Key Highlights

  • Amazon (NASDAQ:AMZN) reported Q3 capex of USD 77.3 billion against USD 35.1 billion a year earlier, guided 2026 capex to about USD 220 billion, and posted trailing free Cash Flow of an outflow of USD 42.4 billion.
  • Alphabet (NASDAQ:GOOGL) reported Q3 EPS of USD 2.12, below every consensus figure found, and negative free cash flow, while Google Cloud Revenue reached USD 30.7 billion; the stock closed down about 12.7% at USD 283.70.
  • Intel (NASDAQ:INTC) grew Data Center revenue nearly 80% to USD 7.3 billion in Q3, yet a Q4 revenue guide of USD 15.0 billion to USD 16.0 billion, reportedly on sluggish PC demand, sent shares down about 25% in premarket.
  • Sandisk (NASDAQ:SNDK) grew data center revenue 61% to USD 4.8 billion with non-GAAP gross Margin of 85.1%, yet fell 8.05% to 8.3% in premarket as investors weighed whether memory pricing is near a peak.

Amazon (NASDAQ:AMZN): Cash cost of growth

Amazon (NASDAQ:AMZN) released Q3 results after the close on October 29, 2026. Net sales were USD 201.9 billion, and AWS grew 39% to USD 46.0 billion, with AWS Operating Income of USD 17.8 billion. EPS of USD 1.89 missed the USD 1.96 estimate. Net Income of USD 20.7 billion fell year over year because the year-ago quarter included USD 9.5 billion of gains tied to Anthropic, according to the company release. That base effect explains part of the EPS shortfall without any single operating failure. The stock had already dropped 4.25% in Thursday's regular session before the report, so the premarket move adds to an existing slide. The sharper concern is the cost of growth. Q3 capex reached USD 77.3 billion, more than double the USD 35.1 billion of a year earlier, and 2026 capex is guided to about USD 220 billion. Heavy spending on data centers and chips lifts Depreciation later and absorbs cash now, which is why trailing free cash flow turned to an outflow of USD 42.4 billion from a USD 14.8 billion inflow. The Q4 sales guide of USD 240 billion to USD 247 billion brackets the roughly USD 244.2 billion expected, so the outlook is not weak on revenue.

Alphabet (NASDAQ:GOOGL): Cloud strength, weak cash

Alphabet (NASDAQ:GOOGL) reported Q3 results on October 29, 2026. EPS was USD 2.12, below every consensus figure we found, though those figures conflict at USD 2.94, USD 3.01 and USD 3.02. Revenue of USD 127.58 billion compared with about USD 127.9 billion expected, a small shortfall. Google Cloud revenue was USD 30.7 billion. Search and Advertising growth fell short of hopes, and free cash flow was negative. The share price closed at USD 283.70, down about 12.7%. Because the consensus EPS varies by source, the precise size of the miss should be treated as uncertain until a primary filing is checked. The remaining figures come from published market data and need checking against the filing. Search and advertising are the profit engine, so softer growth there matters more than strength in cloud. Negative free cash flow adds a second concern, because heavy spending on data centers absorbs cash before it produces revenue. One summary says roughly USD 500 billion of Market Value was erased and that it was the worst day in over 20 years. The stock being negative for 2026 shows how much the rally has unwound.

Intel (NASDAQ:INTC): Data center growth, PC warning

Intel (NASDAQ:INTC) reported results after the close on October 29, 2026. Q3 adjusted EPS was USD 0.52 against a USD 0.40 estimate, and revenue was USD 16.5 billion, up 21% year over year. Data center revenue climbed nearly 80% to USD 7.3 billion. The problem sits in the forward numbers: the Q4 revenue guide of USD 15.0 billion to USD 16.0 billion and non-GAAP EPS guide of USD 0.25 fell short of expectations. Earlier estimates, as cited in several summaries, were about USD 17.1 billion and USD 0.43 to USD 0.44. The premarket quote of USD 68.44 compares with a prior close of about USD 92.07, a figure derived by simple arithmetic from the quoted decline. Markets price the next several quarters, not the one just finished. A guide below consensus resets those expectations, so a strong quarter can still trigger a sharp repricing when the outlook disappoints. The cause is reported to be sluggish PC demand, which comes from published market commentary rather than a company statement we could verify. The warning spread beyond one name: Dell fell about 10%, HP about 8%, and Hewlett Packard Enterprise and Super Micro about 5% to 6% in premarket.

Sandisk (NASDAQ:SNDK): Memory strength, pricing worry

Sandisk (NASDAQ:SNDK) reported results after the close on October 29, 2026. Revenue was USD 11.0 billion and the guide for the next quarter is USD 12.2 billion to 12.6 billion, both confirmed in two accounts. Data center revenue rose 61% to USD 4.8 billion and non-GAAP gross margin was 85.1%. The company also announced an 8-for-1 stock split. Even so, shares fell between 8.05% and 8.3% in Friday premarket. Earnings Per Share conflict across accounts, USD 52.60 in one and USD 49.51 in another, so we do not cite either as final. A split changes the share count and price per share, not the value of the company. Memory makers earn the most when Supply is tight and contract prices rise. Sandisk (NASDAQ:SNDK) sells NAND flash, so its margins move with those prices. Investors fear pricing may be near a peak, and a gross margin of 85.1% leaves little room to improve further. Read-across from peers added pressure: SK hynix ADRs fell more than 7%, and Kioxia's operating profit guide of 2 trillion yen for its fiscal third quarter was below a consensus of 2.35 trillion yen, according to one account.

Where Things Stand

The answer is that the market is asking who earns a return on the spending. Amazon (NASDAQ:AMZN) shows the cash cost. Alphabet (NASDAQ:GOOGL) pairs cloud revenue with negative free cash flow. Intel (NASDAQ:INTC) shows data center growth overshadowed by a PC warning. Sandisk (NASDAQ:SNDK) shows strong results meeting a pricing-peak worry. The figures are a mix of closes and premarket snapshots. Later filings and analyst notes will show whether returns arrive fast enough. This is not Investment advice.