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US-listed technology giants Alphabet, Amazon, Microsoft and Meta have released quarterly earnings that reflect steady demand for cloud services and artificial intelligence products.
The reports arrived after markets closed, with investors reacting to results that showed both revenue growth and rising capital spending on AI infrastructure. Attention remained focused on whether large AI investments are producing measurable financial returns across major platforms.
Alphabet recorded revenue of $109 billion, rising 22% year on year, supported by its cloud segment. Google Cloud posted $20 billion in revenue, driven by enterprise AI adoption and infrastructure demand. The company’s advertising business remained its largest revenue source at $77 billion.
Alphabet CEO Sundar Pichai stated, "Our AI models have great momentum," while also noting increased use of AI across products. In addition, cloud backlog increased sharply to $462 billion reflecting long-term demand for AI-linked services.
Amazon reported $181.5 billion in revenue, up 17% year on year. Its AWS division reported $37.6 billion in quarterly revenue, a 28% increase due to AI-related workloads and enterprise migration. Advertising and e-commerce also saw steady growth, with advertising revenue increasing by 24%.
Microsoft posted $83 billion in revenue, marking 18% annual growth. Its cloud business reached $54.5 billion, while AI-related revenue rose strongly. CEO Satya Nadella said, "We are focused on delivering cloud and AI infrastructure and solutions that empower every business," as demand for AI tools expanded across enterprise clients.
Meta reported revenue of $56 billion, up 33% year on year, and net income of $26.9 billion. The company continued to invest in AI systems across its platforms, including WhatsApp, Instagram, and Facebook. However, its stock declined after trading hours following investor concerns linked to user growth trends.
The company noted a slight drop in its total active user base, which affected market sentiment despite strong financial results. Meta also increased its capital expenditure range to between $125 billion and $145 billion for 2026.
CEO Mark Zuckerberg said, "Our milestone quarter reflects momentum across our apps," while also referring to ongoing development of new AI models under internal research programs. Market reaction remained negative as investors assessed whether increased spending would translate into user growth recovery.
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Capital expenditure on AI infrastructure continued to rise across major technology firms. Alphabet increased its 2026 capex forecast to $180 billion–$190 billion, while Microsoft confirmed spending plans close to $190 billion. Amazon also maintained high investment levels, with billions directed toward AWS expansion and AI chip development.
The companies collectively continue to expand data centers, processors, and cloud infrastructure to support increasing AI workloads. In addition, Meta raised its spending forecast, although concerns remain over monetization relative to infrastructure costs.
Earlier estimates indicated that large-scale AI investments across the sector are among the highest in technology history. While cloud service revenue growth remains strong, companies are still balancing high capital expenditure with long-term AI monetization strategies.
