Days after Wall Street punished Alphabet for its unbridled spending on AI infrastructure, the world's two leading cloud giants are set to provide the latest update on their long-running rivalry.

Alphabet's $15B capex hike triggered a tech sell-off hitting Microsoft, Meta, Amazon. Big Tech's combined AI spending now tops $700B for 2026.

US tech giants face growing investor backlash as combined AI spending heads toward $725 billion by 2026, with stocks dropping on earnings