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I think this sets the tone for the tech reporting season , because if you look at the cloud services figures— about 60% growth—this is a real historic turnaround for Alphabet. Let's go back a year : now we see real growth, corporations are starting to actively implement AI modernization, and, of course, the success of search and Gemini results, despite delays in launch.
A year ago, even New York taxi drivers didn't believe in Alphabet, and today, capital spending— MacKenzie said it would be over $300 billion next year— is showing increasing monetization. If you've been watching the market in recent months and felt a familiar sense of anxiety every time someone shouts about an "AI bubble," stop.
Wedbush's Dan Ives looked straight into the camera and essentially stated that the panic was fake, not exaggerated, not excessive, but fake. If history teaches us anything , it's that the last time Wall Street's most vocal optimist made such statements, the stocks he singled out showed a rapid rise, leaving skeptics with nothing.
We are in the middle of what Ives calls the third inning of a nine-inning SIA game. Infrastructure development is a reality. Corporate demand is growing, and temporary market panic about cost levels or payback periods is classic mid-cycle noise. Investors who view such moments as buying opportunities, rather than exit signals, are the ones who will benefit from the next round of growth.
Today I'll talk about the three companies that are the basis of Ives' AI thesis ahead of the next reporting season. These are not speculative lottery tickets. These are companies that are already turning AI hype into real revenue, increasing margins and signing multi-year contracts. While the market debates whether the holiday season is over, let's start with the biggest and most important piece of the puzzle.
Microsoft is not just participating in the AI revolution. It is a corporate operating system for her. In the most recent quarter, our fiscal third quarter of 2026, which ended March 31. Microsoft received $82.9 billion in revenue, up 18% year-over-year. Azure and other cloud services grew by about 40%.
This is not a story about slowing down. This is a story about acceleration. Microsoft's cloud business surpassed $50 billion in quarterly revenue earlier this fiscal year and continues to grow. Copilot adoption is growing. AI-related revenue is approaching tens of billions annually, and the company continues to invest aggressively.
However, operating profit continues to grow at a healthy pace. What makes this moment particularly interesting is the timing. Microsoft reports its fiscal fourth quarter and full-year 2026 results on July 29. For months, the market has doubted the capital intensity of developing artificial intelligence.
Ives remains consistent. These costs are not a warning sign. This is the price of entry into the next decade of software and cloud dominance. Azure is gaining market share. Microsoft 365's user base gives the company a distribution advantage that almost no one can match. As new numbers emerge , the narrative that AI spending is out of control will be confronted with real-world results that show that demand is real and monetization is working.
This is the situation that Ives has been pointing out for several months now. If Microsoft is a fortress, Palantir is a high-octane growth engine at the heart of AI application tier. The company's results for the first quarter of 2026 were simply explosive. Total revenue reached 1.633 billion, an 85% increase from last year.
Revenue in the US increased by 104%. Commercial revenue in the US jumped 133%. Operating margin expanded significantly. GAAP operating income was $754 million with a margin of 46%. Adjusted operating income was $984 million with a margin of 60%. Adjusted free cash flow was $925 million. These are not numbers from a company that is still proving its model.
These are numbers from a company whose model already works at scale . Palantir has spent years building the Foundry and AIP platforms that enable enterprises and governments to transform raw data into actionable analytics. The AI wave did not create this advantage. She strengthened it. Ives has repeatedly called Palantir one of the cleanest players in the corporate AI market.
Commercial deals are accelerating. Government demand remains strong, and growth in overall contract value continues to outpace revenue, which is exactly what you want to see when a platform business is still early in its expansion cycle. Stocks have had their share of volatility in 2026, which is why the current window matters.
When a company shows 85% revenue growth and 60% adjusted operating margin while the market is still debating the profitability of AI, that gap eventually closes, usually with a sharp upward jump. This brings us to the third name, and it's a company that doesn't get enough attention in conversations about AI.
CrowdStrike. Cybersecurity is not a secondary story for artificial intelligence. This is a mandatory prerequisite. Every new AI workload, every new agent, every new data pipeline expands the attack surface. CrowdStrike is at the intersection of this reality. In the first fiscal quarter of 2027, which ended April 30, 2026, CrowdStrike reported revenue of $1.39 billion , up 26% from a year ago.
Subscription revenue grew at the same pace . Annual recurring revenue reached $5.51 billion, an increase of 24%. Net new ARR reached a record first quarter of $256 million, up 32%. Cash flow from operations and free cash flow set records. The company also raised its full-year forecast . These are not numbers based on hope.
These are performance results in a category that is structurally expanding thanks to AI, not in spite of it . Ives singled out CrowdStrike as a major beneficiary of the AI wave effect—the level of cybersecurity that every enterprise must strengthen when implementing intelligent systems. The company is already collaborating with major AI players in early security programs.
This positioning matters. As AI moves from pilot projects to production, the demand for real-time AI threat detection is only growing. CrowdStrike's platform advantage and its growing net new ARR provide it with a clear outlook for the next few reporting cycles. Take a step back and look at the commonality.
Microsoft is monetizing AI at the platform and performance levels thanks to Azure's accelerating growth and huge user base. Palantir monetizes AI at the decision-analytics and application level with triple-digit commercial growth and margin expansion. CrowdStrike monetizes the level of security required for every AI deployment with record net new ARR and cash generation growth.
These are not three random names. These are three complementary elements of the same AI value chain that Dan Ives constantly emphasizes. And although a significant part of the market was occupied with discussions about whether the " bubble" was about to burst, the panic was understandable. The capital costs are huge.
Valuation multiples in certain parts of the sector were too high. Microsoft gives you the dominant cloud platform and productivity tools. Palantir brings you highly dynamic applications and analytics. CrowdStrike gives you a security foundation that becomes more valuable with every AI deployment. Own companies that are already turning the AI wave into stable revenue and growing profitability.
The next earnings reports will not put an end to the debate. They will just add more evidence. And if Dan Ives is even half right, investors who listen to his words, rather than panicked headlines, will be the ones smiling when the decisive moment finally arrives. This is the basis. This is an opportunity. Now act.
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