The financial reports of the seven major US stock companies have entered the AI capital expenditure test, and Microsoft has temporarily become the winner, Meta、 Tesla and Alphabet are being criticized for funding BlockBeats News: On July 30th, the earnings season of the seven major US stock companies entered a critical window. As of after market hours on July 29th in the Eastern United States, Alphabet、 Tesla, Microsoft, and Meta have submitted their bids, while Apple and Amazon will announce their results after the market closes on July 30th. Nvidia will have to wait until August 26th to disclose its latest quarterly results. The released financial report shows that AI capital expenditures continue to rise comprehensively, and the market is starting to scrutinize investment returns, free cash flow, and growth sustainability more rigorously. Alphabet is the first to raise market awareness of AI spending. The company's Q2 revenue was $119.8 billion, a year-on-year increase of 24%, while Google Cloud revenue was $24.8 billion, a year-on-year increase of 82%, and the overall operating profit margin rose to 34%. But the company's quarterly capital expenditure surged to $44.9 billion, with a negative free cash flow of $-5.9 billion, and the 2026 capital expenditure guidance was raised from $180 billion to $190 billion to $195 billion to $205 billion. The strong cloud business failed to offset the concerns of funds about deteriorating cash flow, and the stock price came under pressure after the financial report. Tesla's pressure is more focused on profits and cash flow. In the second quarter, the revenue was 28.24 billion US dollars, a year-on-year increase of 26%. The delivery volume was 480100 vehicles, a year-on-year increase of 25%. The energy storage deployment was 13.5 GWh, a year-on-year increase of 41%. But the adjusted EPS was $0.33, lower than market expectations; Operating profit decreased by 57% year-on-year to $398 million, with free cash flow of $-1092 million. The company expects to invest over $25 billion in capital expenditures by 2026, focusing on Robotaxi, Optimus, Dojo computing power, and manufacturing capacity. The market's patience for high investment for the future has decreased. Microsoft provided a few positive samples. The company's fourth quarter revenue was $90 billion, a year-on-year increase of 18%, with an EPS of $4.81, both higher than expected; Net profit was 35.8 billion US dollars, a year-on-year increase of 31%. Microsoft Cloud revenue reached $59.3 billion, a year-on-year increase of 27%, Azure grew by 43%, and Microsoft 365 Copilot had over 30 million paying users. The company's quarterly capital expenditure is approximately $41 billion, and the pace of investment in AI and cloud infrastructure has not slowed down. However, Azure and Copilot have provided clearer monetization paths, and the market response has been relatively positive. Meta's financial report has once again sparked controversy over AI spending. The company's Q2 revenue was $60.8 billion, a year-on-year increase of 28%, with advertising revenue of approximately $59.36 billion, a year-on-year increase of 27%; But EPS was $6.18, lower than market expectations, and net profit decreased by 14% year-on-year to $15.85 billion. Costs and expenses increased by 55% year-on-year to $42.03 billion, capital expenditures reached $31.08 billion, and free cash flow decreased from $8.55 billion in the same period last year to $784 million. The company has adjusted its annual capital expenditure guidance to $130 billion to $145 billion, and its third quarter revenue guidance shows a slowdown in growth, suppressing post market performance. Next, Apple and Amazon will be the last two highlights of this week. Apple's market focus is on iPhone, service revenue, AI pace, and cost pressure; Amazon is focusing on AWS growth rate, AI cloud demand, and whether capital expenditures will continue to increase. Although Nvidia's current financial report will not be released until the end of August, it has become a direct reflection of the capital expenditure cycle of this major company. Overall, the trading focus of the financial reports of the seven major US stock companies has shifted from AI investment scale to AI investment return. Microsoft has temporarily proven that cloud and AI can bring visible revenue, while Alphabet, Meta, and Tesla have been asked to provide stronger cash flow evidence. The upcoming financial reports of Apple, Amazon, and Nvidia will determine whether this round of AI capital expenditure anxiety continues to spread or returns to the growth narrative.