Bloomberg: Alphabet, Microsoft, Meta Earnings This Week Will Judge Whether $800B AI Capex Pays Off

Bloomberg says this week's prints from Alphabet (Oct 28), Microsoft (Oct 28), and Amazon (Oct 29) will tell investors whether more than $800 billion of expected hyperscaler capex is generating acceptable returns. Meta already reported $64.6B revenue (+26% YoY) with $34.9B quarterly capex and negative $2.12B free cash flow, then narrowed 2026 guidance to $135–145B — a result the stock sold off 9.4%. The question for the trio reporting this week: can cloud growth and backlog pay for the buildout.