Key Highlights

  • Microsoft (NASDAQ:MSFT) reports on October 28, 2026 with a commercial backlog of USD 678 billion and fiscal 2026 capital spending of USD 115.9 billion, while Azure and other cloud services grew 43% last quarter.
  • Alphabet (NASDAQ:GOOGL) also reports on October 28, 2026, after Google Cloud revenue rose 82% to USD 24.8 billion and backlog reached USD 514 billion in the second quarter, with capex guided to USD 195 billion to USD 205 billion.
  • Amazon (NASDAQ:AMZN) reports on October 29, 2026 after booking USD 53.4 billion of non-operating income, mainly from Anthropic, and trailing capital spending of USD 173.0 billion, while trailing free cash flow was negative USD 7.6 billion.
  • Intel (NASDAQ:INTC) reports the same evening, guiding revenue of USD 15.8 billion to USD 16.8 billion, with Nvidia having bought USD 5 billion of its stock at USD 23.28 per share.

Microsoft (NASDAQ:MSFT): Reports October 28 With a USD 678B Backlog

Microsoft (NASDAQ:MSFT) reports fiscal first quarter 2027 results after the close on October 28, 2026, with a call at 5:30 p.m. ET. Company guidance implied revenue of about USD 89.85 billion to USD 90.95 billion, as reported, and a consensus of USD 4.71 per share was listed. The last report, on July 29, 2026, showed revenue of USD 90.0 billion, Azure growth of 43% and commercial remaining performance obligation of USD 678 billion, up 84%. Fiscal 2026 capital spending was USD 115.9 billion. The loop element is OpenAI. Microsoft results include OpenAI investment effects, a net gain of USD 4.96 billion for fiscal 2026, while OpenAI also buys Azure capacity. Non-GAAP results exclude that item, so readers should check which figure is quoted. The published chart shows Microsoft at USD 4 trillion. For Microsoft (NASDAQ:MSFT), backlog growth, Azure growth near 43% and capex guidance are the numbers that show whether the loop is still expanding, and depreciation from a larger asset base will weigh on margins. The main risk is concentration: a few AI labs account for a large share of the backlog, and those labs depend on outside funding rounds. A slower Azure rate or a cautious capex outlook would be read across the whole sector.

Alphabet (NASDAQ:GOOGL): Reports October 28 After 82% Cloud Growth

Alphabet (NASDAQ:GOOGL) reports third quarter results after the close on October 28, 2026, with a call at 4:30 p.m. ET and a consensus of USD 2.94 per share listed. In the second quarter, reported on July 22, 2026, Google Cloud revenue rose 82% to USD 24.8 billion and cloud backlog reached USD 514 billion, according to coverage of the release. Reported earnings of USD 9.11 per share included about USD 98 billion of other income, mainly unrealized gains on equity investments, so profit quality is a theme. Capex for 2026 has been guided to USD 195 billion to USD 205 billion. The Anthropic link is reported, not filed: a USD 200 billion cloud commitment over five years and an Alphabet investment of up to USD 40 billion. If those figures hold, Alphabet (NASDAQ:GOOGL) funds a customer that returns much of the cash as cloud spend, and books gains on the stake. Backlog, capex and equity gains are the lines to watch. The main risk is that gains on private stakes can reverse and that cloud growth of 82% is measured against a base that is growing fast. A cautious capex outlook or a backlog that grows more slowly would also be read across suppliers.

Amazon (NASDAQ:AMZN): Reports October 29 After USD 53.4B Anthropic Income

Amazon (NASDAQ:AMZN) reports after the close on October 29, 2026, with a 5:00 p.m. ET call and a consensus of USD 2.01 per share listed. Second quarter net sales were USD 200.6 billion and AWS grew 37% to USD 42.2 billion. Net income of USD 62.6 billion included USD 53.4 billion of non-operating income, attributed primarily to Anthropic investments, which is an unrealized gain that depends on Anthropic's valuation, shown at USD 965 billion on the chart. Trailing capital purchases were USD 173.0 billion and trailing free cash flow was negative USD 7.6 billion. Third quarter guidance was net sales of USD 197.0 billion to USD 202.0 billion and operating income of USD 22.5 billion to USD 26.5 billion. Anthropic was reported to commit more than USD 100 billion to AWS over ten years, so Amazon (NASDAQ:AMZN) books both a stake gain and cloud revenue from the same customer. The main risks are a lower Anthropic valuation, which would cut reported profit without changing cash, and capital spending that already exceeds free cash flow. AWS growth near 37% is the line investors will compare with Google Cloud's pace.

Intel (NASDAQ:INTC): Reports October 29 With Nvidia as Investor

Intel (NASDAQ:INTC) reports on October 29, 2026 after the close, with a call at 2 p.m. PDT. It guided revenue of USD 15.8 billion to USD 16.8 billion, GAAP earnings of USD 0.31 per share and non-GAAP earnings of USD 0.38. In the second quarter, revenue was USD 16.1 billion, up 25%, Data Center and AI revenue was USD 6.3 billion, up 59%, and Foundry revenue was USD 5.8 billion, up 31%. A GAAP loss of USD 2.16 per share reflected a non-cash charge on escrowed shares tied to a U.S. government agreement. Nvidia (NASDAQ:NVDA) bought more than 214.7 million shares for USD 5 billion at USD 23.28 each, and the two plan custom x86 chips and x86 PC chips with RTX graphics. The chart shows Intel at USD 486 billion, with arrows to Nvidia for investment and hardware, so Intel (NASDAQ:INTC) is both a partner and a competitor. Foundry customers and capex are the key questions. The main risks are execution on Foundry, non-cash charges that distort GAAP results, and dependence on Nvidia's roadmap for its AI products. A guide below the revenue range would raise doubts, while a beat would support the recovery case.

Where Things Stand

These four reports test one question from different angles: whether AI spending turns into revenue before funding conditions tighten. Microsoft (NASDAQ:MSFT) reports first, with a backlog tied to a small group of AI labs. Alphabet (NASDAQ:GOOGL) reports the same evening with a cloud backlog of USD 514 billion. Amazon (NASDAQ:AMZN) follows on October 29 with a large unrealized gain from a customer it also funds. Intel (NASDAQ:INTC) is a supplier recovering with Nvidia as a shareholder. Strong results would support the loop, and a capex cut would hit several links together. None of this is a forecast.