Alphabet, Microsoft and Amazon Report as 160 S&P 500 Companies File Earnings

Alphabet reports quarterly results on October 28, one of roughly 160 S&P 500 companies filing this week as investors look for how technology companies are financing the artificial intelligence boom. CNBC reported that Alphabet, Microsoft and Amazon are among the companies scheduled to report.

Alphabet's Quarter and the AI Spending Debate

Alphabet is the publicly traded parent of Google, operating Google Services (Search, YouTube, ads, devices, subscriptions), Google Cloud (AI infrastructure, Vertex AI, Gemini Enterprise, cybersecurity) and Other Bets (Waymo, life sciences). Analysts expect revenue growth of about 25% from a year earlier, according to LSEG data cited by CNBC. Alphabet reports after the bell on October 28, followed by a conference call at 4:30 p.m. ET.

BMO Capital Markets said recent AI model releases have "helped to offset fears that GOOGL was falling behind in frontier model intelligence." Alphabet's shares have gained nearly 1.3% on average following earnings reports, according to Bespoke Investment Group data cited by CNBC.

Forbes reported that 179 S&P 500 companies report this week, the busiest of the third-quarter season, and that FactSet data shows 83% of companies have exceeded consensus estimates, with blended earnings growth of 29.5% year-over-year. The Federal Reserve meets on October 28 and is expected to leave rates unchanged, according to Forbes.

Microsoft reports after the close on October 28, with a conference call at 5:30 p.m. ET. Piper Sandler analyst Billy Fitzsimmons wrote that "our 3Q partner checks were strong, with MSFT's net results inflecting higher and demand for prepackaged AI solutions leading the list." Analysts forecast 14.3% earnings growth and 16.8% revenue growth from a year earlier, according to LSEG data cited by CNBC.

Alphabet's AI Infrastructure Funding

Alphabet completed an $84.75 billion upsized equity capital raise in June 2026, anchored by Berkshire Hathaway's $10 billion private placement in 6.25% mandatory convertible preferred stock, to fund AI infrastructure expansion, according to akta.pro company records. The same records show Google Cloud launched eighth-generation TPUs in April 2026, including TPU 8t for training with 3X Ironwood performance and TPU 8i for inference with 80% better performance per dollar, alongside the Gemini Enterprise Agent Platform. Google Cloud closed the approximately $32 billion acquisition of Wiz in March 2026, cleared by European regulators, to strengthen cybersecurity and AI-driven threat detection.

What Led Into This Week

On October 23, 2026, investingLive reported that the Nasdaq Composite and Nasdaq 100 traded below their 100-day moving averages, with Microsoft, Alphabet and Amazon reporting earnings the following week. On October 21, 2026, Yahoo reported that Alphabet had lost about $860 billion since its peak, that its full-year AI spending guidance reaches $185 billion and that it suspended buybacks. On October 23, 2026, TheStreet.com reported that Alphabet's heavy AI spending and negative free cash flow contrasted with Apple's lower capital expenditure and dividend.

Next Steps for Alphabet

Amazon reports after the bell on October 29, with a conference call at 5 p.m. ET, according to CNBC. The Federal Reserve meets on October 28, according to Forbes.