Results at overseas companies: Meta and Microsoft Quick Note

研报英文原文证据摘录

Results at overseas companies: Meta and Microsoft Quick Note

Global Markets Research

Industrial electronics sector 30 July 2026

EQUITY: JAPAN INDUSTRIAL ELECTRONICS

Research Analysts

Results at overseas companies: Meta and Microsoft

Japan industrial electronics

Virginia Wang - NSC

virginia.wang@nomura.comQuick Note +81 3 6703 1215

US hyperscalers Meta and Microsoft announced Apr–Jun results on 30 July (Japan time). Masaya Yamasaki, CFA - NSC

As discussed in our 28 July 2026 report Japanindustrialelectronicssector:Pointsto masaya.yamasaki@nomura.com

watchaheadofresultsannouncements, the stock market appears very interested in how +81 3 6703 1190

open-weight models will affect AI capex. When reporting their Apr–Jun results, both Meta

and Microsoft said that rather than sticking to specific models, they intend to maintain a

mix of models moving forward, including open-weight models. For its part, Meta also

stressed the importance of continuing to develop proprietary frontier models. In terms of

capex, both companies said that supply is not keeping up with demand. There were no

surprises, though, in either reported capex or projected capex. We think the signing of

multi-year contracts may have kept costs for memory and other equipment within the

bounds of initial expectations.

Meta held its 26/12 Q2 results briefing at 5:30am JST. Capex came to $30,116mn in Q2,

versus $18,997mn in Q1 and the Bloomberg consensus forecast of $33,167mn. The

company revised its 2026 capex guidance (including finance leases) to $130bn–145bn,

versus its prior outlook (as of the previous quarter) of $125–145bn.

Microsoft held its 26/6 Q4 results briefing at 6:30am JST. Capex came to $35,802mn in

Q4, versus $30,876mn in Q3 and the Bloomberg consensus forecast of $35,233mn.