Overview
- Alphabet posted $102.3 billion in Q3 revenue and raised 2025 capital spending guidance to $91–$93 billion, with a further increase flagged for 2026.
- Google Cloud revenue rose 34% to about $15.2 billion as its backlog jumped to $155 billion, and executives said AI demand is driving larger, longer-term deals.
- Meta lifted 2025 capex to $70–$72 billion and signaled 2026 would be notably higher, sending shares down about 12% despite 26% revenue growth and a one-time $15.9 billion tax charge.
- Microsoft logged $34.9 billion in quarterly capex tied largely to AI infrastructure and said spending will increase sequentially, while shares slipped roughly 3%.
- The three companies together spent about $78 billion on capex last quarter, intensifying scrutiny of AI-driven buildouts as chip suppliers like Nvidia notch record valuations.