Wall Street.

“We didn’t learn anything” from the earnings deluge, one analyst said, given that a central question remains unanswered: “Does this AI spend at some point turn into software-like margins?”