Alphabet rose roughly 7 percent after hours while Microsoft, Meta and Amazon all sold off, despite earnings beats from each of the mega-caps. The rally promoted Google from a participant in the AI arms race to a pace setter.

A key question among investors and analysts is whether that massive spending is providing tangible results Read more at The Business Times.

Big Tech earnings are set to test whether massive AI-driven investments are translating into real growth, with analysts focusing on revenue signals, spending discipline, and long-term monetization. Brad Erickson (RBC Capital Markets Analyst): Growth Strong,

Alphabet delivered the strongest results of the four, posting Q1 2026 revenue of $109.9 billion, up 22% from $90.2 billion a year earlier.

Amazon.com Inc. and Meta Platforms Inc. have struck a multibillion-dollar deal for the social-media giant to rent hundreds of thousands of Amazon’s general-purpose chips for its AI efforts.

Depreciation charges are eating into earnings at Microsoft, Alphabet, Meta and Amazon.

Market watchers looking for clarity on the direction of Big Tech and the AI investment boom didn’t get much Wednesday afternoon amid a barrage of key earning reports

In the latest big AI deal, Meta has inked a multibillion-dollar deal to use Amazon's new AWS Graviton chips, which are CPUs, not GPUs.

Facebook parent Meta signed a deal to deploy tens of millions of Amazon's Graviton5 processor cores for agentic AI workloads, the latest major customer win for Amazon's growing custom silicon business.

Amazon (AMZN) will report its first quarter earnings alongside rivals Google (GOOG, GOOGL), Meta (META), and Microsoft (MSFT) on Wednesday, with investors looking for more signs that the company’s massive artificial intelligence spending is paying off.