🚨 BIG TECH JUST ENDED THE "AI BUBBLE" DEBATE.

Q1 2026 cloud earnings released today:

- Google Cloud: +63% YoY ($20B, first time ever)

- Microsoft Azure: +40% YoY

- AWS: +28% YoY (fastest in 15 quarters)

- Meta: +33% YoY ($56.3B)

Microsoft's AI business: $37B run rate, +123% YoY.

Google's cloud backlog: $460B.

Meanwhile, OpenAI reportedly missed Q1 internal targets.

The infrastructure layer is printing. The application layer is sweating.