Q1 Earnings Validate AI Monetization Logic — Tech Giants Emerge from Slump at a Structural Turning Point

Over the past few months, shares of some U.S. tech giants have generally been stuck in range-bound fluctuations with compressed valuations. The market's core concern has consistently revolved around one question:Can the hundreds of billions of dollars in annual AI capital expenditures translate into real revenue and profits?

On April 29th, $Alphabet-C (GOOG.US)$ the parent company Alphabet, $Amazon (AMZN.US)$ 、 $Microsoft (MSFT.US)$and$Meta Platforms (META.US)$ rarely did they release quarterly earnings on the same day, answering this skepticism with hard numbers, providing the strongest data-backed endorsement so far for the AI investment thesis.

Google Cloud experiences an explosive momentAlphabet's Q1 revenue hit $109.9 billion, with earnings per share at $5.11, both surpassing expectations. The most exciting part isGoogle Cloud revenue surged 63% year-over-year, with backlog nearly doubling to $462 billion—indicating that AI demand has shifted from a short-term hotspot to long-term structural contracts. $Alphabet-C (GOOG.US)$ The stock price surged 7% in after-hours trading on the same day, as the market cast its vote for Alphabet’s full-stack AI advantage with real money.

Amazon AWS regains momentum: AWS revenue grew 28% year-over-year to $37.6 billion, marking its fastest growth in 15 quarters and contributing nearly 60% of the company’s operating profit. AI and machine learning demand are driving a structural rebound in enterprise cloud spending.

Microsoft Azure continues steady growth: Azure revenue grew 40%, slightly above the high end of guidance. Commercial cloud Remaining Performance Obligation (RPO) surged 51% year-over-year to $392 billion, with multi-year contracts locking in future revenue and providing a cohesive business loop for ongoing AI capital expenditure.

A stark contrast: Meta, with no cloud business: Despite $Meta Platforms (META.US)$ revenue beating expectations, the stock price fell nearly 7% after raising capital expenditure guidance. This highlights –Companies with cloud businesses and strong order backlogs have much clearer visibility for monetizing their AI investments。

The combined capital expenditure of the four companies is projected to reach USD 650 billion by 2026, and Alphabet has already hinted at a 'significant increase' in spending for 2027. The construction of AI infrastructure is still in its early acceleration phase.

Market concerns about some tech giants ‘spending too much with unclear returns’ may gradually be alleviated by these earnings results. After months of valuation digestion, these global tech leaders are now at an inflection point for fundamental realization.

$Samsung NYSE FANG+ ETF (02814.HK)$ Tightly tracking the NYSE FANG+™ Index,with a highly concentrated portfolio in the above-mentioned tech giants leading the AI revolution, including $Meta Platforms (META.US)$ 、 $Apple (AAPL.US)$、 $Amazon (AMZN.US)$、 $Netflix (NFLX.US)$ 、 $Alphabet-C (GOOG.US)$ 、 $NVIDIA (NVDA.US)$ etc. Unlike broad technology funds that spread investments across hundreds of stocks, $Samsung NYSE FANG+ ETF (02814.HK)$ focuses on core leaders with pricing power, high transparency in financial reports, and clear progress in AI commercialization.

As the market transitions from 'imagining the AI story' to 'verifying AI performance', $Samsung NYSE FANG+ ETF (02814.HK)$is a selective tool for investors to gain exposure to tech giants, benefiting from cloud revenue growth and AI capital expenditure dividends.。

Data source: Bloomberg, as of April 30, 2026

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