Hello leaders~ The following is a core summary of Google, Microsoft, and Meta earnings calls: # AI demand is strong, commercialization is accelerating, core logic unchanged

English summary

# Cloud business accelerating, industry demand strong. Microsoft FY26Q4 Azure and other cloud services revenue +43% YoY, full-year Azure revenue exceeded $100 billion for the first time, +41% YoY, with commercial remaining performance obligations reaching $678 billion, +84% YoY. Google Cloud 26Q2 revenue +82% YoY to $24.8 billion, operating margin improved from 20.7% to 35.6%, backlog increased by over $50 billion QoQ to $514 billion. Meta has entered the API and computing power leasing track and observed that external customers are willing to buy computing power at prices significantly above procurement costs. # Capital expenditure remains high, AI computing construction cycle continues. Google raised its 2026 CAPEX guidance from $180-190 billion to $195-205 billion and expects significant growth in 2027. Due to insufficient self-owned computing power, Google will also phase in third-party computing procurement in Q3. ...