Platinum Performers
Platinum Performers are hyperscalers, meaning they are committing substantial capital to AI infrastructure at a level that only a handful of companies can sustain. Their scale creates a barrier to entry, or moat, because AI infrastructure now requires data centers, cloud capacity, and engineering depth that few competitors can finance or operate. This remains the biggest structural change to the IT business since the commercialization of the Internet. NEA has traditionally been a proxy-hunter looking for niche investment opportunities, but the Platinum winners force a top-down approach because the largest companies are now the builders of the infrastructure cycle itself. For the March 31, 2026 reporting period, the Platinum Performers continued to show the financial scale behind the AI infrastructure buildout. Alphabet, Amazon, Microsoft, and Meta each reported double-digit year-over-year revenue growth, while reported EPS generally exceeded consensus analyst estimates. The quarter also showed why GAAP earnings need to be read carefully: Alphabet, Amazon, and Meta each disclosed material EPS-impacting items, while Microsoft explicitly reported both GAAP and non-GAAP EPS.
Alphabet Inc., Class C ( NASDAQ: GOOG )
Alphabet reported Q1 2026 results on April 29 for the quarter ended March 31, 2026. Quarterly revenue reached $109.9 billion, up 22% year-over-year, with diluted EPS of $5.11, an 82% increase, versus consensus analyst estimates of approximately $2.62. Reported EPS was approximately 95% above consensus, though Alphabet disclosed that net gains on equity securities increased diluted EPS by $2.35. CEO Sundar Pichai attributed the growth to strong performance across the business, with AI investments and Alphabet’s full-stack approach “lighting up every part of the business.â€ù Google Cloud revenue increased 63% to $20.0 billion, led by enterprise AI infrastructure and core Google Cloud Platform services. Investor Relations | SEC Filings | Updated Quarterly
Amazon.com, Inc. ( NASDAQ: AMZN )
Amazon reported Q1 2026 earnings on April 30 for the quarter ended March 31, 2026. Quarterly revenue reached $181.5 billion, up 17% year-over-year, with diluted EPS of $2.78, compared with $1.59 in the prior-year quarter, versus consensus analyst estimates of approximately $1.66. Reported EPS was approximately 68% above consensus, though Amazon disclosed that Q1 net income included $16.8 billion of pre-tax gains from investments in Anthropic. President and CEO Andy Jassy pointed to broad demand across Amazon’s businesses, including AWS, AI services, and logistics automation. Investor Relations | SEC Filings | Updated Quarterly
Microsoft Corporation ( NASDAQ: MSFT )
Microsoft reported FY26 Q3 earnings on April 29 for the quarter ended March 31, 2026. Revenue was $82.9 billion, up 18% year-over-year, and diluted EPS was $4.27, a 23% GAAP increase, versus consensus analyst estimates of approximately $4.06. Reported EPS was approximately 5% above consensus. Microsoft also explicitly reported non-GAAP diluted EPS of $4.27, up 21% year-over-year. Microsoft described the quarter as being fueled by Cloud and AI strength, with Microsoft Cloud, Azure, and AI infrastructure continuing to drive growth. Microsoft’s fiscal year does not end in December, so the March 31 reporting period is FY26 Q3.
Meta Platforms, Inc. ( NASDAQ: META )
Meta reported Q1 2026 earnings on April 29 for the quarter ended March 31, 2026. Revenue was $56.3 billion, up 33% year-over-year, and diluted EPS was $10.44, a 62% increase, versus consensus analyst estimates of approximately $6.72. Reported EPS was approximately 55% above consensus, though Meta disclosed that diluted EPS would have been $3.13 lower excluding the income-tax benefit. Mark Zuckerberg continued to frame Meta’s strategy around AI and personal superintelligence, while the quarter reflected strong advertising performance and continued investment in AI infrastructure.
Oracle Corporation ( NASDAQ: ORCL )
Oracle remains somewhat out of cycle for the March 31, 2026 comparison, but it belongs in the Platinum discussion because its cloud infrastructure business has become increasingly tied to AI demand. Oracle’s fiscal year does not end in December; its latest reported quarter was FY26 Q3, released on March 10, 2026. Oracle’s FY26 Q4 earnings are expected in mid-June 2026, with current earnings-calendar sources listing June 10, 2026. NEA will update this entry after Oracle reports.