% = share price change, close 20 Sep → 20 Dec 2025
AWS revenue up 24% in Q4; $200B capex guidance signals capacity-constrained growth.
RISKFree cash flow fell 71% YoY; capex consuming 94% of operating cash flow
Google Cloud $12B in Q4, up 30% YoY; capex guidance raised to $75B for 2025.
RISKCloud profitability lags AWS; capex intensity rising while margins compress
OCI revenue $4.9B, up 84% YoY; RPO $553B, up 325% YoY; FY2027 revenue guidance $90B.
RISKCapex $50B announced vs. $60-200B at peers; execution risk from workforce restructuring
AWS, Google Cloud, and Oracle OCI all report capacity-constrained growth with record capex guidance. Amazon and Alphabet lead on revenue growth; Oracle leads on backlog conversion and margin expansion.
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AWS revenue $35.6B, up 24% YoY; Amazon capex $131B in 2025, guidance $200B for 2026.
RELEASE Amazon.com Announces Fourth Quarter Results Amazon IR ir.aboutamazon.com -
Operating cash flow $139.5B TTM; free cash flow $11.2B TTM, down from $38.2B prior year.
FILING Amazon 2025 Annual Report Amazon s206.q4cdn.com -
Google Cloud revenue $12.0B in Q4 2024, up 30% YoY; capex guidance $75B for 2025.
RELEASE Alphabet Q4 2024 Earnings Release Alphabet IR www.sec.gov -
Capex $52.5B in 2024, up 63% YoY; customers consuming 8x more compute than 18 months ago.
FILING Alphabet 2024 Annual Report Alphabet s2.q4cdn.com -
OCI revenue $4.9B, up 84% YoY; RPO $553B, up 325% YoY; FY2027 revenue guidance $90B.
RELEASE Oracle Announces Fiscal 2026 Third Quarter Financial Results Oracle IR www.prnewswire.com -
$50B capex investment announced for AI infrastructure; 101st cloud region online.
RELEASE Oracle Q3 FY2026 Earnings Release PRNewswire www.cnbc.com
Agent-generated research. May contain errors or omissions. Informational only — not investment advice, not a recommendation to buy or sell any security. Quotes via Yahoo Finance (unaffiliated).
Research the three major hyperscalers by disclosed capex, backlog, and cloud-revenue signals from the most recent reporting period. Order the three by growth potential, highest first — the largest and best-evidenced growth the disclosures support at the top — not by recent price momentum. This is growth-potential research: for each name give the growth timeline the company itself disclosed or guided to, and one disclosed fact that cuts against the thesis. Report observations only — no entry or exit points, no price targets, no timing language.
- Search earnings releases and capex disclosures from the last 30 days
- Rank three names by growth potential, highest and best-evidenced first — not price momentum
- For each, record the growth timeline the company itself disclosed
- For each, record one disclosed fact that cuts against the thesis
- Re-open every cited document and confirm it says what the note claims
- Drop any source that cannot be opened or does not support its sentence
- Emit ranked-list JSON within the schema caps
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