Amazon, Meta, Microsoft and Alphabet reported strong quarterly results showing that artificial intelligence demand is supporting revenue and cloud growth, but the spending needed to build that capacity remains substantial. Amazon spent $53.1 billion in Q2, according to the source, while Meta reported $31.08 billion in quarterly capital expenditures and said full-year capex is expected at $130 billion to $145 billion. Microsoft said Azure revenue surpassed $100 billion, Alphabet reported 82% growth at Google Cloud, and Amazon's AWS showed robust cash flow and backlog growth. At Meta, however, revenue rose 28% while costs and expenses increased 55%, with higher research and development spending, rising depreciation and weaker free cash flow prompting investor scrutiny over whether AI-related returns will justify the cost base.