**[Google, Microsoft, Amazon to Release Earnings Reports Intensively by Late July, Market Focuses on AI CapEx Growth and ROI Realization]** BlockBeats News, July 17 — Alphabet (Google) and Microsoft are expected to release their Q2 2026 earnings reports on July 29 (Beijing time) in the early morning, while Amazon is expected to release its earnings report on July 31 (Beijing time) in the early morning. During this tech giant earnings season, the market's focus has shifted from "scale of AI investment" to "whether large-scale capital expenditures can deliver tangible returns." Over the past year, companies like Google, Microsoft, and Amazon have continuously expanded their investments in AI infrastructure, including data center construction, GPU procurement, and cloud computing resource expansion. Investors will closely monitor whether the growth rate of AI-related capital expenditures (CapEx) aligns with AI revenue growth, and whether cloud businesses like Google Cloud, Azure, and AWS can accelerate growth, improve profit margins, and enhance return on investment (ROI) through increased AI demand. Specifically, the market will focus on Google's progress in commercializing Gemini, the impact of AI-powered search on its advertising business, and whether its expanding AI infrastructure investments can translate into new growth drivers. For Microsoft, attention will center on Azure AI business growth, cloud demand driven by its partnership with OpenAI, and the impact of AI infrastructure investments on profit margins. Amazon will focus on AWS growth, the release of AI cloud demand, and whether data center expansion can drive improvements in free cash flow. Currently, the biggest market debate revolves around whether the AI CapEx cycle has entered the "return verification stage." Previously, market trading logic primarily revolved around "who invests the most and who holds the advantage in AI infrastructure." However, as tech giants' capital expenditures continue to climb, investors are beginning to focus on the speed at which AI investments generate revenue. If AI cloud revenue and enterprise AI application demand can keep pace with the expansion of capital expenditures, AI infrastructure investments are likely to continue driving valuation growth for tech stocks. However, if CapEx growth consistently outpaces the commercialization of AI, pressure on profit margins and cash flow may become the market's new focal point.