Key Highlights

  • Amazon (NASDAQ:AMZN) reported Q3 capex of USD 77.3 billion, compared with USD 35.1 billion a year earlier, guided 2026 capex to roughly USD 220 billion, and recorded trailing free Cash Flow as an outflow of USD 42.4 billion.
  • Alphabet (NASDAQ:GOOGL) posted Q3 EPS of USD 2.12, under every consensus figure located, along with negative free cash flow, while Google Cloud Revenue hit USD 30.7 billion. The stock finished down about 12.7 percent at USD 283.70.
  • Intel (NASDAQ:INTC) lifted Data Center revenue nearly 80 percent to USD 7.3 billion in Q3, but a Q4 revenue guide of USD 15.0 billion to USD 16.0 billion, reportedly tied to sluggish PC demand, sent shares down about 25 percent in premarket.
  • Sandisk (NASDAQ:SNDK) raised data center revenue 61 percent to USD 4.8 billion and posted a non-GAAP gross Margin of 85.1 percent, yet slid 8.05 percent to 8.3 percent in premarket as investors weighed whether memory pricing is nearing a peak.

Amazon (NASDAQ:AMZN): Cash cost of growth

Amazon (NASDAQ:AMZN) released Q3 results after the close on October 29, 2026. Net sales came in at USD 201.9 billion, and AWS climbed 39 percent to USD 46.0 billion, with AWS Operating Income of USD 17.8 billion. EPS of USD 1.89 fell short of the USD 1.96 estimate. Net Income of USD 20.7 billion dropped year over year because the year-ago quarter included USD 9.5 billion of gains tied to Anthropic, according to the company release. That base effect explains part of the EPS shortfall without pointing to any single operating failure. The stock had already fallen 4.25 percent in Thursday's regular session before the report, so the premarket move adds to an existing slide. The sharper concern is what growth costs. Q3 capex reached USD 77.3 billion, more than double the USD 35.1 billion of a year earlier, and 2026 capex is guided to about USD 220 billion. Heavy spending on data centers and chips lifts Depreciation later and absorbs cash now, which is why trailing free cash flow swung to an outflow of USD 42.4 billion from a USD 14.8 billion inflow. The Q4 sales guide of USD 240 billion to USD 247 billion brackets the roughly USD 244.2 billion expected, so the outlook is not weak on revenue.

Alphabet (NASDAQ:GOOGL): Cloud strength, weak cash

Alphabet (NASDAQ:GOOGL) reported Q3 results on October 29, 2026. EPS was USD 2.12, below every consensus figure we found, although those figures conflict at USD 2.94, USD 3.01 and USD 3.02. Revenue of USD 127.58 billion compared with about USD 127.9 billion expected, a small shortfall. Google Cloud revenue came to USD 30.7 billion. Search and Advertising growth fell short of hopes, and free cash flow was negative. The share price closed at USD 283.70, down about 12.7 percent. Because consensus EPS varies by source, the precise size of the miss should be treated as uncertain until a primary filing is checked. The remaining figures come from published market data and need checking against the filing. Search and advertising are the profit engine, so softer growth there matters more than strength in cloud. Negative free cash flow adds a second concern, because heavy spending on data centers absorbs cash before it produces revenue. One summary says roughly USD 500 billion of Market Value was erased and that it was the worst day in over 20 years. The stock's decline so far in 2026 shows how much of the rally has unwound.

Intel (NASDAQ:INTC): Data center growth, PC warning

Intel (NASDAQ:INTC) published results after the close on October 29, 2026. Adjusted EPS for Q3 reached USD 0.52, topping a USD 0.40 estimate, while revenue of USD 16.5 billion rose 21 percent from a year earlier. Data center sales jumped close to 80 percent to USD 7.3 billion. The trouble lies in the outlook: a Q4 revenue guide of USD 15.0 billion to USD 16.0 billion and a non-GAAP EPS guide of USD 0.25 both came in under expectations. Several summaries cite earlier forecasts of roughly USD 17.1 billion and USD 0.43 to USD 0.44. The premarket price of USD 68.44 stands against a prior close of about USD 92.07, which we worked out with simple arithmetic from the quoted drop. Investors price the coming quarters rather than the one just reported, so even a strong quarter can prompt a sharp reset when guidance disappoints. Published market commentary, not a company statement we could verify, points to sluggish PC Demand as the reason. The warning reached other names as well: Dell slid about 10 percent in premarket, HP about 8 percent, and Hewlett Packard Enterprise and Super Micro roughly 5 percent to 6 percent.

Sandisk (NASDAQ:SNDK): Memory strength, pricing worry

Sandisk (NASDAQ:SNDK) published results after the market closed on October 29, 2026. Revenue hit USD 11.0 billion, and the next-quarter guide of USD 12.2 billion to 12.6 billion was confirmed by two accounts. Data center revenue grew 61 percent to USD 4.8 billion, and non-GAAP gross margin reached 85.1 percent. The company also unveiled an 8-for-1 stock split. Even so, shares slid between 8.05 percent and 8.3 percent in Friday premarket trading. EPS figures conflict between accounts, at USD 52.60 in one and USD 49.51 in another, so neither is cited as final. A split alters the share count and price, not company value. Memory makers earn the most when Supply is tight and contract prices climb. Sandisk (NASDAQ:SNDK) sells NAND flash, so its margins track those prices. Investors worry that pricing may be nearing a peak, and an 85.1 percent gross margin leaves little room for further gains. Peer news added to the pressure: SK hynix ADRs fell more than 7 percent, and Kioxia's operating profit guide of 2 trillion yen for its fiscal third quarter came in below a consensus of 2.35 trillion yen, according to one account.

Where Things Stand

In short, the market wants to know who earns a return on all this spending. Amazon (NASDAQ:AMZN) illustrates the cash cost. Alphabet (NASDAQ:GOOGL) pairs cloud revenue with negative free cash flow. Intel (NASDAQ:INTC) shows data center growth overshadowed by a PC warning. Sandisk (NASDAQ:SNDK) shows solid results meeting a worry about peak pricing. The figures blend closing prices with premarket snapshots. Later filings and analyst notes will reveal whether returns arrive quickly enough. This is not Investment advice.