Alphabet and Amazon closed Q1 FY2026 with major AI infrastructure disclosures, but Alphabet is converting compute into revenue sooner while Amazon builds for 2027. Alphabet posted revenue of $109.90 billion, up 21.8% YoY, with Search & Other at $60.4 billion and Google Cloud up 63% to $20.03 billion. EPS came in at $5.11 versus a $2.63 consensus. CFO Anat Ashkenazi raised Alphabet’s 2026 capex guide to $180 billion to $190 billion and flagged that "2027 CapEx to significantly increase compared to 2026." Sundar Pichai says Gemini has cut core AI response costs by more than 30%, and enterprise GenAI revenue grew nearly 800% year over year. Cloud backlog sits at $462 billion, with roughly 50% converting to revenue in the next 24 months. Amazon delivered $181.52 billion in revenue, up 16.61%, with AWS at $37.587 billion, growing 28%. Its custom chips business runs at a $20 billion revenue run rate, growing triple digits. Andy Jassy guided to ~$200 billion in 2026 capex, and TTM free cash flow fell to $1.2 billion, a 95% drop. Long-term debt jumped to $119.1 billion from $65.6 billion. OpenAI’s 2 GW of Trainium workloads do not start