Four of the Magnificent Seven (Mag 7) tech giants are still on track to meet their massive artificial intelligence (AI) spending goals this year, according to their earnings report.
Companies reporting quarterly earnings after trading on Wednesday are Microsoft (MSFT), Alphabet (GOOG), Meta (META) and Amazon (AMZ), with a combined market capitalization of about $12 trillion.
Previously, an analysis by Bridgewater Associates noted that the four companies are expected to spend approximately $650 billion together on AI infrastructure in 2026. While most of them did not break out their AI spending in their latest earnings, they appear to be on track to continue their spending spree in the sector.
The investment has significant implications for the digital asset sector, particularly for bitcoin miners, who are increasingly moving away from mining to hosting computers for AI as part of their income diversification strategy. Bitcoin miners already have data centers ready and equipped to house a huge number of machines needed for AI computing. Faced with shrinking margins due to lower bitcoin prices and increased competition, miners have begun lending their data centers to artificial intelligence companies to diversify their revenue streams.
AI-linked bitcoin mining stocks with exposure to hyperscale infrastructure deals include IREN (IREN), which was down about 0.3%, TeraWulf (WULF), and Cipher Digital (CIFR), which was down 0.5%. Meanwhile, following the results, Microsoft was down more than 2.4% in after-hours trading, Alphabet was up 6%, Meta was down 6.6% and Amazon was down 3.7%. Bitcoin is down around 0.9% in the last 24 hours.
The next big test for overall market sentiment and miners will come when chipmaker Nvidia reports its results on May 20.
Here’s what the tech giants reported and said during their earnings.
microsoft
Microsoft reported fiscal third-quarter 2026 revenue of $82.9 billion, beating the consensus of $81.4 billion, with earnings per share (EPS) of $4.27 versus the estimate of $4.06, according to FactSet data.
“We are focused on delivering cloud and AI infrastructure and solutions that enable all companies to evaluate and maximize their results in the era of agent computing,” said Satya Nadella, president and CEO of Microsoft, noting that the company’s AI business generated $37 billion, an increase of 123% year over year.
Alphabet
Alphabet pointed to AI as a core driver of growth and reported capital expenditures of $35.67 billion for the quarter, slightly below estimates of $36.39 billion.
“Our investments in AI and our end-to-end approach are lighting up every part of the business,” said Alphabet CEO Sundar Pichai, linking gains in search and cloud to demand driven by AI. Google Cloud revenue increased 63% to $20 billion, driven in part by “enterprise AI solutions and enterprise AI infrastructure,” showing how AI is shaping both product usage and enterprise adoption.
Alphabet reported Q1 2026 revenue of $109.9 billion, beating the consensus of $107 billion, with earnings per share (EPS) of $2.81 versus the estimate of $2.63.
Amazon
Amazon reported Q1 2026 revenue of $181.5 billion, beating the consensus of $177.2 billion, with earnings per share (EPS) of $2.78 versus the estimate of $1.63. AWS revenue came in at $37.6 billion versus the estimate of $36.92 billion.
Amazon said free cash flow fell sharply over the past year, pointing to an increase in infrastructure spending. The company noted that the decline was “primarily due to a $59.3 billion year-over-year increase in property and equipment purchases,” adding that “this increase primarily reflects investments in artificial intelligence.” The shift shows how heavily Amazon is leaning into AI, even as it weighs on near-term cash generation.
Goal
Meta pointed to rising AI infrastructure costs as a key driver of spending, reporting $19.84 billion in capital spending for the quarter and raising its full-year outlook to $125-145 billion, up from its previous guidance of $115-135 billion. The increase reflects “higher component pricing this year and, to a lesser extent, additional data center costs to support future year capacity,” the company said, underscoring how AI development is driving investment.
CEO Mark Zuckerberg framed the push more directly, calling it a “historic quarter” tied to AI progress and adding, “We’re on track to deliver personal superintelligence to billions of people.”
Meta reported Q1 2026 revenue of $56.31 billion, beating the consensus of $55.5 billion, with EPS of $10.44 versus the estimate of $6.67.
