Key Highlights

● Amazon reports after the close in the coming session.

● Microsoft beat estimates while Alphabet missed.

● Amazon's AWS growth will be compared to Azure and Google Cloud.

● Amazon's capital spending plans draw close attention.

Wall Street's biggest technology companies sent mixed signals after the bell, putting even more weight on Amazon, the e-commerce and cloud giant that reports after the close in the coming session, and investors will be watching it as the next major test of whether heavy AI spending is paying off.

Microsoft climbed in extended trading after its fiscal first-quarter results beat estimates, with Azure cloud growth accelerating and topping forecasts, while capital spending came in below consensus, according to one market newsletter.

A Split Verdict So Far

Alphabet, by contrast, slid sharply after hours, missing estimates well below expectations, while free cash flow turned negative and the company raised its 2026 capital-spending forecast. Google Cloud revenue beat forecasts, but that was not enough to offset the profit miss.

One reading of the evening was that cloud growth alone is not enough, since Microsoft paired strong growth with spending below forecasts, while Alphabet paired a cloud beat with a profit miss and negative free cash flow.

What Amazon Brings to the Table

Amazon Web Services is widely regarded as the largest cloud computing provider, and its growth rate will be compared directly with Azure and Google Cloud, with investors looking for signs that AWS is capturing its share of AI demand.

Amazon's capital-spending plans will draw equal attention, since the company is one of the biggest buyers of data-center equipment, and its spending flows to chipmakers, power suppliers and builders, with its retail business also offering a read on the consumer heading into the holiday season.