Overview

• Google posted $96 billion in revenue and $28 billion in net income last quarter and increased its 2025 capital spending forecast by $10 billion to $85 billion.
• Microsoft reported $76 billion in revenue and $27 billion in net income, said Azure revenue topped $75 billion for the fiscal year and announced $30 billion in additional CapEx next quarter.
• Meta posted a 36 percent year-over-year net income gain and a 22 percent rise in revenue and expects to spend $66 billion to $72 billion on infrastructure in 2025.
• Strong earnings drove share gains for all three companies, with Microsoft briefly surpassing a $4 trillion market valuation alongside Nvidia.
• Analysts note that more than $300 billion in AI infrastructure investments since 2024 have been funded by free cash flow but caution that slowing consumer demand may test long-term returns.