Overview
- Alphabet logged its first $100 billion quarter as Google Cloud revenue rose 34% to $15.2 billion and backlog reached $155 billion, with capex lifted to roughly $91–$93 billion for 2025.
- Amazon shares hit a record after AWS growth near 20% and the company said it would spend $125 billion on capital expenditures this year with more planned next year to expand data centers and GPU capacity.
- Meta raised its 2025 capex range to $70–$72 billion and said it is front‑loading compute capacity; the stock fell about 11% even as AI‑powered ad tools reached a $60 billion annual run rate.
- Regulators and analysts increased scrutiny of funding, with the Bank of England warning about rising debt risk, Jerome Powell saying the boom differs from the dot‑com era, and Bank of America estimating AI capex could reach 94% of operating cash flow by 2026.
- Chip and ecosystem hubs stayed pivotal, with Nvidia striking a multibillion HBM4 memory deal with Samsung and OpenAI drawing 31 earnings‑call mentions plus major partner commitments, including a $250 billion Microsoft compute pact reported this week.