Google, Microsoft, and Amazon will release financial reports in quick succession by the end of July, with the market focused on the growth rate of AI CapEx and the realization of ROI

BlockBeats News, July 17: Alphabet (Google) and Microsoft are expected to release their 2026 second-quarter earnings reports in the early hours of July 29, Beijing time. Amazon is expected to release its earnings report in the early hours of July 31, Beijing time. During this tech giants’ earnings season, market focus has shifted from “AI investment scale” to whether “large-scale capital expenditures can generate tangible returns.”

Over the past year, companies such as Google, Microsoft, and Amazon have continued to expand their AI infrastructure investments, including data center construction, GPU procurement, and cloud computing resource expansion. Investors will be watching closely to see whether the growth rate of AI-related capital expenditures (CapEx) matches the growth of AI revenue, and whether cloud businesses such as Google Cloud, Azure, and AWS can increase their growth pace through AI demand, improve profit margins, and raise return on capital (ROI).

Among them, the market will focus on Google’s progress in commercializing Gemini, the impact of AI search on its advertising business, and whether its continuously expanding AI infrastructure investment can be converted into new growth momentum. Microsoft will focus on the growth of its Azure AI business, cloud demand driven by its collaboration with OpenAI, and the impact of AI infrastructure investment on profit margins. Amazon will focus on AWS growth, the release of AI cloud demand, and whether expanded data centers can help improve free cash flow.

At present, the biggest controversy in the market is whether the AI CapEx cycle has already entered a “returns validation stage.” Previously, the market’s trading logic mainly revolved around “who invests the most and who has an advantage in AI infrastructure.” But as tech giants’ capital expenditures continue to climb, investors have begun to focus on how quickly AI spending translates into revenue. If AI cloud revenue and enterprise AI application demand can keep up with the expansion of capital expenditures, AI infrastructure investment is expected to continue driving higher valuations for tech stocks. However, if CapEx growth exceeds the pace of AI commercialization over the long term, pressure on profit margins and cash flow may become the market’s new focal points.