Overview
- Alphabet posted its first $100 billion revenue quarter and lifted full‑year capital spending guidance to about $92–93 billion as management said AI demand exceeds supply.
- Google reported 34% growth in cloud revenue, a $155 billion cloud backlog, and strong uptake of Gemini, which management said has roughly 650 million monthly users.
- Meta raised 2025 capital expenditures to roughly $70–72 billion and signaled an even larger outlay in 2026, sending its shares down more than 10% as several banks cut price targets.
- Amazon said it would be very aggressive in expanding data centers, with capital expenditures of about $125 billion this year and more next year, as AWS growth reaccelerated on AI workloads.
- Policymakers flagged financing risks from the sector’s spending spree that topped $360 billion over the past year, even as the Fed’s Jerome Powell said today’s AI buildout does not resemble the 1990s dot‑com bubble.