Microsoft has emerged as the winner from Big Tech’s first earnings of the new Donald Trump term, with the software giant’s tariff resilience helping it leapfrog Apple and retake the crown as the world’s most valuable public company.

Despite widespread pessimism ahead of its results, Microsoft posted record revenue at its Azure cloud computing unit, crediting its partnership with OpenAI and demand for its artificial intelligence-infused software. Those comments provided succour to investors amid fears of a US recession and concerns that vast expenditures on AI are unjustified.

Apple and Amazon were the major losers, with the iPhone maker budgeting at least $900mn in extra quarterly costs from tariffs, while the ecommerce giant cut its outlook and warned of higher prices and plunging consumer spending. Combined, they shed about $180bn in market capitalisation when Wall Street opened on Friday.