BlockBeats News, July 17th, Alphabet (Google) and Microsoft are expected to release their Q2 2026 earnings report on July 29th (UTC+8), while Amazon is expected to report its earnings before market open on July 31st (UTC+8). In this tech giant earnings season, the market's focus has shifted from "AI investment scale" to "whether large-scale capital expenditure can bring actual returns."

Over the past year, companies like Google, Microsoft, and Amazon have been expanding their AI infrastructure investment, including data center construction, GPU procurement, and cloud computing resource expansion. Investors will closely watch whether the growth rate of AI-related capital expenditure (CapEx) matches the growth in AI revenue, and whether cloud businesses like Google Cloud, Azure, AWS can accelerate growth, improve profit margins, and increase return on investment (ROI) through AI-driven demand.

Specifically, the market will focus on Google's progress in commercializing Gemini, the impact of AI search on its advertising business, and whether the expanding AI infrastructure investment can translate into new growth drivers. Microsoft will concentrate on the growth of its Azure AI business, cloud demand driven by the OpenAI partnership, and the impact of AI infrastructure investment on profit margins. Amazon will pay attention to AWS growth, the release of AI cloud demand, and whether post-data center expansion can drive improvement in free cash flow.

Currently, the biggest market controversy lies in whether the AI CapEx cycle has entered the "return validation stage." Previously, market trading logic mainly revolved around "who invests the most and who has the AI infrastructure advantage." However, as tech giants' capital expenditures continue to rise, investors are now focusing on the speed at which AI investment generates revenue. If AI cloud revenue and enterprise AI application demand can keep up with capital expenditure expansion, AI infrastructure investment is expected to further boost tech stock valuations. But if CapEx growth continues to outpace AI commercialization speed in the long term, profit margin and cash flow pressure may become new market concerns.