Editorial companion

What stands out

Schwab Network's clip puts capital expenditure guidance, not glossy AI demos, at the center of earnings week for Microsoft, Amazon and Alphabet after Alphabet's share wobble when it raised spending plans. Maria Llerena and Nick Raich remind investors that artificial intelligence (AI) is now judged by how much companies build, not just the revenue headline, and that short-term sell-offs around higher CapEx can offer disciplined buying opportunities for long-term holders. For anyone owning or watching the big cloud and ad franchises, CapEx math will drive stock moves more than slogans this quarter.