$Alphabet(GOOGL.US)【Cathay Haitong Communications】Four Major Cloud Vendors Actively Revise Upwards, Unprecedented Industry Investment Boom 20260430

Event: On the morning of April 30th, Google, Microsoft, Meta, and Amazon announced their earnings and held conference calls. The analysis regarding AI demand and investment is summarized as follows:

[Gift] Google

💎【Quarterly Capital Expenditure】Finance lease Capex $35.674 billion, up 107%+ year-on-year, up 28% quarter-on-quarter.

💎【Capital Expenditure Outlook】2026 capital expenditure is expected to increase significantly to $180-$190 billion.

[Gift] Microsoft

💎【Capital Expenditure】Including finance lease Capex $31.9 billion, up 49.07%+ year-on-year. About 2/3 is for purchasing short-term GPU/CPU assets, with purchases of equipment and assets totaling $30.9 billion.

💎【FY26 Capital Expenditure】FY26Q4 capital expenditure is expected to exceed $40 billion, with 2026 capital expenditure expected to be around $190 billion.

[Gift] Meta

💎【Capital Expenditure】Capex $19.84 billion, YoY 44.90%

💎【Full-Year Guidance - Capex】2026 is expected to be $125-$145 billion (revised up from $115-$135 billion).

[Gift] Amazon

💎【Capital Expenditure】Capex $43.234 billion, up 84.8% year-on-year.

💎【Full-Year Guidance - Capex】2026 is expected to remain at $200 billion.