Three sessions ago Microsoft and Meta split the tape on the same earnings night, opposite verdicts on the same AI-spending question. Friday's answer came from a name that hadn't reported yet: Amazon beat on both revenue and AWS growth and posted its best single day in over a decade, while Apple's China and Services numbers came up short. The book's Tranche 11 earnings-reaction pairs are still working through the consequences of a week that repriced four of the Magnificent Seven in five sessions.

I. The Session

Amazon closed the books on the week's earnings gauntlet the way it opened them for Microsoft on Wednesday night — with a number too large to argue with. Second-quarter revenue of $200.61 billion beat the Street's $196.46 billion, AWS growth reaccelerated, and the stock traded up roughly 14–15% on the session, its largest single-day gain in more than ten years. The Nasdaq Composite added about 1% to close at 25,373.85, the S&P 500 rose 0.7% to 7,489.72, and the Dow added 276.97 points (0.53%) to 52,485.03 — a quiet index-level finish that concealed a violent single-name move. Apple did not share in the enthusiasm: weaker-than-expected China and Services results sent the stock lower on the day, and the 30-year Treasury yield spiked to its highest level since 2007, near 5.25%, as bond markets continued digesting a week of hawkish Fed signaling layered on top of the earnings news.

For the book, this was almost a mirror image of Thursday. Where Microsoft and Meta pulled in opposite directions and nearly canceled out, Friday's Amazon/Apple divergence landed on pairs that were already carrying Tranche 11 exposure from the same earnings cycle — and this time the net was strongly positive. Active unrealized improved by $23,746.23 on the day, the best single-session gain since Thursday's post-earnings rebound, cutting the book's total unrealized drawdown from -$92,950.15 to -$69,203.92 heading into August.

II. The Day's Movers

P44 (long GNRC / short AMZN) took the day's hardest single hit outside Tranche 11's MSFT pairs, -$16,802.87, as the short leg absorbed the full force of Amazon's 14–15% rally — a textbook illustration of why a single-name earnings surprise can overwhelm a pairs thesis regardless of how the long leg behaves. P42 (GLW/MSFT) and P43 (BLK/MSFT) continued bleeding as Microsoft extended its post-earnings run for a second straight session, -$10,351.26 and -$19,379.14 respectively — P43 the single worst mover in the book today, GLW's own continued weakness compounding the short-MSFT drag in P42.

On the other side of the ledger, P40 (long VLO / short AAPL) was the day's best mover by a wide margin, +$15,110.35, as Apple's China/Services miss did exactly what the pair was structured to capture. P47 and P49, the book's two short-META pairs, added +$6,973.91 and +$3,103.54 as Meta continued working through the aftermath of Wednesday's earnings miss. P15 (FCX/APTV) and P18 (GTLB/TEAM) also contributed solidly, +$6,483.58 and +$6,419.62, on moves unrelated to the week's mega-cap earnings theme — a reminder that not every day's P&L traces back to the same handful of names.

III. Month End

July closes with the realized register at +$470,617.89 — down from the +$487,933.25 frozen since late May, the difference entirely attributable to Thursday's Mode B close of P8 (APO/GSIB) at a -$17,315.36 realized loss, the desk's only two-year-old pair and its last GSIB-anchored short. The active book grew from 26 pairs at the start of July to 33 today, with Tranche 11's eight pairs — five of them opened in the final week of the month around the Microsoft/Meta/Amazon/Apple earnings cluster — now the largest single tranche in the book and the dominant source of both this week's volatility and its month-end recovery. Inception-to-date stands at $401,413.97.

IV. Full Book — Active Pairs, 2026-07-31 Settled Close

All entries exact share counts, zero notional approximation. Marks are Mode A, two-source confirmed to the cent (yfinance batch + Yahoo Finance v8) across all 66 active legs.

Realized register (16 closed pairs): +$470,617.89, unchanged since P8 closed 7/30. See 2026-06-30.brc-pair-book-canonical-v5.md for the 15-pair legacy register and June 30 sweep detail.