Big Tech

Microsoft, Alphabet and Amazon report this week. The question has changed.

After Thursday’s selloff, the market cares less about how much Big Tech spends than how it gets paid for.

Amazon: AWS speeds up as free cash flow turns negative

Operating income rose 43% last quarter. Amazon has also told investors to expect a slower third quarter.

Alphabet: Cloud revenue up 82%, and a $70 billion capital raise

Google Cloud has become a real profit center. Paying for it changed how Alphabet funds itself.

Microsoft: Azure grew 43% while capital spending doubled

What the June quarter sets up before Microsoft reports on October 28

Meta's ad business is speeding up. Its spending is speeding up more.

Revenue grew 26%, but $34.9 billion of capital spending topped the cash the business brought in for the quarter.

Uber Technologies (UBER): Haverhill Research Report

Bookings up 22%, free cash flow above $10 billion, and robotaxis so far adding supply. Rated Buy, Haverhill price target $84.