Tech's hyperscalers face Wall Street for first time since U.S. Iran war sent oil prices soaring

Major U.S. tech “hyperscalers” — Alphabet, Amazon, Meta and Microsoft — are set to report quarterly results after the close, marking the first earnings check since the U.S.-Iran war sent energy and certain supply costs sharply higher. Investors will watch for guidance on capital expenditures, profitability and cash flow as rising oil, diesel and helium shortages and an intensifying memory crunch raise data-center build costs. Analysts largely expect capex to remain within prior guidance (Amazon reiterated a $200 billion spend plan; Microsoft analysts see fiscal-year capex near $107.5B), and equity markets remain broadly bullish on the AI-driven demand for compute (Nvidia hit record valuations). Still, strategists warn of significant uncertainty around the duration of the conflict, supply bottlenecks and pass-through effects on margins. Overall, the piece frames the quarter as a “show me” moment: markets are optimistic but closely watching whether hyperscalers can absorb or justify rising energy and component costs without derailing AI buildouts.