US Edition

Meta reports July 29 with a $145 billion AI spending plan and a stock already under pressure. Microsoft reports the same evening with a $37 billion AI revenue run rate but capex expected to exceed $40 billion in Q4 alone. Together with Alphabet and Amazon, the four hyperscalers are on pace to spend $725 billion on AI infrastructure in 2026, and this earnings week is the first real test of whether any of it is paying back.