When a new technology takes off, most investors instinctively chase the companies building it – history suggests that's often a mistake. In today's Friday Digest takeover, our macro investing expert Eric Fry revisits a pattern that's played out across multiple technological revolutions.

The April scoreboard for electric vehicle (EV) stocks delivers a surprise. Rivian (NASDAQ:RIVN | RIVN Price Prediction) stock outpaced the field with a 9% monthly rally in April, while Tesla (NASDAQ:TSLA) stock managed a more modest 3% gain.

These are all giants in their industries, and they have proved their mettle over time.

Amazon.com, Inc. is upgraded to Buy following a decisive breakout above long-term technical resistance of around $250. The many fundamental EPS drivers revealed in AMZN's Q1 earnings could sustain the upward movement for a while. AMZN stock valuation risk exists at over 30x FY1 P/E but is offset by an owners' earnings analysis and strong growth drivers.

For years, it was common for even the biggest tech companies to have annual capital expenditures, or capex, in the single- to low-double-digit-billion range.

Wednesday night's Fast Money panel on CNBC turned into a referendum on what an AI hyperscaler is supposed to look like in 2026.

Raymond James lifted its price target on Amazon (NASDAQ:AMZN | AMZN Price Prediction) stock to $280 from $225, maintaining its Outperform rating.

A blowout cloud quarter, an enormous backlog, and an accelerating chips business may have just shifted the trillion-dollar race in a meaningful way.

Big Tech is doubling down on AI, with 2026 capex estimates hitting $725B (per Yahoo Finance). Ride the spending boom with tech, semiconductor and AI-focused ETFs.

The agreements — which also include OpenAI, Google, Nvidia, SpaceX and the startup Reflection — will give those firms' AI systems access to the military's most classified network environments.