Hello, one of the interesting tidbits from the President of the Republic’s reception (apart from Theodora Tzakri’s dress), which those standing around the Prime Minister told me, was his now-consistent statement that elections will be held at the end of his term. He has said it so many times that even if he wanted to change course and call them earlier, it would now be difficult, as his political opponents would play the video of his current statements day and night. Now, sources from the PM’s Office say that “the president is taking it to the very end… the very end,” meaning May, two months before Greece assumes the EU presidency, which will happen on July 1. It may indeed be the case; after all, from the very beginning he said he would decide immediately after the holidays, but it is his right because, as is well known, when it comes to decisions on elections, reshuffles, etc., only one person makes them.

Now, given that the government has 10 whole months ahead of it, it would be a good idea to also sort out some minor issues that require handling and, of course, clarification to the public. A few days ago we wrote about the national “advertising man” Mr. Detsis, who secured around 250 public contracts and a juicy direct assignment from ERT worth €623,000 to advertise the World Cup. Now, another little issue has emerged involving a recycling company that stopped collecting (recyclable) rubbish from Attica, the Peloponnese and Crete, and yesterday issued an announcement threatening… “gods and demons,” among them, if I understood correctly, some government officials as well.

And all this while investigations and inquiries by the European Public Prosecutor’s Office are underway on the same issue. I do not know; perhaps this is about business disputes and battles of interests between companies, but shouldn’t the government tell us who will collect the recycling rubbish from the streets? And what will the responsible authorities do to protect public health as well as the tens of millions being spent? Because they do not answer about Detsis, they do not answer about recycling — what do they think, that people do not read and do not understand? I do not think all of this will end well with such an approach, which resembles Hodja’s tactics, especially with elections and similar cases approaching.

What Nikos A. says about the elections

-The May 2027 election scenarios were also discussed in conversations with our president Nikos A. at the Presidential Palace. He does indeed appear to have been convinced that Mitsotakis will not hold elections now — if even the President of the Republic tells you so, it is a kind of reassurance — but he does not really believe the May scenario. He believes elections will take place earlier, even in the spring, because the Europeans will not allow us to have elections and political adventures one month before assuming the EU presidency.

As for the “derby” for second place, which PASOK wants to believe will happen in the end, they estimate that Tsipras is quite “inflated” in the polls and that, at the crucial moment of the ballot box, the people who vote for the Movement and are loyal will show up. Especially if turnout is not particularly high. Hope dies last, I say, but they have every right to hold on to it.

Thessaloniki Metro inauguration at the end of August

-After August 25, the ribbons will finally be cut for the extension of the Thessaloniki Metro towards Kalamaria, in the presence of Mitsotakis. In any case, K.M. is planning to hold the broad meeting with productive-sector representatives before the Thessaloniki International Fair (TIF) on August 27 at the Concert Hall, so this is an opportunity for the inauguration as well.

Besides, these days Thessaloniki has started emptying out towards Halkidiki, while a few more days were needed for the certification of the safety system required for the trains to operate.

Last tour, last cabinet meeting

-Generally speaking, political life is shutting down this week. Parliament closes at the end of the month and MPs have already headed back to their villages and local festivals, not to mention that ministers have arranged longer “long-play” holidays now that they realised there will be no elections in September.

Mitsotakis, who returns today from Salzburg, Austria, where yesterday he watched Carmen with Chancellor Stocker, will make his final tour on Tuesday to Leros and Agathonisi together with Adonis and Regional Governor Chatzimarkos. The final cabinet meeting of the season is scheduled for Thursday, with instructions to “those at sea” for modest rest and other such advice.

The victory for Olympus

-You read yesterday the good news that came to our country from South Korea, as Olympus was included on UNESCO’s World Heritage List. The first Greek nomination had been submitted 12 years ago, while the issue was strongly worked on recently by Greece’s Permanent Representative to the Organisation, Giorgos Koumoutsakos.

Beyond the work carried out within UNESCO, however, two co-responsible ministries also did very important and quiet work: the Ministries of Culture and Environment, with Mendoni and Papastavrou particularly proud yesterday, resulting in them issuing a joint announcement.

The joint effort proved that when cultural and natural heritage are treated as a single national asset, the results can be the desired ones. The matter was not a walk in the park, as there were observations that had to be overcome and the process required careful handling, but the Greek delegation was well prepared.

The E-65 fills GEK TERNA’s portfolio

-From Friday, the E-65 was delivered in its entirety for traffic, which translates into more crossings and therefore more revenue for the concession company “Kentriki Odos S.A.” (a 100% subsidiary of the GEK TERNA Group).

