Just caught the Big Tech earnings sweep and honestly, the market's reaction tells you everything. Amazon, Meta, Microsoft, and Alphabet all crushed revenue expectations, but here's what everyone's focused on now - the insane capex numbers they're committing to.

Meta just announced they're pushing 2026 capital spending up to $125-145 billion. That's wild. Combined with Amazon, Microsoft, and Google, these four are looking at over $650 billion in AI infrastructure spending this year alone. The pressure from these numbers hit Meta hard - stock dropped 6% after hours. Microsoft slipped 2.5% too, despite solid fundamentals.

The earnings themselves were solid enough. Amazon hit $181.5B in Q1 revenue (17% growth), Microsoft's AI business is running at a $37B annualized rate, and Google Cloud finally broke through with $20B in sales beating estimates. But investors aren't celebrating - they're worried about the payback timeline. Depreciation and operating costs are going to mount fast, and there's real pressure on whether near-term AI revenue can justify this spending spree.

Here's what's interesting for crypto: Bitcoin and Ethereum have been tracking tech stocks closely all year. If this capex anxiety keeps building, we could see pressure on risk assets heading into June. On the flip side, if the market eventually buys the narrative that this compute infrastructure matters for decentralized networks, tokens tied to that story could benefit long-term. Right now though, it's all about whether investors see discipline or overreach. Apple's earnings and the PCE data coming up will probably set the tone for the next move.