What’s News in Earnings: How Magnificent Can the Magnificent Seven Get?

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  Hey, listeners, your money briefing is on a break,

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  but we're still here to keep you informed on important money matters.

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  Today, we've got a peek under the hood of the U.S. economy,

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  courtesy of earnings season and companies' financial reports.

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  Hey, listeners, it's Tuesday, August 5th.

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  I'm Spencer Jacob for The Wall Street Journal, and this is What's News in Earnings,

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  our look at the broad themes that stood out in the latest earnings season.

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  So earnings season continues.

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  But six of the companies that have been on everyone's minds,

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  the Magnificent Seven, have shown us how they did in the last quarter.

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  And more importantly,

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  what they're planning to do with some of those billions of dollars in cash flow.

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  Heard on the street writer Asa Fitch, who also co-authors the journal's new AI newsletter,

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  is here to shed some light on their results and the capital expenditure bonanza.

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  So Asa, if my math is correct, the four hyperscalers, that's Amazon, Meta,

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  Microsoft, and Google, whose parent is Alphabet, that are investing the most in AI infrastructure,

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  all of them members of the MAC-7,

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  plan to invest more than $300 billion this fiscal year and close to $400 billion in the coming 12 months,

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  mostly on AI stuff.

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  What happened to being capital light?

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