Key Takeaways from Big Tech Conference Calls — and What They Mean for Semis Overall, neither great nor terrible. Some comfort in the fact that this wasn't the worst-case scenario semiconductor investors had feared. Except for Google, management teams were tight-lipped about medium- to long-term capex plans. My guess is they're being cautious because signaling heavy capex can crush the stock price and put them in an unfavorable position in capital markets. On the positive side, Google and Microsoft cloud revenue growth is accelerating (Google +82%, Microsoft +43% y/y), and they seem confident about AI monetization. Amazon's report tomorrow will probably strike a similar tone. On the negative side, Meta is a bit ambiguous. They keep weighing the ROI of selling compute externally versus using it internally, and it feels like they haven't picked a direction. That said, given Zuckerberg's strong conviction in his consumer AI agent bet (the next-generation market opportunity beyond coding, currently the main source of AI agent demand), there seems to be little incentive to cut AI investment anytime soon. Separately from all this, semiconductor share prices look likely to be driven by flows and macro for the time being.