Based on what is already known, the motorway serves 40,000 vehicle crossings daily, with a toll price (for the 238.5 kilometres/passenger cars) of €13.50. The completion of the project is expected to increase the number of crossings, while the concession agreement expires in 2037.

Cumulative EBITDA until the end of the contract is expected to reach €2.2 billion, while distributions to GEK TERNA are expected to amount to €650 million. The Group’s valuation on the Stock Exchange remains steadily above €5 billion, with the share trading slightly below €43, having reached an all-time high of €47 (on 6/7).

Banks: Results season — Why National Bank stands out

-Among the banking announcements for the second quarter, the one from National Bank of Greece is expected with particular interest (Thursday 30/07 after market close). Among the four systemic banks, it has the highest probability of revising its full-year estimates upwards, following a particularly strong second quarter. The main revenue trends are moving above initial forecasts and the interest-rate environment is developing more favourably than had been incorporated into management’s estimates. Meanwhile, net credit expansion, particularly towards the end of the quarter, significantly strengthened loan balances and creates conditions for a strong performance in net interest income during the second half of the year as well. The quality of the loan portfolio remains exceptionally strong, with no indications of deterioration from geopolitical developments, while there have been no negative surprises on the capital side either. Deposits continue to show positive momentum and management reiterated that, although it is examining acquisition opportunities, it is not interested in aggressive moves, but rather in targeted transactions that create value.

The move by ELVALHALCOR

-Obviously under the pressure of the downward slide the share has taken following the capital increase, ELVALHALCOR moved forward by six days the date for announcing its results, effectively opening the curtain on the results season for companies listed on the Athens Stock Exchange. The market interpreted this move as a positive indication regarding the set of results that will be announced. It is recalled that in the first-quarter results, the group recorded net profits of €59.8 million (+48%), while in the entire previous financial year net profits had amounted to €103.4 million. In the first half of last year, profitability stood at €70.9 million. The market is awaiting the announcements with interest, given the sharp fall of the share from the levels of €5 at the beginning of July to €3.60 following the €250 million capital increase.

The Tourism Sector Head of SYRIZA and the three Holdings

-Not one, not two, but three new Holding companies were established last Friday, July 24, which are connected with Swot Hospitality Management Company and, more precisely, with its key shareholder figures. Let me remind you that Swot is considered one of the most successful companies in hotel management, while also maintaining its own investments and collaborating with many “heavy names” in the sector. Swot Hospitality was founded in 2013 by Giorgos Konstantinidis and his brother Panagiotis, with the former having also served for years as its head. Giorgos Konstantinidis, particularly well-known in the tourism market and, for two years (from March 2021 until June 2023), Chief Executive Officer of Reds, the development arm of the Ellaktor Group, is also the Tourism Sector Head in Alexis Tsipras’ SYRIZA, being one of the four businessmen included in the party’s sector heads structure. Along the way, Stelios Koutsivitis entered Swot as a partner, assuming its chairmanship. He is the former CEO of Astir Vouliagmeni during the period 2017-2019, when the legendary complex underwent its reconstruction. So, on Friday, we had the establishment of three new companies, all headquartered at… Swot’s headquarters on Tsakalof Street, with the purpose of providing holding company services and strategic management consulting services. The first, under the name “Constant Capital Group”, has share capital of €3,672,080, which “is fully paid upon incorporation”, but “the payment of the capital is made entirely through contributions in kind”. The above capital was covered by Georgios Konstantinidis, who contributed assets worth €3,672,080 (100% participation). The first Board of Directors includes Georgios Konstantinidis as Chairman and CEO, and Christos Konstantinidis and Sofia Kokkini as members. The second company is called “Impera Capital Group” and its share capital amounts to €3,668,140, entirely through contributions in kind. Here, the contribution was made by Stelios Koutsivitis (who also controls 100% of the company), while the first Board of Directors includes, apart from himself (as Chairman and CEO), Maria Stoura and Chrysa-Maria Koutsivitis. The third company is called “C4 Capital Holdings”, with share capital of €3,668,140, again through contributions in kind made by Panagiotis Konstantinidis. The first Board of Directors includes him as Chairman and CEO, while Christos Konstantinidis and Fotini Sakaroudi serve as members. Usually in such cases, “contributions in kind” concern shares. Should I assume that this is an internal arrangement or a significant deal involving Swot Hospitality?

