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#BigTechEarningsWatch This earnings season didn't just deliver numbers — it delivered a verdict on the AI spending race, and the market split Big Tech into clear winners and losers. Microsoft and Amazon came out on top, with shares jumping 16% and 10% respectively. Amazon's strength came from AWS, which grew 37% to over $200 billion in quarterly revenue, and the company doubled down by committing another $35 billion to OpenAI. Alphabet had already set the tone the week before, posting an 82% jump in Google Cloud growth — though even that report came with a catch, as management raised 2026 capex guidance toward roughly $200 billion. On the other side, Meta and Apple got punished. Meta's margins came in weaker than expected, and its only slight bump to 2026 capex guidance wasn't enough to convince investors — the stock fell 10% despite the modest increase in spending plans. Apple and South Korea's KOSPI also dropped, down 4% and nearly 18%. The pattern across the board is clear: spending on AI is no longer enough on its own to satisfy Wall Street — companies now need to show that spending is translating into actual demand and revenue. Nvidia's report on August 26, the last of the "Magnificent Seven" to release results, is shaping up to be the season's final word on whether the AI trade still holds.