Big Tech’s latest earnings season has come to a close just as quickly as it started. Alphabet (GOOG, GOOGL), Amazon (AMZN), AMD (AMD), Apple (AAPL), Intel (INTC), Meta (META), and Microsoft (MSFT) all reported their latest financials within the same week. The remaining holdout, Nvidia (NVDA), will give us the lowdown on its own performance later this month.

They all, with the exception of Intel, either met or exceeded Wall Street’s expectations on the top and bottom lines. But investor response to the announcements was far from uniform. And you can, mostly, thank AI for that. The technology powered revenue growth for some firms while spooking investors over fears of an AI slowdown at others.

Here's a rundown.

Meta and Microsoft reported better-than-anticipated numbers, with both companies saying that AI is contributing to their broader revenue. But the firms also said they’re set to pour billions more dollars into their AI buildout, with Meta CFO Susan Li saying the social media giant will “continue to expect significant capital expenditures growth in 2025.”

Microsoft meanwhile said it’s going to keep spending as it continues to construct data centers to power its AI services. According to CFO Amy Hood, Microsoft’s capital expenditures in Q1 totaled $20 billion, with much of that going toward AI. What’s more, she expects spending to increase in the current quarter.

Alphabet, meanwhile, spent $13 billion in Q3, primarily on servers, data centers, and networking equipment, and expects to spend roughly the same amount in Q4. Amazon CEO Andy Jassy said his company plans on a total of $75 billion in capital expenditures for 2024 — and even more next year to support its generative AI plans for its Amazon Web Services segment.

Wall Street didn’t take too kindly to Meta or Microsoft’s spending announcements, sending shares sliding, but looked past Alphabet and Amazon’s own pricey plans, giving their stocks a lift.

AMD and Intel went in opposite directions as well. Shares of AMD fell following the company's earnings release where it shared expectations to bring in between $7.2 billion and $7.8 billion in the current quarter. The midpoint of that would be $7.5 billion, and analysts were looking for $7.55 billion. AMD’s stock dropped 9% on the news as investors questioned whether the company’s AI revenue growth was beginning to slow.

Intel’s stock, on the other hand, jumped after the company announced it expects Q4 revenue between $13.3 billion and $14.3 billion, with a midpoint of $13.8 billion. Wall Street was anticipating $13.6 billion. The stock move came despite Intel reporting worse-than-expected earnings per share for the prior quarter and noting that it expects its data center and AI segment revenue to be flat quarter over quarter.