Amazon, Meta, Alphabet, and Microsoft Just Reported Earnings. Here's the Best of the Bunch.

Four of the Magnificent Seven — Amazon, Meta Platforms, Alphabet and Microsoft — reported quarterly results April 29, with all four beating revenue estimates. Alphabet stood out: revenue rose 22% to over $109 billion, AI-driven product revenue jumped ~800%, and management plans to significantly raise capex (guidance ~$180–$190B). Amazon’s AWS grew 28% to more than $37 billion, and management highlighted strong demand for its Trainium and Graviton chips (Trainium revenue commitments top $225B). Market reactions were mixed: Alphabet shares rallied strongly while Meta and Microsoft fell sharply and Amazon ticked down. The reports reinforce that AI is a major growth driver for large-cap tech and could set the near-term tone for the S&P 500, but stock-level responses show divergent investor views on near-term profitability and execution risks.