[FLASH] Microsoft, Alphabet Q3 capex come in below estimates on supplier delays; neocloud shares fall
Microsoft reported $45.2B of capex plus finance leases, against a $50.7B consensus. CFO Amy Hood cited delayed third-party capacity deliveries, and the calendar-2026 capex outlook was cut to about $170B from $175B, with next quarter still expected above $50B. Alphabet's capex was $51.36B against a $55.09B estimate, free cash flow was -$9.1B, and 2026 guidance of up to $205B is unchanged. GOOGL traded about 11% lower on the morning of Oct. 29. In premarket that day, CRWV fell 5.98%, NBIS 6.88% and IREN 4.92%, according to TipRanks. The point to watch is whether the slip is timing only, i.e. whether the delayed capacity lands in the next two quarters as both companies indicate, which would matter for third-party capacity providers.