U.S. tech giants such as Microsoft, and Meta released their earnings reports this week, with the return on AI spending becoming the focus of the market.

This week, U.S. tech giants such as Microsoft, Meta, Apple, and Amazon will release their earnings reports one after another.The market’s focus is on whether these companies’ record-breaking AI spending will translate into actual revenue growth. Previously, despite Alphabet’s second-quarter revenue and earnings per share exceeding expectations, its stock price still fell after the company raised its 2026 capital expenditure guidance to $195–205 billion.Analysts point out that capital expenditures at major tech companies are currently growing at a rate far exceeding their cash generation. Investors are closely monitoring capital expenditures rather than surface-level profits, as part of the profits reported by Meta and Amazon in their last-quarter earnings were attributable to non-operating factors.