Meta reported second-quarter revenue of $60.8 billion, up 28% year over year, family daily active people of 3.6 billion on average for June, up 3%, and guided third-quarter revenue below consensus. The stock fell more than 8% after hours. Underneath the headline sit three numbers that explain the reaction better than the guide does: $2.4 billion in charges related to legal proceedings, $1.18 billion in severance connected to the May layoff of about 8,000 staff, and free cash flow of $784 million, down 91%.

Microsoft reported fourth-quarter capital expenditure of $41 billion, up 70% year over year, and simultaneously lowered its 2026 capex forecast to $175 billion from $190 billion. The company was explicit that spending plans have not changed. An accounting change did. That combination deserves more attention than it will get, because a $15 billion reduction in a guidance figure that everyone on the street uses as a proxy for compute added is not a reduction in compute added.