The Cloud Capex Reality: Analyzing Alphabet’s Beat and the Amazon Hurdle — By Querino Arruda

Thursday, February 5, 2026, marks a pivotal moment in the earnings season. Alphabet (GOOGL) has delivered a resounding message with its Q4 results: the AI trade is moving from “hype” to “infrastructure.” With revenue hitting $113.8 billion and EPS beating estimates at $2.82, the acceleration in Google Cloud confirms that enterprise AI demand is real. The stock’s after-hours stability suggests that the market is finally accepting the massive capital expenditures required to build this future.

However, the broader market remains divided. While the Dow Jones rose 0.53% yesterday, the S&P 500 slipped 0.51%, reflecting a rotation into defensive value. In Brazil, the IBOVESPA underwent a healthy correction, sliding 2.1% to 181,708 points after its recent record run. This pullback, driven by financials, offers a rational entry point for long-term allocators.

As we await Amazon’s earnings tonight, the focus shifts to AWS. Can it match Google’s cloud momentum? But beyond the balance sheets, I am looking at the “human infrastructure.” Microsoft’s partnership with SENAI to train millions of Brazilians in AI and cybersecurity is the perfect counter-narrative to the fear of automation. At Garanteus, we believe that investing in digital literacy is the only way to ensure that the billions spent on chips translate into broad-based economic growth.

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