Hyperscaler stocks are starting to rally again after some initial worries about their capex spending. Here is a quick breakdown of where four of the biggest players stand based on recent earnings. **Amazon (AMZN)** AWS revenue grew 37% in Q2. Their chip and AI businesses hit a $25B run rate, and they are using AI to cut costs in e-commerce. Forward P/E is 24. **Meta (META)** Q2 revenue grew 28%. Both ad impressions and prices increased. They are focusing on personal AI agents and might build their own cloud business. Forward P/E is under 17 based on 2027 estimates. **Alphabet (GOOGL, GOOG)** Cloud revenue grew 82% and core search was up 17%. Their custom TPU chips give them a solid cost advantage for AI models. Forward P/E is 18. **Microsoft (MSFT)** Azure cloud revenue grew 43%. They have a $678B cloud backlog right now, giving them clear visibility for future growth. Forward P/E is 20 for fiscal 2028.