Amazon, Microsoft, and Google: AI Drives Record Numbers

Impressive Financial Results for Tech Giants

The recent financial performances of Amazon, Microsoft, and Google once again highlight the power of cloud computing and artificial intelligence. Amazon reported a revenue of $181.5 billion for the first quarter of 2026, marking a 17% increase compared to the previous year. Its net profit stands at over $3 billion. Amazon Web Services (AWS) generated $37.6 billion, reflecting nearly 30% growth.

Microsoft, for its part, recorded a revenue of $82.9 billion for the third quarter of its fiscal year 2026, up 18%. The company's net profit reached $31.8 billion. Microsoft Cloud reported $54.5 billion, showing a 29% increase from the previous year.

Google also posted impressive results with a revenue of $109.9 billion in the first quarter of 2026, representing a 22% increase. The Google Cloud segment surpassed $20 billion in quarterly revenue for the first time, with an impressive growth of 63%. Google's net profit reached $62.6 billion.

Colossal Investments to Support Growth

Concerns about an AI bubble are emerging in public debate, fueled by the scale of investments and market frenzy. However, the financial results of Alphabet (Google), Microsoft, and Amazon, largely supported by cloud computing and artificial intelligence, invite a more nuanced perspective. Massive investments in cloud infrastructure and AI continue to weigh on short-term cash flow.

Microsoft is investing tens of billions of dollars in building data centers and acquiring chips. Despite these expenditures, demand remains strong, with Azure showing 40% growth and increasing adoption of its services like Copilot. Microsoft has also clarified its relationship with OpenAI, ending the exclusivity around the startup's models while maintaining Azure as the primary cloud.

Amazon plans to spend around $200 billion in capex for 2026, primarily to develop its data centers and its own chips, thereby absorbing almost all the operational cash generated by its other activities.

Robust Growth, but High Expectations

The real challenge is no longer to "beat expectations" quarter after quarter, but to absorb an unprecedented wave of investments in AI. The current performances of these companies show that growth in cloud computing and AI remains strong. However, they must continue to convince the markets that their investments will translate into recurring revenues and sustained margins. Any sign of a slowdown in adoption could rekindle concerns about a potential bubble. Order books are filling up quickly, but companies must prove that every billion invested in AI translates into recurring revenues and solid margins.