Gene Munster of Deepwater Asset Management expects Google Cloud and Amazon's AWS to beat Q2 estimates, with Google Cloud revenue projected to jump 70% year over year in June, above the consensus estimate of 64%, and AWS expected to grow 34% in the June quarter, up from 32% expected. Munster believes strong demand for AI infrastructure will drive earnings growth, offsetting valuation compression, and that higher expectations should drive AI infrastructure earnings growth that more than offsets multiple compression. He also expects consensus CY27 hyperscaler capex growth estimates to increase from the current 23% year-on-year to 37%, noting that if recent funding expansions shift into next year's deployments, aggregate hyperscaler capex growth could surge to 37% year-over-year. Meta is anticipated to modestly boost its 2027 capex outlook to 25%, up from initial expectations of 21%. Munster highlighted that Google Cloud will stand out due to its aggressive infrastructure buildout and effective customer acquisition, while AWS will likely extend its outperformance streak as demand consistently outruns supply.