Qualcomm announced an AI chip agreement with Amazon on September 8 to provide custom AI inference chips for Amazon Web Services, while also granting Amazon a right to purchase approximately $4 billion in Qualcomm stock. The deal pushed Qualcomm shares up about 10 percent in after-hours trading, underscoring the intensifying AI computing arms race.
AI infrastructure firm IREN has completed its first AI cloud deployment under a $9.7 billion contract with Microsoft, marking a milestone in large-scale AI compute outsourcing.
Core Summary Microsoft released its Q2 FY2026 earnings after market close on July 29, delivering results that exceeded Wall Street expectations. Net profit surged 31% year-over-year to record levels, while Azure cloud revenue crossed the $100 billion quarterly milestone for the first time, growing 29% year-over-year. AI services, particularly Azure OpenAI and enterprise AI solutions, emerged as the primary growth engine driving the beat. Event Details According to the Wall Street Journal, Microsoft’s Q2 revenue reached $69.6 billion, beating analyst estimates of $68.1 billion. Adjusted earnings per share came in at $3.34, above the expected $3.18. This marks Microsoft’s third consecutive quarter of double-digit growth, demonstrating that its strategic pivot to cloud services and artificial intelligence is yielding significant results. ...
Alphabet reported Q2 2026 revenue of $112 billion, beating Wall Street expectations. Cloud revenue surged 82% year-over-year, but the company raised its 2026 capex guidance to $190 billion, sending shares lower in after-hours trading.
Amazon CEO Andy Jassy says investors will be rewarded by the company’s substantial AI investments across AWS infrastructure and internal AI capabilities.
Amazon Web Services data centers in the UAE and Bahrain suffered damage from the Middle East conflict, with full restoration expected to take up to six months. Initial losses estimated at $150 million.
OpenAI reaches new agreement with Microsoft that eliminates exclusivity rights, allowing OpenAI to serve products on AWS and other clouds, resolving legal risk from its $50B Amazon deal.
Amazon reported Q1 2026 revenue of $181.5 billion, beating Wall Street expectations. AWS cloud unit grew 28%, marking a 15-quarter high. Stock slides after hours on rising AI spending concerns.
Following Microsoft’s loss of exclusive OpenAI product rights, Amazon quickly launched OpenAI’s latest models and AI agent tools on AWS Bedrock, marking a reshuffling of tech alliances.
EU regulators announce plans to extend the Digital Markets Act to cloud services and AI, intensifying oversight of tech giants.