The latest batch of quarterly earnings reports from hyperscalers Amazon, Alphabet and Microsoft might not have put to rest concerns about high capital spending on artificial intelligence infrastructure by those firms, but earnings were still robust enough to reassure some about the wisdom of the investments.
AWS sales were up 28 percent in the January-March period, the fastest increase in 15 quarters.
Amazon Web Services had 24-percent sales growth in the fourth quarter, which followed the division's 20 percent growth in the third quarter of 2025.
Microsoft cloud revenues were up 29 percent year-over-year, while Alphabet reported its cloud revenues grew 63 percent.
source: Alphabet, Seeking Alpha
Investors still seem to have qualms about Meta’s capex, though.
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