Earnings Edge for Wednesday: Alphabet, Microsoft, Amazon.com, Meta Platforms, KLA, QUALCOMM, Carvana, eBay, Chipotle, and 100+ More
Relative winners and losers over the last quarter, followed by names of note, concluding with a spreadsheet containing setup tables for all of the day’s reporters.
Relative Winners and Losers
Names of Note
Alphabet (GOOGL)
Bull Bullets: Wiz Integration, AI Overviews Scaling, and Cloud Capacity Unlock Drive Upside
Google Cloud stands to accelerate in H2 2026 as new data center capacity comes online, and the March closing of the $32B Wiz acquisition could add $300-400M to Q2 cloud revenue while bolting on a differentiated AI security platform that deepens enterprise stickiness. If management reiterates the $175-185B capex outlook for 2026, it signals confidence that demand is outpacing supply.
AI Overviews now reach 1.5 billion monthly users and are expanding commercial query monetization, with management projecting reach of 4 billion users by Q3. This positions Google to defend and grow its core search franchise against chatbot alternatives by integrating generative AI directly into the monetization funnel, potentially lifting ad ARPU over the next several quarters.
With Bank of America modeling Q1 revenue of $92B and Q2 at $98.3B (both above consensus), and operating margins expected to expand to 34%+, the bull case rests on Google consistently under-promising and over-delivering while trading at a relative discount to mega-cap peers on forward earnings.
Bear Bullets: Dual Antitrust Overhang, Search Disruption Risk, and Capex Magnitude Pressure