Microsoft, Meta Report Q2 Earnings on July 29; Amazon, Apple Follow July 30 Amid $725B AI Spending Push

Microsoft, Meta, Amazon, and Apple will report second-quarter earnings on Wednesday (July 29) and Thursday (July 30), as market focus shifts from profit growth to whether massive AI investments translate into returns. The four tech giants face heightened scrutiny following Alphabet's capital expenditure guidance increase to $205 billion two weeks prior, which triggered a post-earnings selloff.

According to Goldman Sachs and LSEG, the five largest cloud service providers are projected to spend $725 billion on capital expenditure this year, a 77% jump from $412 billion in 2025. Under accounting standards, only $211 billion will be recorded as depreciation in operating profit this year, with over $500 billion capitalized as long-term assets. Microsoft's capital spending plan totals approximately $190 billion annually, while Amazon's approaches $200 billion.