Alphabet, Meta, Microsoft, Amazon and Qualcomm are moving sharply after earnings, with investors rewarding clear cloud and AI returns and punishing heavy spending.
Big Tech earnings are driving a busy stock-movers session, with Alphabet, Meta, Microsoft, Amazon and Qualcomm all in focus.
Reuters and other market coverage said Alphabet and Amazon were higher after their results, while Meta and Microsoft were under pressure as investors weighed the cost of heavy AI spending. Qualcomm also moved sharply after reporting results and pointing to a hyperscaler custom silicon engagement.
Microsoft reported fiscal third-quarter revenue of $82.9 billion, up 18%, and said its cloud and AI business remained strong. Amazon said it would hold its first-quarter earnings call on April 29 and was closely watched for signs that AWS growth could support its AI spending plans. Meta's market reaction was weaker, with traders focusing on infrastructure costs and the pace at which AI investment might pay off.
Qualcomm reported second-quarter fiscal 2026 revenue of $10.6 billion and said a hyperscaler custom silicon engagement is on track for initial shipments later this year.
The broader read-through is the same one dominating earnings season: investors are willing to back AI spending, but only when it is tied to visible revenue growth, cloud gains or other concrete returns.
That keeps the group of mega-cap names on the move as traders sort through which companies are being rewarded for their AI strategies and which ones are being punished for the scale of the bill.
Revision note
Initial automated publication.