Spending on artificial intelligence isn't slowing, and tariffs — so far — aren't taking a huge toll on business, Big Tech told us this week.

• Why it matters: A slew of tech giants just delivered solid earnings, providing at least some answers to burning questions about how the industry is faring in the midst of President Trump's trade war.

The big picture: Amazon, Meta and Microsoft all showed no signs of pullback on data center and infrastructure spending, despite recent reports warning of an industry slowdown.

• Business customers aren't pulling back on their own AI investments, even if they may be tightening their belts for a lower growth environment, tech execs said.

On tariffs and customer uncertainties, Big Tech delivered a bit more of a mixed message:

• Meta's strong earnings tamped down investor fears of a pullback from growth-wary advertisers. At the same time, it acknowledged that it expects its own costs to increase for infrastructure hardware.
• Apple estimated that the current tariff plans in place would add $900 million to its costs in the June quarter, though the company is already making plans to try to reduce that further out.
• Amazon said it hasn't seen any falloff in demand on the customer side, and hadn't seen any significant rise in seller prices, though CEO Andrew Jassy cautioned: "This could change."

The bottom line: Jassy said what everyone is thinking.

• "Obviously, none of us know exactly where tariffs will settle or when."

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Temu has stopped shipping products from China to the U.S. ahead of an executive order from President Trump that went into effect today.

• The "de minimis" loophole was an important protection for businesses overseas and U.S. customers, exempting low-value packages from tariffs — until now.

Driving the news: Temu changed its website and app to only display listings from products stocked in U.S. warehouses.

• A Temu spokesperson confirmed to Axios that all U.S. sales are now handled by domestic sellers and fulfilled "from within the country," as part of the company's efforts to "help local merchants reach more customers." The company said that pricing for U.S. shoppers "remains unchanged."
• "Temu has been actively recruiting U.S. sellers to join the platform," the spokesperson added.

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👟 Nike, Adidas and Skechers co-signed a letter from a major footwear trade group asking President Trump to exempt shoes from his reciprocal tariffs. The Footwear Distributors and Retailers of America said the tariffs pose an "existential threat" to the footwear industry and to families. (CNBC)

👷‍♂️ The U.S. economy added 177,000 jobs in April as the White House ramped up tariffs, while the unemployment rate held at 4.2%. The report is stronger than expected; economists had penciled in roughly 133,000 jobs added last month. (Axios)

🚦 EToro is considering launching its U.S. IPO as soon as next week. The trading and investment platform delayed its offering in early April amid tariff-related stock volatility. (Bloomberg)

Jeff Bezos plans to sell up to 25 million Amazon shares over the next year.

• By the numbers: At today's prices, the stake is worth around $4.8 billion.

Between the lines: Though disclosed today, Bezos adopted the so-called 10b5-1 trading plan on March 4. The share sale period is open through May 29, 2026.

• The company's founder stepped down as CEO in 2021, and is Amazon's largest shareholder. He's also the second-richest person in the world, behind Elon Musk.

Amazon shares have fallen about 20% from their high on Feb. 4.