Cloud revenue explodes， stocks still tumble： Meta， Amazon， Alphabet and Microsoft earnings：

All four tech giants reported Q1 2026 earnings on the same day， and every single one beat Wall Street expectations. Alphabet led the pack with $109.9 billion in revenue， up 22% year over year， as Google Cloud exploded 63% to cross $20 billion for the first time. Microsoft posted $82.9 billion in revenue with Azure growing 40%， while Meta surged 33% to $56.3 billion in revenue and Amazon hit $181.5 billion with AWS growing 28%， its fastest pace in 15 quarters.

But here's the number that shook markets： combined 2026 capex across the four hyperscalers is on track to exceed $650 billion！！ Alphabet raised its full year 2026 capex guidance to $180 billion to $190 billion， Microsoft guided $190 billion for calendar year 2026， and Meta bumped its range to $125 billion to $145 billion. Amazon's capex reached $44.2 billion in Q1 alone. The revenue beats were massive， but so was the market's anxiety： Meta slid 6% and Microsoft dropped 2.5% after hours， even as Alphabet shares rose 7% in after-hours trading， on course to open at a record market value.