Rain helped wholesale energy prices

-The rains brought down wholesale prices on the Energy Exchange and, combined with reduced weekend consumption, brought average prices significantly below €100/MWh. It is characteristic that Renewable Energy Sources together with hydropower represented more than 66% of the energy mix over the weekend. July is running with an average wholesale price of €113.6/MWh compared with €92.9/MWh in June and is the most “expensive” month of 2026. So far, however, the highest price of 2026 in the system was recorded on June 30 at €519.3/MWh, while maximum consumption was recorded on July 17 at 471,382 MWh.

Soft opening today for Stoa Arsakeiou

-With a soft opening marking the most substantial beginning of its operation, STOA in the historic Arsakeiou Arcade welcomes the public from today, July 27. From today, the largest part of the project’s new gastronomic section enters operation, with most food and beverage establishments opening their doors and operating daily from the early morning hours, from 8:00 a.m. until 11:00 p.m., giving for the first time a complete picture of the new destination in central Athens. Although the official inauguration is scheduled for the beginning of autumn, today effectively marks the first major test for the project, which aims to reconnect Stadiou, Panepistimiou, Pesmazoglou and Arsaki streets, transforming a historic passageway of the capital into a vibrant urban destination. With most dining spaces now open, STOA is entering the phase of full operation, while commercial uses and part of the cultural section have already been operating since spring. The transitional period until the inauguration is also expected to be the time when the first teething problems will be addressed. Legendary Food has carried out the demanding redevelopment project over the last seven years, investing approximately €22 million, while an additional €18 million has been invested by the 24 businesses that will be housed in STOA to shape their spaces. Today, the property is fully leased. The management of Legendary Food, with Panagiotis Triantafyllopoulos as CEO, estimates that STOA will attract 8,000 to 10,000 visitors daily, also taking advantage of the fact that around 100,000 people work in the wider area, at a time when the city centre is gradually becoming a banking hub with the headquarters of all major banking groups. The complex is developing around three main pillars — commerce, culture-education and gastronomy. The latter is also the most important new addition to STOA’s operation, as it is expected to extend the life of the space into the evening hours, complementing the commercial and cultural activities that historically characterised the Arsakeio Mansion. Some of the food establishments will follow in the coming period, gradually completing the entire concept.

Bulgaria is no longer a cheap base for Greek businesses

-More than 18,000 Greek businesses have transferred their headquarters to Bulgaria. Another 8,500 have settled in Romania and 1,500 are recorded in Cyprus. The economic conditions that sent these businesses abroad appear to be changing dramatically. First of all, labour costs. The minimum wage in Bulgaria has risen to €620.20, from €477.05 in 2025 (+30% in one year). Inflation rose to 6.9% in May and 5.4% in June, with transport costs increasing by +16.8% and hospitality by +9.6%. Operating costs are suddenly becoming unprofitable. But the tax regime also appears to be changing. Today, tax rates are 10% for individuals and businesses, while dividends are taxed at 5%. The budget submitted by the Bulgarian government in November doubled the dividend tax to 10%, added 2 percentage points to the Pension Fund contribution and increased the maximum insurable income to €2,352. This budget was withdrawn on December 3, following mass protests and political clashes. Withdrawn, not cancelled. Fiscal figures are under pressure. A deficit of 3.5% of GDP in 2025, the European Commission’s forecast for 4.1% this year and 4.3% in 2027, and Bulgaria is now in an “excessive deficit procedure”, while the government warns that without drastic reforms the deficit will reach 7.4%. At exactly the same time, in Athens, the Independent Authority for Public Revenue (AADE) has been persistently focusing on the files of the notorious “letterbox companies”. The data show that more than half of Greek companies in Bulgaria displayed zero activity and no employment. Those deemed “fictitious” will pay taxes in Greece. That is why an increasing number of the 18,136 businesses are now planning their return, as Bulgaria’s tax haven has ceased to be a haven.

