Big Tech earnings to test AI boom amid market turmoil

Amazon, Microsoft and Alphabet are expected to report faster cloud growth this week as investors weigh AI returns against rising financing costs and market turmoil. The three companies have nearly $1.7 trillion in combined backlog and plan to spend as much as $600 billion this year. Analysts expect Google Cloud to lead growth in the September quarter, while Meta’s recent results showed that higher spending plans can overshadow revenue growth. The reports will test whether AI demand can support further investment without increasing pressure on cash flow.

Google Cloud revenue is forecast to rise 95.1 percent to $29.57 billion, compared with 81.8 percent growth in the previous quarter.

Amazon Web Services is expected to post 38.2 percent revenue growth, up from 36.8 percent, while Microsoft Azure is forecast to grow 47.7 percent, up from 42 percent.

Alphabet and Amazon are expected to burn cash for the second and third consecutive quarters, respectively, while Microsoft is likely to generate more than $8 billion in cash flow.

Google search revenue growth is expected to slow to 14.7 percent from 16.8 percent, even as Alphabet’s total revenue is forecast to rise 25.2 percent to $128.18 billion.

Microsoft will report under a revamped structure, including divisions called Agents and Infra and Devices and Consumer, and will disclose Azure’s quarterly revenue.

Published Oct 28, 2026 12:35 am KST

The logo of U.S. online retail giant Amazon is seen on the facade of a redistribution centre in Horn-Bad Meinberg, western Germany, on Dec. 9, 2024. AFP-Yonhap

Amazon, Microsoft and Alphabet are expected to report accelerating cloud growth this week, but turbulence in global markets and mounting concerns over the cost of financing AI investments are clouding the outlook.

Investors are pressing for evidence that the AI boom can deliver swift returns to justify its enormous price tag. Rising bond yields at AI cloud providers such as CoreWeave and record costs to insure Meta Platform's debt have amplified concerns about how the massive AI infrastructure buildout is being funded, particularly as higher U.S. interest rates loom.

Market turmoil has rekindled warnings of an AI bubble from investors, including hedge fund Citadel's founder Ken Griffin, and pushed companies to delay their IPOs. An expected Democratic sweep of the U.S. midterm elections could spell more trouble for data centers that are already a target of protests over their impact on power grids, electricity bills and the environment.

China's tech-stock boom has unravelled, wiping out about $480 billion in market value in less than four months as concerns over AI demand and spending and Chinese export curbs deflate lofty valuations. The rout could be a warning for global markets.

Big Tech's results this week will be a litmus test for AI adoption and economic viability. These three companies — with nearly $1.7 trillion in combined backlog — plan to spend as much as $600 billion this year.

Meta's results last week showed just how unforgiving the calculus has become. Better-than-expected revenue growth and an upbeat outlook were overshadowed by increased spending plans, sending its shares down nearly 7 percent the following day. They are now down more than 4 percent this year.

"The appetite for capital expenditure alone is slowing rapidly," said Brian Mulberry, chief market strategist at Zacks Investment Management.

"For Amazon, Google and Microsoft specifically the growth in their cloud companies is a very important line item that will signal if further growth in capital expenditure can be funded without further risks of contracting free cash flow."

While the trio's stocks have outperformed ad-driven Meta this year, with gains ranging from 1.2 percent to 10.1 percent, they continue to lag behind the S&P 500's near 12 percent rise.

Google Cloud is expected to again lead the three major players in the September quarter, with revenue surging 95.1 percent to $29.57 billion, according to LSEG data. That would be faster than the 81.8 percent growth in the previous quarter.

Amazon Web Services, the market leader in cloud, is expected to post 38.2 percent revenue growth on Thursday, up from 36.8 percent in the previous quarter. Microsoft Azure is expected to expand 47.7 percent, accelerating from 42 percent three months earlier, according to Visible Alpha data.

Alphabet and Amazon are expected to burn cash for the second and third consecutive quarters, respectively, while Microsoft will likely generate more than $8 billion in cash flow.

Google Cloud success, search concerns

Alphabet's cloud business and in-house chips have emerged as a bright spot in its AI push amid concerns Google's models are falling behind those of OpenAI and Anthropic. But competition from personal AI agents such as Meta's Muse as well as chatbots such as ChatGPT has raised concerns about the search business that has long powered its earnings.

Google search revenue growth is expected to slow to 14.7 percent from 16.8 percent in the previous quarter, even as total revenue is expected to rise at a slightly faster pace of 25.2 percent to $128.18 billion.

"This quarter, we believe commentary is equally important to quantitative results as competition for search is growing again with agents while there is increased consternation around the payback of AI capital expenditure," Citizens analyst Andrew Boone said.

Microsoft changes reporting segments

Microsoft will report under a revamped structure for the first time on Wednesday, combining cloud, AI and business software into a division called "Agents and Infra", and Windows, gaming and ad sales into another dubbed "Devices and Consumer."

A notable change will be the disclosure of Azure's quarterly revenue, resolving investor frustration over its previous focus on growth rates without absolute figures.

Analysts expect Azure to post sales of $33.06 billion in the quarter, powering a 16.7 percent rise in Microsoft's total revenue to $90.66 billion, slightly slower growth than the previous period.

Amazon's overall revenue growth is expected to slow to 12.3 percent from 19.6 percent in the previous quarter.

