James Demmert believes fears that AI CapEx won't generate meaningful returns for investors should be squashed following Microsoft (MSFT) and Alphabet (GOOGL) earnings. The next test will come with Amazon (AMZN) and its AWS growth after Thursday's close. However, James believes good balance sheets will be crucial in Wall Street picking AI winners and losers, pointing to CoreWeave (CRWV) as the most important bellwether for his thesis. Tom White turns to an example options trade for Amazon.