Freedom reviewed Apple, Microsoft, Amazon and other крупнейшие U.S. companies after earnings

Freedom analysts broke down the latest financial results of the largest U.S. companies. The spotlight was on Apple (AAPL), Alphabet (GOOGL), Microsoft (MSFT), Meta (META), Amazon (AMZN), Caterpillar (CAT), Walt Disney (DIS) and Palantir (PLTR). The main theme of this earnings season remains artificial intelligence: tech corporations continue to ramp up spending on computing infrastructure, but investors are increasingly scrutinizing how quickly these investments translate into revenue and profit growth. 

More interesting updates on companies — in the new Investment Review No.351 from Freedom analysts.

Apple beat estimates, but the stock fell 7.4%

Apple reported fiscal Q2 2026 results above market expectations on key metrics. At the same time, Freedom analysts note that a significant portion of the upside in margins and earnings per share was driven by a one-off refund of previously paid import duties. 

Demand for iPhones and Mac computers remains strong, but Apple’s ability to increase sales is constrained by a chip shortage. Additional pressure comes from rising memory costs. Services revenue also grew more slowly than expected.

After the results were released, Apple shares lost about 7.4% on July 31. Freedom analysts attribute this reaction more to profit-taking after the stock’s prior run-up than to any deterioration in the company’s business fundamentals. 

At the same time, smartphone sales remain one of the company’s strongest areas. In Q2, global iPhone shipments rose 15.3% year over year to 55.8 million units, while the overall global smartphone market shrank 6.7% to 277.5 million units, according to data cited in the Freedom review.

Alphabet, Microsoft, Meta and Amazon increase spending on artificial intelligence

The largest technology companies continue to invest in data centers and AI infrastructure. According to estimates cited by Freedom, the combined expected capex of Alphabet, Microsoft, Meta and Amazon for 2026 increased by about 6% after the latest reports, while the 2027 forecast rose by 14%. 

Alphabet raised its 2026 capex forecast from $180–190 billion to $195–205 billion. At the same time, revenue at Google Cloud, the company’s cloud unit, grew 82% year over year, and the volume of contracted but not yet delivered business reached $514 billion. Despite the acceleration in the cloud business, investors were concerned by a decline in free cash flow — the funds remaining after operating and capital expenditures. 

Microsoft did not raise its spending outlook. Revenue from its Azure cloud platform increased 43% year over year, and the company’s strong results and guidance supported the stock after the earnings release.

Meta narrowed its expected capex range to $130–145 billion versus the prior $125–145 billion. Freedom analysts note that the company’s results have not yet provided the market with sufficiently convincing evidence that massive AI investments are fully justified. 

Amazon, by contrast, increased its investment plans the most — from roughly $200 billion to $220 billion. Amazon Web Services, the company’s cloud unit, lifted revenue by 36.7%, and its operating margin was 39.4%. 

Apple and Microsoft moved from stock pressure to strong earnings

Back in spring, the situation around some of the largest technology companies looked noticeably weaker. In Q1 2026, Microsoft shares fell 23%, posting their worst quarterly result since the 2008 financial crisis. For comparison, the Nasdaq index declined by about 7% over the same period. Investors were concerned about high spending on data centers and the need to prove the company can generate returns from its AI investments. 

The latest report shows the situation has changed: the Azure cloud platform increased revenue 43% year over year, and Microsoft’s strong results and guidance have already triggered a positive market reaction. 

For Apple, one source of support in spring remained the Chinese market. In Q1 2026, iPhone shipments in China rose 20% despite a 4% contraction in the overall local smartphone market. Apple’s share reached 19%, allowing the company to take second place in the Chinese market. 

Walt Disney revenue rose 7%

Walt Disney, for fiscal Q3 2026, increased revenue by 7% year over year to $25.25 billion. Growth was driven by theme parks, the cruise business and streaming video services. 

Revenue from streaming grew 11% to $5.53 billion, while parks and cruises rose 10% to $9.97 billion. Attendance at U.S. parks increased 3%, and spending per visitor rose 4%. The expansion of the cruise fleet increased the segment’s available capacity by about half. 

Palantir accelerated U.S. growth thanks to artificial intelligence

Among the companies reviewed, Palantir delivered some of the strongest results. It is a U.S. technology company that develops software platforms for analyzing large volumes of data and deploying artificial intelligence. Its solutions are used by commercial companies and government entities, including for process automation, analytics and decision-making.

Palantir’s second-quarter metrics exceeded both the company’s own guidance and market expectations for revenue, profitability, new bookings and free cash flow. The main driver was its U.S. commercial business, where revenue in Q2 surged 149% year over year. Freedom analysts attribute this growth to customers moving from pilot projects to broad deployment of Palantir’s AI-based platforms in their workflows.

Freedom analysts view Palantir’s raised guidance for Q3 and the full-year 2026 positively. The main sources of further growth remain the expansion of the U.S. commercial business and new government contracts. 

This is not an individual investment recommendation.