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.