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Alphabet and NVIDIA: The Biggest Mag 7 Winners This Earnings Season
Key Takeaways
The Q1 cycle is now over for the Mag 7 group, whose results remained rock-solid and showed big growth.
Releases from NVIDIA and Alphabet reflected two of the strongest reports from the group.
NVIDIA again posted record-breaking Data Center numbers, whereas Google Cloud revenues saw acceleration.
The 2026 Q1 earnings cycle is officially over for the beloved Magnificent Seven group following the release of NVIDIA’s results. It was another period of rock-solid growth for the group, a trend that we’ve been accustomed to for several years now.
NVIDIA (NVDA - Free Report) and Alphabet (GOOGL - Free Report) delivered some of the biggest highlights from the bunch, with Google Cloud sales showing bullish acceleration while NVIDIA’s Data Center results again broke records.
NVIDIA Data Center Breaks Records Again
NVIDIA again posted robust growth in its latest release, with adjusted EPS of $1.87 more than doubling year-over-year alongside record sales of $81.6 billion that grew 85% from the year-ago period.
As expected, Data Center results throughout the period showed that everybody still wants their hands on the magical GPUs. Data Center sales of $75.2 billion again reflected a record, up 92% year-over-year.
Below is a chart illustrating its Data Center sales on a quarterly basis.
Image Source: Zacks Investment Research
Near-term EPS revisions continue to show bullishness thanks to the favorable environment, a trend that the company has enjoyed for quite a while now. While shares have slowed a bit relative to what we’ve seen over recent years, the reality remains that the company’s outlook remains robust.
Image Source: Zacks Investment Research
Higher-than-expected CapEx forecasts have been a regular theme during the AI buildout, with companies eager to get their hands on the magical GPUs and other related hardware that NVDA provides.
Google Cloud Growth Accelerates
Alphabet posted a strong double-beat relative to our consensus estimates, crushing our EPS estimate by more than 90% and posting a 2.7% sales surprise. Earnings and sales were up 22% and 82%, respectively, with the stock’s reaction post-earnings also highly positive.
Importantly, Google Cloud revenue totaled $20.0 billion, crushing our estimate and reflecting a rock-solid 62.7% YoY growth rate. The growth acceleration is precisely what the market wanted to see, with the company fully clearing the crucial hurdle.
Below is a chart illustrating cloud revenues on a quarterly basis.
Image Source: Zacks Investment Research
Like NVDA, the EPS outlook remains bullish across the board for the Mag 7 member, a huge positive concerning its share momentum.
Image Source: Zacks Investment Research
The cloud acceleration was a huge positive for Alphabet in terms of market sentiment, as cloud growth rates have often dictated post-earnings reactions in recent years. We saw this trend at play in the Microsoft (MSFT - Free Report) reaction, whose cloud growth rate didn’t impress the market. While Microsoft has noted that its cloud results have been impacted by capacity constraints, the reality remains that Alphabet has become the most polarizing cloud player out there, with its outperformance relative to Microsoft underpinning the development.
Bottom Line
The 2026 Q1 earnings season is over for the Magnificent Seven group, whose results again broadly remained robust, showing big year-over-year growth. NVIDIA (NVDA - Free Report) and Alphabet (GOOGL - Free Report) stole most of the positivity, with GOOGL crushing cloud expectations and NVIDIA again reconfirming just how powerful the AI frenzy has become.
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Image: Bigstock
Alphabet and NVIDIA: The Biggest Mag 7 Winners This Earnings Season
Key Takeaways
The 2026 Q1 earnings cycle is officially over for the beloved Magnificent Seven group following the release of NVIDIA’s results. It was another period of rock-solid growth for the group, a trend that we’ve been accustomed to for several years now.
NVIDIA (NVDA - Free Report) and Alphabet (GOOGL - Free Report) delivered some of the biggest highlights from the bunch, with Google Cloud sales showing bullish acceleration while NVIDIA’s Data Center results again broke records.
NVIDIA Data Center Breaks Records Again
NVIDIA again posted robust growth in its latest release, with adjusted EPS of $1.87 more than doubling year-over-year alongside record sales of $81.6 billion that grew 85% from the year-ago period.
As expected, Data Center results throughout the period showed that everybody still wants their hands on the magical GPUs. Data Center sales of $75.2 billion again reflected a record, up 92% year-over-year.
Below is a chart illustrating its Data Center sales on a quarterly basis.
Image Source: Zacks Investment Research
Near-term EPS revisions continue to show bullishness thanks to the favorable environment, a trend that the company has enjoyed for quite a while now. While shares have slowed a bit relative to what we’ve seen over recent years, the reality remains that the company’s outlook remains robust.
Image Source: Zacks Investment Research
Higher-than-expected CapEx forecasts have been a regular theme during the AI buildout, with companies eager to get their hands on the magical GPUs and other related hardware that NVDA provides.
Google Cloud Growth Accelerates
Alphabet posted a strong double-beat relative to our consensus estimates, crushing our EPS estimate by more than 90% and posting a 2.7% sales surprise. Earnings and sales were up 22% and 82%, respectively, with the stock’s reaction post-earnings also highly positive.
Importantly, Google Cloud revenue totaled $20.0 billion, crushing our estimate and reflecting a rock-solid 62.7% YoY growth rate. The growth acceleration is precisely what the market wanted to see, with the company fully clearing the crucial hurdle.
Below is a chart illustrating cloud revenues on a quarterly basis.
Image Source: Zacks Investment Research
Like NVDA, the EPS outlook remains bullish across the board for the Mag 7 member, a huge positive concerning its share momentum.
Image Source: Zacks Investment Research
The cloud acceleration was a huge positive for Alphabet in terms of market sentiment, as cloud growth rates have often dictated post-earnings reactions in recent years. We saw this trend at play in the Microsoft (MSFT - Free Report) reaction, whose cloud growth rate didn’t impress the market. While Microsoft has noted that its cloud results have been impacted by capacity constraints, the reality remains that Alphabet has become the most polarizing cloud player out there, with its outperformance relative to Microsoft underpinning the development.
Bottom Line
The 2026 Q1 earnings season is over for the Magnificent Seven group, whose results again broadly remained robust, showing big year-over-year growth. NVIDIA (NVDA - Free Report) and Alphabet (GOOGL - Free Report) stole most of the positivity, with GOOGL crushing cloud expectations and NVIDIA again reconfirming just how powerful the AI frenzy has become.