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Top stories today:
- Anthropic weighs funding round at $900B+ valuation
- Alphabet Q1 revenue +22% YoY to $109.9B, net income +81%
- Meta Q1 revenue +33% YoY to $56.3B, net income +61% to $26.8B
- Microsoft Cloud drives Q3 FY26 revenue +18% YoY to $82.9B
- Amazon Q1 revenue +17% YoY to $181.5B, net income +77%
- Fed holds rates at 3.5%-3.75% as 4 dissent
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. Anthropic said to weigh funding round at $900B+ valuation after $800B+ talks
$40B-$50B round size is reportedly under consideration.
$1T+ valuation now on secondary markets.
May: board meeting expected to advance investment talks.
Google and Amazon recently made investment commitments at its previous $350B pre-money valuation.
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3. Alphabet Q1 revenue +22% YoY to $109.9B vs. $107.2B est., net income +81%
+30% YoY in operating income to $39.7B, with margin +2pp to 36.1%.
Unrealized gains on nonmarketable equity securities responsible for gap between net and operating income.
Paid subscriptions hit 350M, up 25M QoQ, led by YouTube and Google One.
+40% QoQ in Gemini Enterprise paid MAUs.
+10.7% YoY in YouTube ad revenue to $9.9B.
+15% YoY in Google ad revenue to $77.3B.
Google Cloud revenue was +63% YoY to $20.0B vs. $18.1B est.
This was the fastest Cloud growth since Alphabet began segment disclosure in 2020
$180B-$190B in 2026 CAPEX guidance, up from the earlier $175B-$185B.
CAPEX to āsignificantly increaseā in 2027, Alphabet said.
Separately, Google told staff it āproudlyā works with the U.S. military and will continue, despite employee opposition to DoW contracts.
Big Tech CAPEX hit a record $130B in Q1 and is projected to reach $725B in 2026, +77% from 2025
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5. Meta Q1 revenue +33% YoY to $56.3B vs. $55.5B est., net income +61% to $26.8B
