Big Tech Q3 2026 Cloud and AI Chip Earnings Confirm Infrastructure Boom

Q3 2026 earnings from Google, Microsoft, Amazon, Meta, AMD, and Intel show broad acceleration in cloud and AI infrastructure spending, with revenue growth outpacing analyst expectations across the sector. Google Cloud revenue more than doubled year-on-year to $30.7 billion, with operating income tripling to $11.1 billion. Microsoft Cloud surpassed $63 billion, with growth accelerating to 30% year-over-year. AWS revenue rose 39% to $46 billion. The expansion comes at a cost: Google's AI data center spending pushed free cash flow to a deficit exceeding $9 billion, and AWS trailing free cash flow turned negative at $42.4 billion on quarterly equipment spending of $77.3 billion. Meta reported Q3 revenue of $64.6 billion, beating estimates, but EPS of $3.83 missed the $6.80 consensus, and the company guided for $135 to $145 billion in capital expenditures in 2026 for AI infrastructure. On the chip side, AMD's data-center segment hit a record $8.55 billion in Q3 revenue, up 97% year-on-year, and AMD raised its 2027 revenue growth outlook above 80%. Intel reported Q3 revenue of $16.5 billion, up 21%, with data center and AI revenue up 78%.