Big Tech's multi-billion dollar AI bets are still on track as Mag 7 giants report earnings

MarketsShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailBig Tech's multi-billion dollar AI bets are still on track as Mag 7 giants report earningsThe four Mag 7 giants reported quarterly results on Wednesday, showing that they are still on track to spend multi-billion on AI. Here is what it means for crypto. By James Van Straten, Helene Braun|Edited by Aoyon Ashraf Apr 29, 2026, 9:07 p.m. 3 min readMake preferred on What to know: Microsoft, Alphabet, Meta, Amazon all reported Q1 earnings after the bell on Wednesday.The four companies are expected to spend a combined $650 billion on AI infrastructure in 2026, the largest capital spending commitment in corporate history.AI-linked bitcoin mining stocks IREN, TeraWulf and Cipher Digital fell slightly in after-hours trading following the prints.Four of the Magnificent Seven (Mag 7) tech giants are still on track to meet their massive artificial intelligence (AI) spending targets this year, according to their earnings report. The companies that have reported quarterly earnings post-market on Wednesday are Microsoft (MSFT), Alphabet (GOOG), Meta (META) and Amazon (AMZ), with a combined market cap of approximately $12 trillion. Previously, an analysis by Bridgewater Associates flagged that the four companies are expected to spend roughly $650 billion together on AI infrastructure in 2026. While most of them didn't break out their AI spending in their latest earnings, they seem on track to continue their spending spree in the sector. The investment has significant implications for the digital asset sector, particularly for bitcoin miners, who are increasingly pivoting away from mining toward hosting computers for AI as part of their revenue diversification strategy. The bitcoin miners already have data centers ready and powered up to host a massive amount of machines that are needed for AI computing. Facing a margin squeeze from lower bitcoin prices and increased competition, miners have started lendi…

Big Tech's multi-billion dollar AI bets are still on track as Mag 7 giants report earnings

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