Big Tech earnings driven by AI
The gist
Alphabet, Microsoft and Amazon report results this week holding nearly $1.7 trillion in combined backlog.
Wall Street wants proof AI spending is turning into revenue.
How it unfolded
- July 2026Amazon raised its 2026 capital spending forecast to about $220 billion from $200 billion, and Alphabet lifted its guidance to $195–205 billion.
- July 2026Microsoft's stock rose 15.0% after its July report, when EPS of $4.74 beat the $4.21 estimate.
- Oct 23, 2026A Reuters week-ahead column noted Alphabet and Microsoft report Wednesday, Oct. 28, Amazon follows Thursday, Oct. 29, and about one-third of S&P 500 companies report the same week.