Keep pulling the thread on Earnings Analysis.
Amazon Web Services reported a 28% growth rate, its highest in approximately 15 quarters.
Meta Platforms increased its 2026 capital expenditure guidance to a range of $125 billion to $145 billion, up from a prior range of $115 billion to $135 billion.
Amazon's trailing 12-month free cash flow fell from $26 billion to $1.2 billion due to spending on AI infrastructure.
The AI revenue run rate for Amazon Web Services has surpassed $15 billion.
Ron Westfall projects that Amazon Web Services' growth will accelerate towards 25.6%, driven by its $100 billion infrastructure deal with Anthropic.
Amazon Web Services has a contracted backlog of $244 billion, and its capacity is selling out immediately upon availability.
Alphabet reported first-quarter revenue of $94.7 billion, excluding partner payouts, beating the analyst consensus of $91.6 billion.
The active user base for Google's Gemini for Enterprise grew by 40% quarter-over-quarter.
Google Cloud reported sales of $20 billion, driven by demand for its AI software and infrastructure.
Alphabet reported earnings per share of $5.11, significantly beating Wall Street's estimate of $2.62 per share.
Google Cloud's margins have expanded to nearly 30%, an increase from 20% six months prior.
Amazon's chipset business, including Trinium 2 and Inferentia, has reached a $20 billion annualized revenue run rate.