预计亚马逊、微软和Alphabet本周将公布更快的云业务增长，投资者正在权衡人工智能的回报与不断上涨的融资成本和市场动荡之间的关系。这三家公司合计积压订单近1.7万亿美元，并计划今年支出高达6000亿美元。分析师预计谷歌云将在9月份的季度中引领增长，而Meta最近的业绩显示，更高的支出计划可能会掩盖收入增长。这些报告将检验人工智能需求能否在不增加现金流压力的情况下支撑进一步的投资。

谷歌云收入预计将增长 95.1%，达到 295.7 亿美元，而上一季度的增幅为 81.8%。

亚马逊网络服务 (AWS) 的收入预计将增长 38.2%，高于之前的 36.8%；而微软 Azure 的收入预计将增长 47.7%，高于之前的 42%。

Alphabet 和亚马逊预计将分别连续第二个和第三个季度消耗现金，而微软则可能产生超过 80 亿美元的现金流。

尽管 Alphabet 的总收入预计将增长 25.2% 至 1281.8 亿美元，但谷歌搜索收入的增长预计将从 16.8% 放缓至 14.7%。

微软将采用新的组织架构进行报告，包括代理和基础架构部门以及设备和消费者部门，并将披露 Azure 的季度收入。

发布于2026年10月28日凌晨12:35（韩国标准时间）

2024年12月9日，美国在线零售巨头亚马逊的标志出现在德国西部霍恩-巴特迈因贝格一家配送中心的外墙上。（法新社-韩联社）

预计亚马逊、微软和Alphabet本周将公布云计算业务加速增长的消息，但全球市场的动荡以及对人工智能投资融资成本日益增长的担忧，都给前景蒙上了阴影。

投资者迫切希望看到人工智能热潮能够带来快速回报的证据，以证明其巨额投资的合理性。CoreWeave等人工智能云服务提供商的债券收益率不断攀升，以及Meta Platform债务保险成本创历史新高，加剧了人们对大规模人工智能基础设施建设资金来源的担忧，尤其是在美国利率即将走高的情况下。

市场动荡再次引发投资者对人工智能泡沫的担忧，其中包括对冲基金 Citadel 的创始人 Ken Griffin，并迫使多家公司推迟首次公开募股（IPO）。预计民主党将在美国中期选举中大获全胜，这可能会给数据中心带来更多麻烦，因为数据中心已经因其对电网、电费和环境的影响而成为抗议的目标。

中国科技股热潮已经消退，不到四个月的时间里，市值蒸发了约4800亿美元。人工智能需求和支出方面的担忧，以及中国出口限制措施，都令过高的估值雪上加霜。此次暴跌可能对全球市场发出警示。

本周大型科技公司的业绩将成为检验人工智能应用和经济可行性的试金石。这三家公司——合计积压订单额近1.7万亿美元——计划今年投入高达6000亿美元。

Meta上周的业绩充分展现了市场竞争的残酷性。尽管营收增长超出预期，前景也十分乐观，但不断增加的支出计划却令其股价在第二天暴跌近7%。今年以来，Meta股价已累计下跌超过4%。

Zacks投资管理公司首席市场策略师布莱恩·穆尔伯里表示：“仅资本支出需求就正在迅速放缓。”

“对于亚马逊、谷歌和微软来说，其云计算业务的增长是一个非常重要的指标，它将表明能否在不进一步增加自由现金流风险的情况下，为进一步的资本支出增长提供资金。”

虽然这三家公司的股票今年的表现优于以广告驱动的 Meta，涨幅在 1.2% 到 10.1% 之间，但它们仍然落后于标普 500 指数近 12% 的涨幅。

根据伦敦证券交易所集团（LSEG）的数据，谷歌云预计将在9月份的季度再次领跑三大云服务提供商，营收将飙升95.1%至295.7亿美元。这一增速将高于上一季度的81.8%。

云计算市场领导者亚马逊网络服务（AWS）预计将于周四公布营收增长38.2%，高于上一季度的36.8%。据Visible Alpha数据显示，微软Azure预计将增长47.7%，高于三个月前的42%。

Alphabet 和亚马逊预计将分别连续第二个和第三个季度消耗现金，而微软则可能产生超过 80 亿美元的现金流。

Google Cloud 的成功，搜索方面的担忧

在人们担忧谷歌的模型落后于OpenAI和Anthropic之际，Alphabet的云计算业务和自主研发的芯片已成为其人工智能战略中的亮点。但来自Meta的Muse等个人人工智能代理以及ChatGPT等聊天机器人的竞争，引发了人们对谷歌长期以来赖以盈利的搜索业务的担忧。

预计谷歌搜索收入增速将从上一季度的 16.8% 放缓至 14.7%，尽管总收入预计将以略快的速度增长 25.2%，达到 1281.8 亿美元。

“我们认为，本季度评论与量化结果同样重要，因为随着代理商对搜索领域的竞争日益激烈，人们对人工智能资本支出的回报也越来越感到担忧，”Citizens 分析师 Andrew Boone 表示。

微软更改报告段

微软将于周三首次以全新的组织架构发布财报，将云、人工智能和商业软件合并为一个名为“代理和基础设施”的部门，并将 Windows、游戏和广告销售合并为另一个名为“设备和消费者”的部门。

一个显著的变化是 Azure 将公布季度收入，从而解决投资者此前对其只关注增长率而不公布绝对数字的不满。

分析师预计 Azure 本季度销售额将达到 330.6 亿美元，推动微软总收入增长 16.7% 至 906.6 亿美元，增速略低于上一季度。

亚马逊整体营收增长预计将从上一季度的 19.6% 放缓至 12.3%。