And this year too, with a surplus of +4.9%

-For the 3rd consecutive year, the budget of the Hellenic Republic is generating a primary super-surplus. 2025 closed at 4.9% of GDP, or €12.13 billion (€2.9 billion above target), compared with +4.8% in 2024 and +2% in 2023. Reliable information indicates that 2026 will also close close to the impressive +4.9%. Three years, the same successful recipe. The surplus simultaneously finances faster debt repayment, public investments and targeted support for vulnerable social groups. The return on this discipline was measured this week by the most competent judge. The ESM, the country’s largest creditor, published the Euro Area Stability Watch, subjecting the Eurozone to an adverse scenario. A new escalation in the Middle East, rising energy costs, and a sharp correction in US stocks and bonds. Combined, the two shocks plunge the Eurozone into a recession of -0.4% in 2027 with inflation at 3.4%. Under this scenario, without a change in policy, debt increases until 2035 in all Eurozone countries, with two exceptions: Greece and Cyprus, where debt continues to decline. In the first quarter of 2026, Greek debt fell to 143.5% of GDP, down by 9.4 percentage points in one year (the fastest rate of reduction in the Eurozone), while the average rose to 88.9% from 87.2%. The IMF sees Greek debt at 110.9% in 2031, below France (120.7%), Belgium (122.3%) and Italy (136.1%). The country that in 2015 embodied the Eurozone’s risk is today one of the two countries that its guardian institution considers resilient even under its worst-case scenario.

Big year for Big Pi

-The investment bets of Big Pi Ventures, led by Markos Veremis and N. Kalliagkopoulos – P. Metsis, A. Eleftheriadis, G. Krief, paid off, and the maturation of its portfolio is beginning to be reflected in its results. The venture capital fund manager closed 2025 with an impressive acceleration of its financial figures, as Assets Under Management exceeded €250 million. At the same time, Big Pi Ventures created Big Pi Growth, the first growth equity fund in Southeast Europe investing exclusively in technology companies. In recent years, Big Pi has invested in companies that either achieved successful exits, such as Acusonus (acquired by Meta), or are developing into international scale-ups such as Numan, August Robotics, Acumino, tileDB, Corsmed, among others.

OTE: Above €20 after 18 years

-OTE reached an 18-year high, managing to break the €20 barrier for the first time since May 2008. The share closed at €20.02, with an intraday high of €20.1. Its performance this year stands at +18.7%, with the group’s market capitalisation approaching €8 billion. OTE’s upward trajectory is supported by positive analyst forecasts. JPMorgan set a target price of €20.2, maintaining a neutral stance due to increased competitive pressures in the domestic telecommunications market. Piraeus Securities raised its target price to €21.2, based on stable cash flows and the strong first-half financial results it expects the group to announce next Wednesday, July 29. NBG Securities maintains the most optimistic forecast, raising the bar to €22.9, highlighting growth prospects from investments in fibre optics (FTTH) and consistent shareholder rewards. Despite competitive challenges, the share confirms its leading role on the Athens Stock Exchange, offering defensive characteristics and prospects for further strengthening.

Motor Oil: Strategic expansion into technology and defence with eyes on MSCI

-Motor Oil is “sailing into uncharted waters”, recording a new all-time high. The share broke the psychological €50 barrier for the first time, closing at €50.5 and reaching as high as €51.3 during the trading session. With a five-day jump of 7.5%, the share’s gains this year increased to 60.8%, raising the group’s market capitalisation to €5.6 billion. The new rally is being fuelled by Motor Oil’s transformation into a multidimensional energy and technology group. The acquisition of 50% of Nova ICT marks a dynamic entry into the fields of information technology, artificial intelligence and defence. At the same time, investor interest is peaking ahead of the MSCI index rebalancing on August 12. As the valuation of free-float shares stands above €3 billion, it comfortably exceeds the required thresholds, fuelling scenarios for a possible inclusion of the share in the MSCI Greece index as the 10th Greek listed company, following GEK TERNA’s inclusion in the previous rebalancing.

When the news is hidden in the seller’s name

-Friday’s placement in EKTER’s share was the second in eight months, with the same person as seller and almost the same percentage. On December 9, 2025, major shareholder Athanasios Sipsas sold 1,700,000 shares, representing 6.1% of EKTER, through 12 block trades at €2.80. At that time, the discount was -13.1%. Last Friday, through pre-agreed transactions, a 5.85% stake worth €8.114 million was transferred at €5 per share. Seven months later, the transaction took place at a price 79% higher. Demand exceeded supply by approximately two times in both placements. Long-term institutional investors participated in both. Overall, around 12% of the company changed hands through two bookbuildings. EKTER shows an outstanding project backlog of around €180 million as of March 31. It was approximately €100 million fifteen months earlier. Following the €101 million project in Porto Heli, the backlog soared to €277.6 million, securing work until March 2028. Management’s target is a turnover of €300 million over five years. With a market capitalisation of €148.3 million and zero net debt, the share is valued at less than nine times 2025 operating earnings and around half of its backlog. The highly sought-after 7th-class contractor licence has already been acquired, allowing EKTER to move to the highest level of the construction sector. The catalyst behind the upward movement has been exhausted; perhaps this explains Friday’s -2.19% better than the placement itself.

