Overview
- Alphabet logged its first $100 billion-plus quarter, with Google Cloud revenue up about 34% and backlog reaching roughly $155 billion, reinforcing confidence in its AI monetization.
- Amazon projected about $125 billion in 2025 capital spending and pointed to reaccelerating AWS demand and new power capacity, helping push the stock to record highs.
- Meta raised 2025 capex to $70–$72 billion and signaled even higher 2026 outlays, driving an approximately 11% share slide and price-target cuts as investors questioned returns without a cloud business.
- Microsoft reported $35 billion of quarterly spend and a $400 billion book of contracted sales, but its shares eased as already high expectations muted the reaction to strong AI demand.
- Suppliers remained winners and risks mounted, with Nvidia striking an HBM4 memory deal with Samsung as the Bank of England flagged rising debt financing and power constraints and Jerome Powell said the cycle does not resemble the late‑1990s dot‑com bubble.