In earnings season, it’s AI good, everything else, not so much

Businesses focused on artificial intelligence are raking it in so far this earnings season. Those catering to actual people, less so.

The AI spending surge is providing a big boost for semiconductor and software giants like Google parent Alphabet , while companies from airlines to restaurants and food manufacturers are struggling to navigate an erratic U.S. trade policy which is boosting costs, upending supply chains and hurting consumer confidence.

Along with Alphabet, SK Hynix and India’s Infosys exceeded market forecasts on Thursday and predicted…