Microsoft and Alphabet both reported capital expenditure figures below analyst estimates. Microsoft cut its full-year capex forecast to $170 billion from $175 billion, while Alphabet held its guidance at $195–205 billion. Microsoft CFO Amy Hood said delays from third-party GPU providers will push some available capacity into the first half of 2027, and Alphabet said outside computing power came online only at the end of Q3. Shares of CoreWeave, Nebius, IREN and Oracle fell after the reports, and Alphabet dropped about 10% after hours on missed earnings and revenue and negative free cash flow of more than $9 billion. Hyperscaler capex is still expected to top $1 trillion next year, and Cantor raised its one-year price target on Microsoft to $630 from $608.
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AI investmentdata centersNVDAGOOGLMSFT
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Related tickers and likely impact
NVDA
▼ Likely negativeNvidia
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.1T |
| Close on 10/28/2026 | 215.39 |
| Change that session | -1.17% |
GOOGL
▼ Likely negativeAlphabet Inc. (Class A)
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $4.0T |
| Close on 10/28/2026 | 325.61 |
| Change that session | +1.57% |
MSFT
▼ Likely negativeMicrosoft
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Systems Software |
| Market cap | $3.9T |
| Close on 10/28/2026 | 530.83 |
| Change that session | -0.09% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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