Four of the Big Seven tech giants (Mag 7) are still on track to meet this year’s massive artificial intelligence (AI) spending targets, according to earnings reports.
Companies reporting quarterly earnings after the bell on Wednesday include Microsoft (MSFT), Alphabet (GOOG), Meta (META) and Amazon (AMZ), with a combined market capitalization of about $12 trillion.
Previously, an analysis by Bridgewater Associates pointed out that the four companies are expected to spend a total of approximately $650 billion on artificial intelligence infrastructure by 2026. While most companies don’t disclose AI spending in their latest earnings reports, they appear poised to continue spending aggressively in the area.
The investment has significant implications for the digital asset industry, particularly for Bitcoin miners who are increasingly turning away from mining toward artificial intelligence-hosted computers as part of their revenue diversification strategies. Bitcoin miners have prepared and launched data centers to host the vast number of machines required for artificial intelligence computing. Faced with a profit squeeze from falling Bitcoin prices and rising competition, miners have begun lending their data centers to artificial intelligence companies to diversify their revenue streams.
AI-related Bitcoin mining stocks involved in hyperscale infrastructure deals include IREN (IREN), down about 0.3%, TeraWulf (WULF) and Cipher Digital (CIFR), down 0.5%. At the same time, after the release of the financial report, Microsoft fell about 2.4% in after-hours trading, Alphabet rose 6%, Meta fell 6.6%, and Amazon fell 3.7%. Bitcoin has fallen about 0.9% in the past 24 hours.
The next big test for overall market sentiment and miners will come when chipmaker Nvidia reports earnings on May 20.
Here’s what the tech giants reported and said in their earnings reports.
Microsoft
FactSet data shows that Microsoft reported revenue of $82.9 billion in the third quarter of 2026, exceeding the market consensus of $81.4 billion, and earnings per share of $4.27, compared with expectations of $4.06.
“We are focused on delivering cloud and artificial intelligence infrastructure and solutions that enable every enterprise to measure maximum outcomes in the era of agent computing,” said Microsoft Chairman and CEO Satya Nadella, noting that the company’s artificial intelligence business brought in $37 billion in revenue, up 123% year-over-year.
letter
Alphabet pointed to artificial intelligence as a core driver of growth and reported capital expenditures of $35.67 billion for the quarter, slightly below expectations of $36.39 billion.
“Our AI investments and full-stack approach are shining a light on every part of the business,” said Alphabet CEO Sundar Pichai, who linked gains in search and cloud computing to AI-driven demand. Google Cloud revenue grew 63% to $20 billion, driven in part by “enterprise AI solutions and enterprise AI infrastructure,” demonstrating how AI impacts product usage and enterprise adoption.
Alphabet reported revenue of $109.9 billion in the first quarter of 2026, beating market expectations of $107 billion, and earnings per share of $2.81, compared with expectations of $2.63.
Amazon
Amazon reported revenue of $181.5 billion in the first quarter of 2026, exceeding market expectations of $177.2 billion, and earnings per share of $2.78, higher than expectations of $1.63. AWS revenue was $37.6 billion, above expectations of $36.92 billion.
Amazon said free cash flow fell sharply over the past year, pointing to a surge in infrastructure spending. The company noted that the decline was “primarily due to a $59.3 billion increase in property and equipment purchases year over year,” adding that “the increase primarily reflects investments in artificial intelligence.” The shift illustrates how much Amazon relies on artificial intelligence, even as it puts a strain on short-term cash generation.
Yuan
Meta pointed to rising artificial intelligence infrastructure costs as a key driver of spending, with capital expenditures at $19.84 billion in the quarter, and raised its full-year forecast to $125-145 billion from its previous forecast of $115-135 billion. The increase reflects “increased component prices this year and, to a lesser extent, additional data center costs to support capacity in the coming year,” the company said, highlighting how AI buildout is driving investment.
CEO Mark Zuckerberg described the move more directly, calling it a “milestone quarter” related to advances in artificial intelligence, adding, “We’re on track to empower billions of people with personal superintelligence.”
Meta reported first-quarter 2026 revenue of $56.31 billion, beating market expectations of $55.5 billion, and earnings per share of $10.44, compared with expectations of $6.67.
