Alphabet, Microsoft, Meta and Amazon will report Q1 2026 earnings today, offering the first real test of their combined $600–$645 billion AI-driven capex bets. Investors will track cloud growth, margins and cash flow closely, with concerns around rising costs and whether revenue gains are sufficient to justify aggressive infrastructure spending.
Four of the world's most valuable companies will release their first-quarter 2026 earnings results today. Alphabet, Microsoft, Meta, and Amazon collectively committed somewhere between $600 billion and US$645 billion in capital expenditure for 2026. Tonight is the first real accounting of whether those bets are paying off.
Here is what we expect the earnings reports to look like
1. Alphabet
Alphabet earnings report will be the one to watch out for and it also comes with the most to lose. Google Search posted its fastest quarterly growth since 2022 in Q4 2025, and any deceleration tonight will reignite concerns.
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