Alphabet, Amazon, Nvidia: Catalysts Ahead of July Earnings

Alphabet, Amazon and Nvidia enter July with specific developments ahead of the Q2 earnings season. Google Cloud reported faster revenue growth, Amazon’s cloud unit implemented a price increase for machine‑learning GPU reservations, and Nvidia remains the primary supplier for much AI infrastructure as analysts track its next product cycle.

Alphabet’s Google Cloud revenue climbed 63% year over year to $20 billion in the first quarter, accelerating from 48% growth in the prior quarter. That growth rate exceeded the most recent reported rates for other major cloud providers. Fund manager Dan Niles called Google his favorite Magnificent Seven name and described the company as having the “full AI stack,” noting what he sees as clear returns on its AI investments.

Amazon’s near‑term development is a pricing change at Amazon Web Services. AWS increased prices for EC2 Capacity Blocks for machine‑learning GPU instances, effective July 1. Those reservations let customers secure constrained GPU capacity for training and model development. Traders interpreted the change as evidence of strong demand for AI compute, and Amazon shares rose about 2.5% on June 26 after the announcement. AWS reported $37.6 billion in first‑quarter revenue, up 28% year over year, and a reported backlog near $364 billion, excluding Anthropic’s more than $100 billion multi‑year commitment. Amazon’s CEO Andy Jassy has argued that the company’s Trainium chips could save the firm “tens of billions” in capital expenditure at scale while improving operating margins. Wells Fargo has maintained a Buy rating on Amazon with a $312 price target. Amazon’s next quarterly report is expected July 30.

Nvidia continues to be the main provider of hardware used to train large models and run inference at scale. Many cloud providers and model developers rely on Nvidia systems, making the company a focal point for infrastructure spending rather than a bet on a single cloud winner. Analyst trackers show a Buy consensus on Nvidia with average price targets near $309. China Renaissance initiated coverage on June 5 with a Buy rating and a $319 target. Market participants are watching Nvidia’s product roadmap, including the anticipated Vera Rubin platform, as they evaluate performance beyond the current Blackwell generation. Nvidia’s next confirmed earnings update is scheduled for late August.

Alphabet and Amazon will report earlier in the July earnings calendar, followed by Nvidia’s update in August, offering a sequence of company results and guidance for observers assessing demand and spending across the AI ecosystem.