Earnings Overload

Summary

Big Tech earnings landed — Alphabet soared on cloud growth while Meta dropped 10% after hiking capex to $145B. SoftBank plans an AI/robotics IPO called Roze, Anthropic weighs a $900B+ round, and Musk called himself a "fool" for backing OpenAI. Microsoft says Q3 Intelligent Cloud revenue was $34.68B, vs. $34.27B est., with Azure and other cloud services up…

Key takeaways

• Big Tech Q1 2026 combined CapEx hit a record $130B, putting hyperscalers on track for $725B in total 2026 spending—up 77% YoY—with investors rewarding Alphabet's cloud backlog of $460B while punishing Meta's vague AI ROI timeline.
• Anthropic is weighing a $900B+ valuation funding round of $40–50B, more than doubling its February $380B valuation and potentially matching or surpassing OpenAI's $852B post-money valuation.
• SoftBank is racing to IPO a new AI and robotics entity called 'Rose' at a $100B valuation as early as 2026, leveraging data center assets and ABB Robotics to offset mounting leverage across its portfolio.

Why this matters

The diverging investor reactions to hyperscaler CapEx—rewarding Alphabet's contract-backed AI infrastructure spend while penalizing Meta's open-ended commitments—signals that B2B enterprise AI revenue visibility is now the critical differentiator for sustaining capital market confidence in the AI buildout.

Entities

Show notes

Big Tech earnings landed — Alphabet soared on cloud growth while Meta dropped 10% after hiking capex to $145B. SoftBank plans an AI/robotics IPO called Roze, Anthropic weighs a $900B+ round, and Musk called himself a "fool" for backing OpenAI. Microsoft says Q3 Intelligent Cloud revenue was $34.68B, vs. $34.27B est., with Azure and other cloud services up 40% YoY; Microsoft 365 Copilot has 20M+ seats (CNBC) Meta raises full-year capex outlook to $125B–$145B, up from $115B–$135B; shares drop ~10%

Themes

• openai
• anthropic