Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META) and Amazon (AMZN) will report fiscal third-quarter or first-quarter earnings after Wednesday's 4 p.m. ET closing bell, in what Wall Street has dubbed "Mag 4 Earnings Night." The quartet command a combined market capitalization of roughly $14.7 trillion; with Apple (AAPL) joining Thursday after the close, the five-stock cohort represents $16.0 trillion or 24% of the S&P 500's total cap.
Microsoft is expected to report revenue of $76.5 billion (consensus), up 14% year-on-year, with EPS of $3.78. Azure and other cloud-services revenue is the swing variable: consensus calls for 33.5% constant-currency growth, with whisper numbers as high as 36%. Alphabet consensus is $93.4 billion of revenue (+11%) and EPS of $2.42, with Google Cloud growth at 28%. Meta expects $43.5 billion in revenue and $5.85 EPS. Amazon: $156.2 billion total revenue, $1.42 EPS, with AWS growth of 19%.
AI Capex Under the Microscope
Hyperscalers have collectively committed approximately $645 billion of 2026 capital expenditure, up 56% from 2025. Microsoft alone is on track for $146 billion of fiscal 2026 capex; Meta has guided $115-$135 billion; Alphabet roughly double 2025 levels at $112 billion; Amazon $116-$120 billion. Bernstein's Mark Moerdler said in a note Tuesday that "investors will give a clean pass on capex if cloud-revenue growth holds the line — but a single 200-basis-point miss on cloud guidance could re-rate the entire AI complex."
A Wells Fargo analysis estimates Nvidia (NVDA