"Why Does This Stock Never Work?": Everything You Need To Know Ahead Of Amazon Earnings

Two hyperscalers down, one to go.

Twenty-four hours ago, the market got exactly what it said it wanted from Microsoft and Alphabet: cloud growth that cleared even the buyside's elevated bars (Azure +48%, Google Cloud +103%), and a promise to spend "significantly" more next year. Since then, Alphabet has suffered its biggest drop on record after a Search miss that revived every AI share-loss fear, and Microsoft launched a $25 billion-plus bond deal (its first in nine years) about twelve hours after we wrote that it, "for one more quarter at least, didn't need the debt." Microsoft, the winner of the night, is now red on the day.