As of Today, the Four Major Tech Earnings Reports Have All Landed:

English summary

AI returns (cloud) all significantly beat expectations (GCP +80% beat 65%, Azure +43% beat 40%, AWS +37% beat 31%). AI capex moderately revised up (GOOG +100, MSFT/META unchanged, AMZN +200). Free cash flow turned negative. The market shifted from resistance at GOOG to tacit acceptance at AMZN. (Both GOOG and AMZN turned negative, META is similar.) To be fair, this is the most ideal script. As long as the impact of Chinese models and the US-Iran conflict ease, global AI should start a rebound in August. The next high point should be Company A's IPO hype + Wo Ge hinting at no more rate hikes, expected in September.