Microsoft and Meta will kick off Big Tech earnings this week under pressure to prove that their costly bets on artificial intelligence can power another year of strong growth as a resurgent Alphabet takes the lead in the high-stakes race.

Investors are kicking off a big week of mega-cap tech earnings and Fed policy updates. The Fed will deliver its latest interest rate decision on Wednesday.

The Nasdaq Composite came within a hair’s breadth of hitting a new all-time high on Wednesday when several earnings reports suggested the AI infrastructure boom isn’t slowing down anytime soon.

Big Tech plans $530B AI spend in 2026—see how Meta boosts ad ROI and why Google leads AI monetization via Search and Cloud. Read the full analysis here.

Tech giants start reporting earnings today — as Amazon announces it's cutting around 16,000 roles.

During Microsoft’s October earnings call, CFO Amy Hood also pointed to higher capital expenditures in 2026, adding that the company would spend more than the $88.2 billion it spent in 2025. In Q1 alone, Microsoft spent a record $34.9 billion as part of its AI build-out.

Eighteen months ago, it was plausible that artificial intelligence might take a different path than social media. Back then, AI’s development hadn’t consolidated under a small number of big tech firms. Nor had it capitalized on consumer attention, surveilling users and delivering ads.

As tech companies spend billions on artificial intelligence data centers and computer chips, fears of an AI bubble held privately by Wall Street traders and some Big Tech titans are beginning to pop into public view.