¿Por qué Amazon y Apple continúan invencibles en 2026 y más allá?

In an era of economic uncertainty and rapid technological disruption, two titans-Amazon and Apple-stand out as paragons of long-term resilience. Their ability to adapt, innovate, and scale has cemented their dominance in global markets, even as macroeconomic headwinds persist. For investors seeking stability and growth, these companies offer a compelling case: structural advantages, evolving business models, and a relentless focus on artificial intelligence (AI) and ecosystem expansion.

Amazon: The Unshakable Engine of Cloud and AI

Amazon's 2025 financial performance underscores its role as a cornerstone of the global economy. In Q3 2025, the company reported a 13% year-over-year revenue increase to $180.17 billion, driven largely by its cloud computing division, Amazon Web Services (AWS). AWS revenue surged 20% to $33 billion, contributing two-thirds of Amazon's total operating profit. This dominance in cloud infrastructure is not accidental but a product of Amazon's "deep moat," as Pivotal Research analysts note, rooted in its unmatched scale and high-margin segments like AWS and digital advertising.

Looking ahead, Amazon is aggressively investing in AI infrastructure. Its capital expenditures forecast for 2025 rose to $125 billion, fueled by surging demand for AI services. These investments are part of a broader $40 billion plan from 2025 to 2028 to expand cloud and AI infrastructure across 14 APEC countries. Such strategic bets are projected to contribute over $45 billion to U.S. GDP during the same period, reinforcing Amazon's role as a driver of economic growth.

Apple: The Ecosystem That Keeps on Giving

Apple's 2025 earnings highlight its transition from a hardware-centric model to a diversified ecosystem. Q4 revenue reached $102.47 billion, with the services segment accounting for 39% of total sales-a testament to the company's growing reliance on recurring revenue streams. This segment, which includes Apple TV, grew 13.51% year-over-year to $109.16 billion in 2025.

Apple's competitive moat lies in its ecosystem's stickiness. High switching costs, driven by seamless integration across devices and services, ensure customer loyalty. For instance, the iPhone 16's "strong double-digit" sales compared to the iPhone 15 and a 4% increase in China revenue demonstrate the brand's enduring appeal. Meanwhile, Apple's AI strategy-once internally focused-has shifted to strategic partnerships. A $1 billion annual deal with Google to license its Gemini model is overhauling Siri, while alliances with Alibaba and Baidu are expanding AI capabilities in China. These moves position Apple to compete in AI without sacrificing its capital discipline.

Navigating Macroeconomic Turbulence

Both companies have proven their ability to thrive amid macroeconomic volatility. Amazon's AWS growth, though slightly lagging behind Microsoft Azure and Google Cloud, remains robust, even as profit margins in the segment face pressure. Apple, meanwhile, has mitigated tariff risks by shifting production out of China, a strategy outlined by CEO Tim Cook to reduce exposure to trade conflicts. These adaptive measures, combined with disciplined capital allocation, ensure both firms remain resilient in uncertain environments.

The Path to $10 Trillion and Beyond

As the race to a $10 trillion market cap intensifies, Amazon and Apple are uniquely positioned to lead. Amazon's focus on AI infrastructure and global cloud expansion aligns with the long-term trajectory of digital transformation, while Apple's ecosystem-driven model ensures sustained revenue diversification. Analysts from The Motley Fool and others emphasize that both companies' economic moats-Amazon's scale and Apple's ecosystem-are "structural advantages that will endure for decades."

For investors, the takeaway is clear: Amazon and Apple are not just surviving-they are redefining the rules of the game. Their ability to harness AI, expand ecosystems, and adapt to macroeconomic shifts makes them indispensable holdings in any long-term portfolio.