Alphabet and Microsoft closed out major earnings reports, with both beating estimates and doubling infrastructure spending, yet the market treated them differently. Alphabet delivered $119.796 billion in Q2 revenue, with Google Cloud accelerating to 82% growth and cloud operating margin jumping to 35.6%. Capex hit $44.9 billion in a single quarter, free cash flow fell to negative $5.9 billion, and management raised full year 2026 capex guidance to $195 billion to $205 billion. The buyback was suspended. Microsoft reported $90.01 billion in Q4 FY2026 revenue with Azure up 43% and full year Azure crossing $100 billion. Copilot hit 30 million paid seats and commercial RPO ballooned to $678 billion, up 84%. Free cash flow slipped 23.19% to $19.64 billion. Alphabet's full-stack TPU-to-Gemini approach cuts Nvidia dependency, while Microsoft's OpenAI partnership created a $4.9 billion GAAP revenue drag from partner losses. Post-earnings, Microsoft jumped 15.51% the day after filing, while Alphabet slipped 2.46% in the week following. Alphabet's 15 P/E looks compelling if capex peaks, but Microsoft's $678 billion contracted backlog delivers revenue certainty.