Big night for the hyper-scalers. All three beat expectations, but the market reactions could not have been more different. Here is the breakdown. I told you in 2025. Google is my pick at the bottom in April. +127.55% since then. Look at the 1-Y performance of all 3. Alphabet ( GOOG ) Best of the Night +6.88% pre-market The Numbers: EPS came in at $5.11 versus the $2.62 estimate, and revenue reached $109.9B versus the $107.1B expected. Google Cloud was the standout, growing 63 percent year over year to $20B, well above forecasts. Google Search revenue rose 19 percent to $60.4B. Total operating income increased 30 percent to $39.7B, with operating margin expanding to 36.1 percent. One important note: EPS was significantly boosted by $36.9B in unrealized gains on equity securities. Excluding that, the operating picture remains strong, just less dramatic than the headline number suggests. After-Hours Reaction: Shares rose roughly 4 percent. CEO Sundar Pichai said the company is “compute constrained in the near term,” adding that cloud revenue would have been even higher if they could meet demand. Forward Look: Alphabet raised its 2026 capex guidance to $180–190B, up from $175–185B, and said 2027 capex will “significantly increase” from 2026. Amazon ( AMZN ) Strong Beat, Volatile Stock +2.12% pre market. The Numbers: EPS of $2.78 versus the $1.64 estimate. Revenue of $181.52B versus $177.30B expected. AWS delivered $37.59B versus $36.64B estimated, growing 28 percent year over year. Advertising revenue reached $17.24B versus $16.87B expected. After-Hours Reaction: The stock was up more than 4 percent after swinging around in extended trading. Context: Amazon projected 2026 capex of $200B. The company recently announced AI-related partnerships with OpenAI, Anthropic, and Meta. Meta ( META) Beat the Numbers, Hit on Capex -7.04% as expected. The Numbers: Revenue of $56.31B grew 33 percent year over year, beating expectations. Ad impressions rose 19 percent and price per ad increased 12 percent. EPS of $10.44 appeared to be a major beat, but an $8.03B tax benefit inflated the result. Adjusted for that, EPS was closer to $7.31, still ahead of estimates. After-Hours Reaction: Shares fell more than 6 percent. The earnings beat did not matter. Why: Meta raised its 2026 capex guidance from $115–135B to $125–145B, a $10B increase at both ends of the range, citing higher component costs and additional data center spending. Investors were already uneasy with the original range. The company also pointed to the Iran war and supply chain disruptions as drivers of higher infrastructure costs. Bottom line: Google and Amazon delivered clean beats with positive stock reactions. Meta delivered on the business but spooked investors with a larger AI infrastructure bill. Across all three, the common thread is accelerating AI capex that continues to scale upward. Below is the 1-year performance of the three Tech giants.(Seth)