Cloud Wars Decided: GOOGL and AMZN Win Big Tech Earnings Week While META Spends Its Way Into a Timeout

Let's do the scorecard fast: $GOOGL beat revenue estimates with $94.7B vs $91.6B expected, Google Cloud hit $20B with 63% YoY growth and margins expanding from ~20% to nearly 30% in six months, and Gemini enterprise users grew 40% quarter-over-quarter. Meanwhile $AMZN's AWS clocked 28% growth — its best in roughly 15 quarters. Bloomberg's entire podcast lineup agreed: these two were the clear winners of earnings week.

Then there's $META, which fell 5-6% after hours after raising 2026 capex guidance to $125-145B (up from $115-135B). The Q2 revenue guide of $58-61B was merely in line — and Wall Street does not do merely. Bloomberg analysts flagged the core problem: Meta has no cloud business to monetize its AI spending, unlike Google, Amazon, and Microsoft. $MSFT Azure grew 39% — technically a beat — but got completely overshadowed. Jim Cramer on Mad Money called it: hyperscalers disappointed, while supply-constrained semis like $INTC (+12%) and $NXPI (+25%) stole the show.

Backdrop for all of this: the Fed held rates in an 8-4 vote — the most dissents since 1992 — Brent crude briefly breached $120/barrel, and Powell announced he's staying on as a governor after his chair term ends May 15. Google just accidentally became the most exciting stock in tech, and that's a sentence nobody had on their bingo card entering 2026.