<div id="readability-page-1"><div> <h2>Key Points</h2><ul><li>Combined 2026 capital expenditure plans across the four companies could exceed $600 billion.</li><li>Meta's first-quarter revenue guidance implies about 30% year-over-year growth.</li><li>Investors should brace for outsize market volatility.</li><li>These 10 stocks could mint the next wave of millionaires ›</li></ul>As earnings season continues to unfold, Wednesday is arguably the most important day yet. After market close, we'll get earnings reports from four of the &#34;Magnificent Seven&#34; companies -- Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL), Amazon (NASDAQ: AMZN), Microsoft (NASDAQ: MSFT), and Meta Platforms (NASDAQ: META). With all of these companies' market capitalizations measured in the trillions of dollars, their reports could move the market.Interestingly, even though each of these businesses is significantly different from the others, investors will likely be watching some of the same key items across all four companies' reports. Indeed, probably the most important figure for all four companies is the same: revenue growth. If any of these companies fails to meet Wall Street's expectations for top-line growth, even as their capital expenditures soar, investors could question the artificial intelligence (AI) growth narrative that all four of these companies are pushing. In short, these companies need to show that their accelerating spend on an AI build-out is paying off in impressive top-line performance.Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. Continue »And this brings us to the other part of the equation: operating earnings. To what extent is this massive investment cycle weighing on earnings growth in the form of higher depreciation expenses? If earnings growth is suppressed too much by the costs associated with these companies' big spending plans, it could spook investors.<img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2NzU1Mi9tYWduaWZpY2VudC1zZXZlbi1zdG9ja3MtbWFnLTctZWFybmluZ3MtcmVwb3J0cy5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2NzU1Mi9tYWduaWZpY2VudC1zZXZlbi1zdG9ja3MtbWFnLTctZWFybmluZ3MtcmVwb3J0cy5qcGcmdz03MDA"/>Image source: Getty Images. <h2>A focus on revenue growth</h2>Each company is coming off solid double-digit revenue growth in its most recent quarter. But the bar Wednesday's reports must clear varies notably across the group.Alphabet posted 18% year-over-year growth in the fourth quarter, helped by Google Cloud's 48% jump to $17.7 billion. And management said it expects a foreign exchange tailwind in Q1, which could help maintain momentum. Also worth noting, Alphabet's cloud backlog ended 2025 at $240 billion, up 55% sequentially. In its fiscal second quarter of 2026 (the period ended Dec. 31, 2025), Microsoft's revenue rose 17%, with Azure growing 39%. But its fiscal Q3 guidance points to modest deceleration: revenue of $80.65 billion to $81.75 billion -- about 16% growth at the midpoint -- with Azure guided to 37% to 38% in constant currency. But investors are probably hoping the figure actually accelerates, coming in at 40% or better.Meta's fourth-quarter revenue rose 24% to $59.9 billion. But even more notable is the company's first-quarter guidance of $53.5 billion to $56.5 billion. Against the year-ago period's $42.3 billion in revenue, the midpoint implies an impressive 30% year-over-year growth rate.And, finally, Amazon's fourth-quarter revenue rose 14% to $213.4 billion. The quarter's standout figure, however, was AWS revenue (Amazon's cloud computing business), which climbed 24% to $35.6 billion -- its fastest growth in 13 quarters. Management's first-quarter guidance of $173.5 billion to $178.5 billion implies 11% to 15% growth. But given the stock's approximately 30% gain over the last 30 days, investors are probably looking for actual revenue at or above that guidance range, fueled by a further acceleration in AWS.<h2>The capital-expenditure overhang</h2>These four companies' 2026 capital expenditure plans are mind-boggling. Indeed, when combined, these four companies could spend more than $600 billion on capital expenditures this year.Alphabet plans to spend $175 billion to $185 billion on capital expenditures in 2026 -- roughly double its $91.4 billion in 2025; Amazon forecast roughly $200 billion this year (versus about $131.8 billion in 2025); Meta is guiding for $115 billion to $135 billion (against $72.2 billion last year); and Microsoft hasn't provided a full-year figure, but its first-half fiscal 2026 capital expenditures of $72.4 billion implies something in the neighborhood of $130 billion for the fiscal year.But such heavy spending eventually flows through to depreciation. To this end, Alphabet chief financial officer Anat Ashkenazi told investors on the company's fourth-quarterearnings callthat &#34;given the increase in our CapEx investments in recent years, we expect the growth rate in 2026 depreciation to accelerate in Q1, and meaningfully increase for the full year.&#34;Similar pressure is building across the group.Investors will be looking for evidence that each company can absorb this cost ramp while still growing operating income.Going into these companies' reports, we have some clues about what to expect from operating income.Meta said it expects 2026 operating income &#34;above&#34; 2025 levels despite the spending step-up. And Amazon's first-quarter operating income guidance of $16.5 billion to $21.5 billion straddles last year's $18.4 billion, but it also absorbs about $1 billion of new costs tied to its Amazon Leo satellite project.All four companies report after market close on Wednesday. With market caps measured in the trillions and AI infrastructure spending at record levels, the stakes for each report are unusually high.Whatever the results, investors should buckle up: post-earnings volatility could be significant.<h2>Don’t miss this second chance at a potentially lucrative opportunity</h2> Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this. On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves: <ul> <li>Nvidia: if you invested $1,000 when we doubled down in 2009, you’d have $561,857!*</li> <li>Apple: if you invested $1,000 when we doubled down in 2008, you’d have $50,958!*</li> <li>Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $492,752!*</li> </ul> Right now, we’re issuing “Double Down” alerts for three incredible companies, available when you join Stock Advisor, and there may not be another chance like this anytime soon. See the 3 stocks » *Stock Advisor returns as of April 28, 2026. Daniel Sparks and his clients have no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Amazon, Meta Platforms, and Microsoft. The Motley Fool has a disclosure policy. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. </div></div>

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Four major companies, Alphabet, Amazon, Microsoft, and Meta, are set to report earnings on the same day, with combined capital expenditure plans exceeding $600 billion for 2026. Investors are focused on revenue growth, as any shortfall could challenge the AI growth narrative. Alphabet expects strong growth from Google Cloud, while Meta anticipates a 30% year-over-year revenue increase. Heavy capital spending may impact operating income, raising concerns about depreciation costs. Investors will be watching closely for signs of how these companies manage their investments while maintaining growth.

- Capital expenditures by Alphabet, Amazon, Microsoft, and Meta may exceed $600 billion in 2026, reflecting significant investment in AI infrastructure.  
- All four companies are set to report earnings, with a strong focus on revenue growth, as any failure to meet expectations could raise concerns about their AI growth narratives.  
- Investors should prepare for potential market volatility following these earnings announcements, given the companies' substantial market capitalizations and growing operational costs.

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4 "Magnificent Seven" Companies Are About to Report Earnings -- All on the Same Day. Here's What to Watch.