Google, META, Amazon, and Microsoft have announced their earnings reports. See the picture for details. Here's a simple summary:

Google's earnings show that search advertising is not collapsing, cloud business is strong, capital expenditure is below expectations, easing market concerns about AI impacting search—this is the most repairable among the four reports.
META, advertising is strong, profits are strong, but AI capital expenditure has been revised upward, so it's not considered a good report.
Amazon's first-quarter earnings exceeded expectations across the board, but the second-quarter guidance median is relatively weak. Actively lowering the second-quarter guidance may trigger investor dissatisfaction and confidence decline.
Microsoft is relatively the most stable, with confirmed AI commercialization, strong cloud revenue, and capital expenditure below expectations.
After the earnings reports were released, only Google’s stock rose 3.23% after hours; the other three companies' stock prices declined after hours, with META dropping over 6% at one point before rebounding.
Based on the earnings reports and stock price movements of these four companies, the current market focus remains on capital expenditure. Those who can effectively slow down capital spending will have higher stock confidence, especially since Amazon's proactive guidance cut is the worst-looking, but its decline is not as severe as META's. META's decline was mainly due to upward revisions in capital expenditure, indicating what investors are most concerned about.
Although the earnings reports from these four companies temporarily eased concerns about AI spending, the stock price changes suggest that investors still worry about potential future expenditure risks. This concern is likely to gradually subside only after one or two more quarters of earnings reports are released.
Overall, the earnings reports from these four companies are quite decent; not collapsing collectively is a good sign. The capital expenditure concerns that investors worry about will require time and a macro environment returning to optimism before they can gradually dissipate!