[Alphabet and Microsoft to Report Earnings After US Market Close; Wall Street Watches AI Spending and Cloud Business Monetization] Odaily Planet Daily reports that Alphabet (GOOGL.O) and Microsoft (MSFT.O) will release their latest quarterly earnings reports after the US stock market closes on Wednesday. As large tech companies continue to expand their investment in artificial intelligence infrastructure, investors are focusing on two indicators: whether cloud business growth can continue to accelerate, and the extent to which rapidly expanding capital expenditures are eroding free cash flow. Market expectations for the two companies have diverged significantly. Bloomberg data shows that since their last earnings report at the end of July, Microsoft's stock price has risen by approximately 36%, when Azure recorded its fastest growth in four years; Alphabet's stock price has fallen by 6.3% over the same period, after the company significantly increased its AI capital expenditures, leading to negative free cash flow. Wednesday's earnings reports will further test whether the two companies can demonstrate that their AI investments are paying off through cloud revenue growth.