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January 29, 2026, 10:18 PM EST. Big tech earnings this week show investors are willing to overlook soaring AI spending if it drives solid growth, but quick to punish misses. Microsoft slid about 10% after its Azure cloud growth barely topped expectations and after disclosing that OpenAI accounts for 45% of its cloud backlog, raising concerns about concentration risk. Meta rose more than 9% on strong revenue from AI-enhanced ad targeting in the December quarter, supporting a rosy first-quarter forecast and signaling appetite for massive capital spending, projected to jump as much as 87% to about $135 billion this year. Analysts warn the market is weighing AI ambitions against Wall Street's tolerance for open-ended investment cycles, while Meta's pivot shapes the earnings narrative.