Quarterly results: hyperscalers impress, despite sky-high AI spending

Alphabet, Amazon, and Microsoft delivered double-digit growth, led by cloud services and rising AI demand.

Google Cloud grew the fastest, AWS stayed the largest standalone cloud business, and Microsoft posted the highest bundled cloud revenue.

All three hyperscalers are ramping AI infrastructure capex, signaling heavier competition and pressure on margins.

The spending wave is benefiting suppliers like Samsung, Micron, SK Hynix, and Qualcomm, while Meta and IBM saw softer reactions.