Overview
- Alphabet logged its first $100 billion-plus quarter and lifted 2025 capital spending guidance to $91–$93 billion, as Google Cloud grew 34% and its backlog reached about $155 billion.
- Amazon shares hit a record after AWS growth reaccelerated to roughly 19%–20%, with CEO Andy Jassy outlining about $125 billion in 2025 capital expenditures to expand data centers and GPU capacity.
- Meta raised its 2025 spend to $70–$72 billion and signaled larger outlays in 2026, sending the stock down about 11% as analysts questioned near-term returns even as management framed the push as preparing for future superintelligence.
- Digital ads remained a key cushion: Alphabet’s ad sales rose 13% with YouTube up 15%, Amazon’s ad unit climbed 24%, and Meta’s overall revenue jumped 26%, helping fund the AI buildout.
- Nvidia cited roughly $500 billion in GPU revenue visibility through 2026 tied to hyperscaler demand, while the Bank of England warned on rising debt and vendor financing risk and Fed Chair Jerome Powell said the spending cycle differs from the late-1990s dot-com boom.