Big Tech's AI giants report earnings today. These are the 4 most important numbers to watch.

• Alphabet, Microsoft, Amazon, and Meta will report quarterly earnings after the closing bell.
• The results come at a time when AI jitters are peaking after a report about missed growth targets at OpenAI.
• Detailed below are the four numbers everyone will be watching ahead of the make-or-break reports.

This quarter's busiest week for tech earnings comes at a precarious time.

Tech stocks — especially AI names — got nailed on Tuesday after a Wall Street Journal report said OpenAI has recently missed internal growth targets. Market jitters over that news will collide with earnings today from Alphabet, Microsoft, Amazon, and Meta.

Suddenly, the already-lofty stakes around the reports have been ratcheted even higher. How will investors process upcoming earnings with fresh doubts planted in their minds?

The situation paints a bigger bullseye on AI capex. Magnificent 7 companies have pledged tens of billions in spending, but market reactions have been inconsistent. What traders really care about is AI progress, and they favor companies that most quickly convert that investment into results.

The newfound uncertainty has already put a dent in a Nasdaq Composite that recently enjoyed a 13-day winning streak that was its longest since 1992.

The results from the four companies below (and Apple on Thursday) will likely determine if investor nerves can be calmed — and whether the Nasdaq can regain its mojo:

Alphabet

Number to watch: Google Cloud revenue

For this quarter, investors will be focused on Google Cloud revenue, which is the most clear-cut indicator of whether AI investment is paying off. The consensus forecast is for $18 billion, which would be a 50% year-over-year increase, according to Bloomberg data.

Wedbush analyst Dan Ives says the buy side expects even stronger growth, and thinks Alphabet could still surprise to the upside, given its strong backlog and custom-chip capabilities.

Investors will also be watching engagement trends, like the usage of Gemini, for signs of how AI monetization is going.

Microsoft

Number to watch: Azure growth rate

Microsoft's cloud business is also the best proxy for its AI progress. Bloomberg estimates see 38% sales expansion for Azure and other cloud services, and 21% Azure growth attributable to AI.

Attention will also be paid to Copilot and other AI features. Adoption is rising, but paid conversion and Microsoft's ability to monetize are still in question.

Capex will also be in focus, although Microsoft has largely been spared from past market freak-outs because of its comparatively strong operating leverage.

Amazon

Number to watch: AWS revenue

Are you sensing a trend? As with Alphabet and Microsoft, investors will be glued to the cloud segment for signs of AI progress. Analysts expect $37 billion of quarterly sales from the business, a 25% increase from the year before.

Eyes will also be peeled for any commentary or tangible financial impact from Amazon's high-profile AI-model partnerships (OpenAI, Anthropic), as well as their infrastructure deals (Meta, Nvidia).

Meta

Number to watch: Ad revenue growth

The focus for Meta is on advertising, rather than cloud. But the reasoning is the same as for the companies above: it's the business that should see the most immediate tangible impacts of AI. Meta is expected to see sales of $54 billion for the segment, up 31% from last year.

And since Meta is the least diversified Magnificent 7 stock — driven almost entirely by advertising revenue — any capex-spending rebellion from investors could hit shares to a disproportionate degree.