3 Big Tech Earnings Reports to Watch as AI Bills Keep Growing

Microsoft, Alphabet and Amazon are scheduled to report quarterly results this week, with Microsoft and Alphabet on Wednesday, October 28, and Amazon on Thursday, October 29, after their cloud units—Google Cloud, Microsoft's Azure and Amazon Web Services—grew 82%, 42% and 37% in their latest quarters amid large spending on artificial-intelligence infrastructure. Microsoft projected Azure growth of 44% to 45%, excluding currency effects, and capital spending above $50 billion; Alphabet raised its 2026 capital-spending guidance to $195 billion to $205 billion, and Amazon raised its 2026 capital-spending forecast to about $220 billion. Analysts expect Microsoft earnings per share of $4.71 on revenue of $90.63 billion, and Alphabet earnings per share of $2.94 on revenue of $127.92 billion.