Microsoft, Alphabet, and Amazon are set to release their quarterly financial results this week. These reports follow a period of significant investment in AI infrastructure by all three companies, with cloud revenue growth ranging from 37% to 82% in the previous quarter.
Microsoft reports its first quarter of fiscal year 2027 on Wednesday. Analysts project revenue of $90.63 billion and earnings per share of $4.71. The company previously guided for Azure growth of 44% to 45% and expects capital expenditures to exceed $50 billion.
Alphabet will also report on Wednesday, with analysts forecasting revenue of $127.92 billion and earnings per share of $2.94. In the second quarter, Google Cloud revenue grew 82% to $24.8 billion, while capital spending reached $44.9 billion, resulting in negative free cash flow of $5.9 billion.
Amazon concludes the week on Thursday with its report. Market consensus expects revenue of $202.16 billion and earnings per share of $2.01. AWS sales grew 37% in the second quarter, and the company raised its 2026 capital spending forecast to approximately $220 billion.
Broader industry trends indicate that capital expenditure in the sector could reach $785 billion in 2026 and nearly $1 trillion in 2027. Hyperscaler debt issuance has risen to $175 billion this year, significantly higher than the five-year average of $30 billion.
