4 of the Magnificent Seven (Magazine 7) tech giants are nonetheless on observe to fulfill their large synthetic intelligence (AI) spending targets this 12 months, in keeping with their earnings report.
The businesses which have reported quarterly earnings post-market on Wednesday are Microsoft (MSFT), Alphabet (GOOG), Meta (META) and Amazon (AMZ), with a mixed market cap of roughly $12 trillion.
Beforehand, an evaluation by Bridgewater Associates flagged that the 4 firms are anticipated to spend roughly $650 billion collectively on AI infrastructure in 2026. Whereas most of them did not get away their AI spending of their newest earnings, they appear on observe to proceed their spending spree within the sector.
The funding has important implications for the digital asset sector, notably for bitcoin miners, who’re more and more pivoting away from mining towards internet hosting computer systems for AI as a part of their income diversification technique. The bitcoin miners have already got knowledge facilities prepared and powered as much as host an enormous quantity of machines which can be wanted for AI computing. Dealing with a margin squeeze from decrease bitcoin costs and elevated competitors, miners have began lending their knowledge facilities to AI corporations to diversify their income streams.
AI-linked bitcoin mining shares with publicity to hyperscaler infrastructure offers embody IREN (IREN), which was down about 0.3%, TeraWulf (WULF) and Cipher Digital (CIFR), which fell 0.5%. In the meantime, following the outcomes, Microsoft was down over about 2.4% in after-hours buying and selling, Alphabet up 6%, Meta down 6.6% and Amazon down 3.7%. Bitcoin was down about 0.9% within the final 24 hours.
The subsequent large take a look at of total market sentiment and miners will come when chipmaker Nvidia experiences earnings on Might 20.
Here’s what the tech giants reported and mentioned throughout their earnings.
Microsoft
Microsoft reported fiscal Q3 2026 income of $82.9 billion, beating the $81.4 billion consensus, with EPS of $4.27 in opposition to the $4.06 estimate, in keeping with FactSet knowledge.
“We’re targeted on delivering cloud and AI infrastructure and options that empower each enterprise to eval-max their outcomes within the agentic computing period,” mentioned Satya Nadella, chairman and chief govt officer of Microsoft, noting that the agency’s AI enterprise introduced in $37 billion, up 123% year-over-year.
Alphabet
Alphabet pointed to AI as a core driver of development and reported capital expenditures of $35.67 billion for the quarter, barely beneath estimates of $36.39 billion.
“Our AI investments and full stack strategy are lighting up each a part of the enterprise,” Alphabet CEO Sundar Pichai mentioned, linking good points in Search and Cloud to AI-driven demand. Google Cloud income rose 63% to $20 billion, fueled partly by “enterprise AI Options and enterprise AI Infrastructure,” displaying how AI is shaping each product utilization and enterprise adoption.
Alphabet reported Q1 2026 income of $109.9 billion, beating the $107 billion consensus, with EPS of $2.81 in opposition to the $2.63 estimate.
Amazon
Amazon reported Q1 2026 income of $181.5 billion, beating the $177.2 billion consensus, with EPS of $2.78 in opposition to the $1.63 estimate. AWS income got here in at $37.6 billion in opposition to the $36.92 billion estimate.
Amazon mentioned free money stream fell sharply over the previous 12 months, pointing to a surge in infrastructure spending. The corporate famous the drop was “pushed primarily by a year-over-year enhance of $59.3 billion in purchases of property and tools,” including that “this enhance primarily displays investments in synthetic intelligence.” The shift exhibits how closely Amazon is leaning into AI, even because it weighs on near-term money era.
Meta
Meta pointed to rising AI infrastructure prices as a key driver of spending, reporting $19.84 billion in capital expenditures for the quarter and elevating its full-year outlook to $125–145 billion, up from its prior steering of $115–$135 billion. The rise displays “greater element pricing this 12 months and, to a lesser extent, extra knowledge middle prices to assist future 12 months capability,” the corporate mentioned, underscoring how AI buildout is driving funding.
CEO Mark Zuckerberg framed the push extra straight, calling it a “milestone quarter” tied to AI progress and including, “We’re on observe to ship private superintelligence to billions of individuals.”
Meta reported Q1 2026 income of $56.31 billion, beating the $55.5 billion consensus, with EPS of $10.44 in opposition to the $6.67 estimate.
