U.S. equities have surged to new record highs on Wednesday, storming out of the gate led by the mega-cap tech stocks (surprise, surprise). The catalyst is ongoing hopes of a thaw in President Trump’s trade stance, after he penned a deal with Mexico that Canada is expected to join onto.

Stocks are also encouraged by the seasonal tailwinds that have historically been in play heading into mid-term elections. According to UBS, around the 17 mid-terms since 1950, the S&P 500 has returned an average of 6.8% from the end of August vs. 3.4% for other years. Why? Because the market likes the specter of gridlock, which is sort of ironic given the massive gains stocks have posted since Nov. 2016 amid excitement for Trump’s tax cut plan.

But not all stocks are participating equally, even within the hot big-tech area. To illustrate this dynamic, here are four red-hot tech stocks and four that are demonstrating weakness:

Hot Tech Stocks: Apple (AAPL)

Apple (NASDAQ:AAPL) shares are pushing to new record highs above the $220 level, capping a near 40% rise from the late April low as investors prepare for the release of the iPhone product refresh in September. The iPhone X has been successful, despite a slight slowdown in units sold, thanks to its $999 price tag. The full-screen form factor is expected to be expanded into three new models, including an entry-level model with an LCD screen.

The company will next report results on Oct. 30, after the close. Analysts are looking for earnings of $2.75-per-share on revenues of $60.9 billion. When the company last reported on July 31, earnings of $2.34 beat estimates by 16 cents on a 17.3% rise in revenues.

Hot Tech Stocks: Amazon (AMZN)

Amazon (NASDAQ:AMZN) shares are going vertical now, flirting with the $2,000-a-share level to mark a doubling from the lows seen around this time last year. The catalyst for the rise was a private target increase by analysts at Morgan Stanley, who are looking for $2,500 (a Street high) in anticipation of higher profitability and upward earning estimate revisions.

The company will next report results on Oct. 25, after the close. Analysts are looking for earnings of $3.21-per-share on revenues of $56.9 billion. When the company last reported on July 26, earnings of $5.07-per-share beat estimates by $2.54 on a 39.3% rise in revenues.

Hot Tech Stocks: Microsoft (MSFT)

Microsoft (NASDAQ:MSFT) shares are breaking up and out of a two-month consolidation range to push to new highs, continuing a steady uptrend that has been in play since the summer of 2016. Earnings growth has been good, driven by the company’s success in cloud-based software as a service offerings.

The company will next report results on Oct. 18, after the close. Analysts are looking for earnings of 96-cents-per-share on revenues of $27.7 billion. When the company last reported on July 19, earnings of $1.14-per-share beat estimates by 6 cents on a 17.5% rise in revenues.

Hot Tech Stocks: Alphabet (GOOGL)

Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) shares are up 1.3% in mid-day trading on Wednesday, pushing back toward highs not seen since late July after analysts at Morgan Stanley raised their price target to $1,515 from $1,325. This follows a price-target upgrade from analysts at MKM Partners on Aug. 22, which increased to $1,465 from $1,355.

The company will next report results on Oct. 25, after the close. Analysts are looking for earnings of $10.69-per-share on revenues of $34 billion. When the company last reported on July 23, earnings of $11.75-per-share beat estimates by $2.05 on a 25.6% rise in revenues.

Hot Tech Stocks: Twitter (TWTR)

Twitter (NYSE:TWTR) shares are barely lifting off of the mat, struggling to stay above their 200-day moving average after a nasty fall from the highs set in the middle of June. The company has been at the center of a growing political backlash against accusations of “shadow banning” and outright censorship of some conservative contributors — something that has attracted the ire of President Trump. CEO Jack Dorsey will testify on the subject in front of the House of Representatives on Sept. 5.

The company will next report results on Oct. 26, before the bell. Analysts are looking for earnings of 5-cents-per-share on revenues of $703.7 million. When the company last reported on July 27, earnings of 17-cents-per-share beat estimates by a penny on a 23.8% rise in revenues.

Hot Tech Stocks: Snap (SNAP)

Snap (NYSE:SNAP) shares are drifting lower, testing the lows seen back in May for a loss of more than 21% from the highs set in June. The company continues to struggle to regain traction lost from a widely panned app redesign and loss of hype surrounding its Spectacles glasses camera. Earlier in August, the company reported a decline in daily active users.

The company will next report results on Nov. 6, after the close. Analysts are looking for a loss of 27-cents-per-share on revenues of $282.7 million. When the company last reported on Aug. 7, a loss of 14-cents-per-share beat estimates by 3 cents on a 44.4% rise in revenues.

Hot Tech Stocks: Facebook (FB)

Facebook (NASDAQ:FB) shares continue to languish below their 200-day and 50-day moving averages as the company continues to suffer from tepid user growth metrics, political pressure and investor confusion surrounding its pivot to focus on privacy over profits. A breakdown here would imperil the long uptrend the stock has enjoyed going back to the summer of 2013.

The company will next report results on Oct. 24, after the close. Analysts are looking for earnings of $1.48-per-share on revenues of $14.3 billion. When the company last reported on July 25, earnings of $1.74-per-share beat estimates by 4 cents on a 41.9% rise in revenues.

Hot Tech Stocks: Netflix (NFLX)

Netflix (NASDAQ:NFLX) shares are fighting hard to cross back over their 50-day moving average, an attempt to reverse the 20%+ decline from the June/July double-top high. But growing doubts about the company’s user growth metrics, fast-rising cost of content and increasing competitive pressures from the likes of Disney (NYSE:DIS) suggest downside pressure should resume soon.

The company will next report results on Oct. 15, after the close. Analysts are looking for earnings of 68-cents-per-share on revenues of $4 billion. When the company last reported on July 16, earnings of 85-cents-per-share beat estimates by 6 cents on a 40.3% rise in revenues.

Anthony Mirhaydari is the founder of the Edge (ETFs) and Edge Pro (Options) investment advisory newsletters. Free two- and four-week trial offers have been extended to InvestorPlace readers.