"These Really Matter": Everything You Need To Know Ahead Of Microsoft And Alphabet Earnings

Three months ago, Microsoft and Alphabet reported a week apart, and the market drew a line between them that it hasn't erased since.

On July 22, Alphabet (GOOGL) posted revenue up 24% and Google Cloud up 82%, then raised its 2026 capex forecast to as much as $205 billion, and the stock tumbled 7% the next day. A week later, Microsoft (MSFT), carrying its highest short interest since 2015, kept its capex outlook unchanged and soared 16%, its biggest one-day gain since 2008. Since then, Microsoft is up 35% and Alphabet is down 5%, while the Nasdaq 100 is up just over 2%: