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Microsoft and Amazon earnings loom as AI spending faces scrutiny
Microsoft is scheduled to report fiscal fourth quarter earnings July 29 after the close, with investors watching whether AI investment is turning into faster revenue and profitability.
Tech earnings season is underway, and for AI and semiconductor investors the key window is the last two weeks of July, when many major technology companies report within about a week of each other, setting expectations for the quarter ahead. Within that stretch, Microsoft and Amazon, two of the Magnificent Seven, are also due to report by the end of July. The focus is on how effectively heavy AI spending is translating into revenue growth and profitability, rather than on the size of the investment alone, according to Yahoo Finance. Microsoft will report its fiscal fourth quarter 2026 earnings on July 29 after the market closes. The lead-in to that report includes prior momentum in its AI business, with Microsoft’s AI offering surpassing a $37 billion annual revenue run rate, and Microsoft Cloud revenue rising to $54.5 billion, up 29% year over year. Yahoo Finance also highlights that Azure remains Microsoft’s biggest growth engine, with sales increasing 40% year over year. As demand continues to exceed available capacity, Microsoft added another gigawatt of data center capacity during the quarter, and capital expenditures totaled $31.9 billion in the fiscal third quarter, with about two-thirds directed toward AI-related short-lived assets.