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Evening edition · Monday, 26 October 2026

TECH · DESK NOTE

Alphabet and Microsoft on Wednesday, Amazon and Intel on Thursday

About 160 S&P 500 companies report this week. The question for the hyperscalers is not whether AI demand exists. It is who pays for the buildings.

Tech & Compute Dr. Benjamin Koch / The Desk 2 min read3 sources

Alphabet and Microsoft report after the US close on Wednesday; Amazon and Intel after the close on Thursday1. Around 160 S&P 500 companies report this week, and about 83% of those that reported by Friday beat earnings expectations, according to FactSet data cited by CNBC1.

The receipt that came first. Meta reported last week: revenue up 26%, but capital spending of $34.91 billion in the quarter turned free cash flow negative, and the shares fell nearly 7%2. That is the template for this week. The demand is real; the question is the bill.

What analysts are watching. For Alphabet, revenue growth of about 25% is expected, after last quarter’s raised capex forecast in a “supply-constrained environment”1. For Microsoft, Azure’s pace1. For Intel, analysts expect revenue growth of about 20.5%1.

At home. In Monday’s ifo survey, German IT service providers were the bright spot of an otherwise weaker services sector3. Data centres need electricians and invoices as well as chips. Nothing here is investment advice.

What to watch

  • Capital spending guidance for next year, in each of the three calls1.
  • Intel's supply line: UBS quotes the company saying demand runs ahead of supply1.
Desk comment

Capex is a promise. Free cash flow is the receipt. This week you get both, and the receipt is the one to read.

Sources

  1. Earnings playbook: Alphabet, Microsoft, Amazon and more report this week — CNBC, 25 Oct 2026.
  2. Meta stock sinks nearly 7% as AI spend pushes free cash flow negative — CNBC, 22 Oct 2026.
  3. ifo Business Climate Rises (October 2026) — ifo Institute, 26 Oct 2026.

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