Microsoft and Amazon have disclosed AI revenue figures that raise questions about how hyperscalers define AI monetization, as Microsoft reported its AI business exceeded a $37 billion annual revenue run rate and Amazon said AWS AI revenue surpassed a $25 billion annual revenue run rate. Hyperscalers are investing hundreds of billions of dollars in AI infrastructure, and investors are increasingly seeking signs that these investments are translating into revenue growth. The Wall Street Journal recently noted investors have been "fretting over how Big Tech is going to make a return on all its AI spending," with cloud computing increasingly appearing to be the answer. Reuters reported that J.P. Morgan raised its year-end target for the S&P 500 partly due to rising confidence that AI investments by Microsoft, Amazon and Alphabet would drive faster revenue growth, supported by strong cloud growth and expanding order backlogs. Following Microsoft’s July 2026 earnings, CEO Satya Nadella demonstrated an "ROIC Intelligence App" built from a Morgan Stanley report on hyperscaler ROIC, highlighting focus on measuring economic return from AI infrastructure spending. Other companies take different approaches: Google discusses AI’s contribution to Cloud growth and reports token usage, Oracle emphasizes AI-driven cloud revenue and remaining performance obligations, while Meta focuses on AI’s impact on advertising performance. GAAP does not define AI revenue, giving companies broad discretion over whether to report these measures, how to define them, and which products to measure, making comparison difficult.