What CEOs Are Saying: Alphabet, Apple, Amazon

Let's look at recent earnings calls from two-thirds of FAANG

Three tech behemoths - Alphabet, Apple, and Amazon - closed 2025 with a unified message: the AI infrastructure race is accelerating, and each company is betting hundreds of billions on winning it.

Amazon and Alphabet (Google’s parent company) alone announced a combined $375-385 billion in capital spending for 2026, with supply constraints now the limiting factor rather than demand or willingness to invest. While each company took different strategic paths (Amazon building its own chips and infrastructure, Google partnering with Apple on AI models, Apple conceding it needed Google’s foundation models) all three showed strong financial results and surging demand for their core businesses.

Let’s look at three takeaways from each of these recent earnings calls.