Apple beat at $111.2B with a $100B buyback. Meta got hit. Powell’s last press conference brought the most divided Fed since 1992.
$710 billion. That’s what Amazon (NASDAQ:AMZN) , Microsoft (NASDAQ:MSFT), Google (NASDAQ:GOOGL) (NASDAQ:GOOG), and Meta (NASDAQ:META) just told the market they (NYSE:MAGS) will spend on AI CapEx in 2026. Pichai said the quiet part out loud: “We are compute-constrained.”
The S&P closed Friday at a fresh record 7,230 (+0.3%), the Nasdaq at a record 25,114 (+0.9%), both posting their best month since 2020. Apple did most of the Friday lifting after a $111.2B revenue beat. The Dow slipped 153 points to 49,499. WTI cooled to $102.28 (-2.7%) on Iran de-escalation signals, but the national gas average still hit $4.39, up from $4.06 a week ago.
THE RUNDOWN
CapEx › THE $710B SHOCK › Amazon at $200B. Microsoft at $190B. Google at $185B. Meta at $135B. Every one of them raised guidance this week, and Pichai’s “we are compute constrained” line was the most consequential CEO sentence of the quarter. The signal isn’t just the size; it’s the dispersion. Stocks that turn CapEx into revenue today (AAPL, AMZN, GOOGL) ripped. Stocks where the spend is still a 2027 story (META -8.6% Wednesday, MSFT -3.9%) got punished.
APPLE › $111.2B AND A $100B BUYBACK › Apple delivered Q2 revenue of $111.18B vs …
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