AI upside remains missing in latest earnings spate

AI Spending and Revenue - The market is scrutinizing whether AI spending translates into real revenue for companies [1] - AMD gave OpenAI 10% equity to secure their business, but the AI upside is still missing in its Q4 guidance [2] Hyperscaler Performance - Amazon and Alphabet shares hit record highs due to strong cloud growth boosted by custom chips, offsetting the "Nvidia tax" [3] - Google's Gemini model may power a revamped Siri in a deal with Apple worth $1 billion per year [3] - Microsoft lost right of first refusal on OpenAI's compute deals [4] - Meta reported a soft Q4 guide and is spending like a hyperscaler without a cloud business to justify the outlay [4]