[2026 Q1 Microsoft, Google, Amazon, Meta Earnings Report Analysis] Microsoft, Google, Amazon, and Meta released their earnings reports on the same day, with combined AI capital expenditures exceeding $600 billion. This in-depth analysis reveals that Alphabet has the clearest commercialization path, while Meta's high investment has raised market concerns. AI competition has entered a new phase driven by capital efficiency—who can strike a balance between investment and profitability?