Google's Q2 results exceeded expectations, with cloud revenue surging 82% to $24.77 billion and operating margins expanding to 34%. However, Google's free cash flow turned negative at $5.86 billion due to a surge in AI capital expenditures.

Meta Platforms reported Q2 earnings per share (EPS) of $6.18, missing the estimated $7.2173 by 14% and ending a six-quarter streak of beating expectations. The company's total costs soared by 55%, causing operating margins to drop from 43% to 31%. Meta projects full-year capital expenditures to be between $130 billion and $145 billion, with expenses rising to $165 billion to $169 billion. Its free cash flow plunged 91.31% to $784 million.