Mag 7 Earnings Cluster: AI Capex Becomes The Product

Category: Earnings Analysis · Date: 2026-04-29

Microsoft, Alphabet, Meta, and Amazon validated AI demand with scaled cloud, backlog, ad monetization, and proprietary silicon signals. The market question now shifts to capex duration, depreciation, power cost, and whether an Iran/oil shock raises the cost of the AI utility buildout faster than cloud usage and contracted revenue can absorb it.

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