Big Tech Q1 2026 Earnings Show AI Infrastructure Spending Generating Real Returns

S&P 500 blended earnings growth for Q1 2026 reached 27.1% year-over-year, the highest since Q4 2021. Google Cloud grew 63% to an $80 billion annual run rate, while AWS grew 28% to $150 billion annualized, its fastest growth in 15 quarters. Big Tech's collective AI infrastructure spending has swelled to $700 billion. Jim Cramer said 'bubble talk has been proven wrong' by the earnings results, with 84% of S&P 500 companies reporting positive EPS surprises.