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Here's what's on tap tonight.

A $12 trillion day, four members of the Mag 7 reporting in just the last hour what they had to say about the state of the AI trade and capital spending and what it could mean for the markets tomorrow. Plus, it's not just big tech on the move after hours. getting the reads on everything from big auto to burritos, what these companies had to say about the consumer, the economy, and more. And later, Jerome Powell's leading what's expected to be his last meeting as Fed Chair, what he had to say about inflation, job growth, and his post-chair plans, and the stage he is setting for his eventual successor. I'm Melissa Lee. Come to you live from Bia at the NASDAQ. I'm the desk tonight. Tim Seymour, Carter Braxtonworth, Dan Nathan, and Guy Adami. We start off with the all-important night for big tech as four of the seven largest companies in the market. Report quarterly results. Deuterbos is standing by on Amazon. Julia Borson has Metasemus tracking Microsoft. We start off with McKenzie Segalos on Alphabet. Those shares are the only one of the four moving higher after reporting better than expected results. The call kicking off in just the last hour. Mack, what's the latest? And those shares steadily climbing over the course of the call as CEO Sundar Pachai leans into cloud as the proof

point for Google's AI strategy.

Pachai saying that AI is now the primary growth driver for Google Cloud, with Q1 revenue

from products built on Google's generative AI models up nearly 800% year over year.

That helps explain why cloud backlog nearly doubled sequentially to more than

460 billion, a clear sign of demand for their AI infrastructure, and a major endorsement

of Google's in-house silicon strategy. 50 percent of backlog is expected to be recognized as revenue

within two years. The key question now is whether Alphabet

Ups its Cappex guide from $185 billion

as it expands capacity in the market for TPUs.

CFO Anad Ashkenazi saying that

CAPEX hit $35.7 billion in Q1,

with the overwhelming majority of that spend

focused in AI-specific infrastructure, free cash flow,

reaching $10.1 billion in Q1. And finally, Mel's search was also stronger than expected,

which is key because that high-margin business is funding the build-out.

Mack, thanks, Mackenzie Segalos, and we are tracking those gains in the after-hour session. Guy, what did you make at this quarter? It's great. It's good for Google, and it was four or five quarters ago when people were talking about the existential risk of the search business vis-a-a-I. A lot of people were concerned. That's proven to be at least in the short term or the last year and a half or so unfounded. And this quarter in terms of search, good for them. But then you just look at the metrics. Operating margins, they break it down two ways. Of gross revenue, 36 percent, the street was the 34 percent of net revenue, almost 42 percent. The street was the 39 and a half percent. So they're operating the business better, which in my opinion means they're deservative a higher multiple. So in my opinion,

this move makes sense. I mean, it is a stunning move given they were up a lot. I mean, the best of the max seven, into the print. Yeah, that in Amazon. And, you know, I'd say that the expectations for Google weren't actually nearly as high as, let's say, for Amazon. I know we're going to get that in a second but i think the takeaway here is that cloud business growing 60% year

every year and they only have 13% market share for Amazon. I know we're going to get to that in a second. But I think the takeaway here is that cloud

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