Bally’s Intralot: Balance at €1.1 amid manoeuvres by Qube

-Bally’s Intralot showed signs of recovery, returning to €1.1 with a daily gain of 3.4% on Friday, after a six-day decline below that level. The €1.1 level carries particular technical importance, as it coincides with the issue price of the shares resulting from last October’s capital increase. At the same time, the share remains at the centre of short-term tactical moves by Qube Research. The fund maintains an open short position, making marginal adjustments, such as reducing it to 0.79415% on July 22 from 0.80007% the previous day. These continuous adjustments indicate a fragile balance, with the market testing its strength around the critical capital increase zone while the acquisition process of evoke is underway, which, as announced, is expected in the fourth quarter of 2026 or the first quarter of 2027, depending on when approvals are obtained and the transaction conditions are fulfilled.

The 857 moves in one year reveal the strategy of the Greeks

-Greek shipowners continue investing in second-hand vessels with quality characteristics and employment prospects, acquiring Capesize and Supramax ships. On the other hand, they do not hesitate to liquidate assets when valuations allow, as shown by the sales of Capesize vessels and an Aframax tanker during the week. It is also notable that new orders are now increasingly turning towards containerships, with Minerva Marine and Erasmus Shipinvest investing in a total of eight new vessels at Chinese shipyards. Greeks are not only betting on today’s market but are building their positions now for the next decade in shipping. Over the past twelve months, Greeks have ordered 311 newbuild vessels, acquired 231 second-hand ships and sold 315 vessels. These figures reflect a market that does not operate on sentiment, but with absolute discipline regarding timing and valuations.

Golden charter for Patitsas – When car carriers make history

-Leon Patitsas’ Atlas Maritime, together with European Maritime Finance, concluded a two-year charter agreement for the newbuild PCTC Clean Star at $80,000 per day, a level the companies themselves describe as historic for a vessel of this category. This deal confirms that, despite occasional forecasts of a slowdown, the car transport market continues to reward modern, energy-efficient vessels with long-term contracts and particularly high returns. It is no coincidence that the previous vessel in the series had been chartered at around $53,000 per day, highlighting the leap recorded today. Those closely following Leon Patitsas’ moves note that his strategy remains consistent: investing in quality tonnage, securing strong charterers and creating predictable cash flows. This strategy had already paid off with the sale of the first two PCTCs to Abu Dhabi Ports Group, while now it is further strengthened by a charter agreement that, according to EMF, is expected to generate around $56 million in gross revenue over its two-year duration alone.

Palios’ endurance game

-The battle between Diana Shipping and Genco has evolved into a high-stakes strategic negotiation, where neither side wants to make the first real concession. On Wall Street, analysts are reading between the lines of the announcements and see that, despite the tough public rhetoric, communication channels remain open, while advisers from both sides continue discussing the price, structure and terms of a possible agreement. The interesting point lies elsewhere. Genco is not rejecting the idea of a deal, but rejects the current valuation. It insists it deserves a higher control premium, questions the value of Diana’s shares forming part of the consideration and even hints that the plan to sell 16 vessels to Star Bulk could weaken the value of the new entity. On the other side, Semiramis Palios appears to be playing an endurance game. She has already secured a significant stake and knows that as the dry bulk market improves, pressure increases on Genco’s management to justify why it is saying no.

Why everyone forgot bitcoin

-Once it was the absolute protagonist of global monetary developments, the dream of every saver seeking high returns “against the systems of bankers”. In 2026, so far, reality has set in. Bitcoin began the year above $93,000 and closed June near $60,000, a 21-month low, approximately half of its October 2025 peak of $126,000. Today it is trading around $64,340, with a market capitalisation of $1.33 trillion compared with $233 billion for the other major cryptocurrency, ether. What changed was the flow of “professional money”. US spot ETFs, the exchange-traded funds that had fuelled the previous rally, recorded their worst month in history in June, with outflows of around $4.5 billion. During the exact same period, a major bank (CITI) reduced its forecast for net inflows in 2026 from last year’s $10 billion to absolute zero. It cited weak investor interest as well as delays in US legislation. The past week revealed the extent of nervousness. Not one, not two, but seven consecutive sessions of inflows of almost $1 billion were reversed in two days. On July 24, $240 million left bitcoin funds. Around $212 million exited BlackRock’s IBIT and an additional $71 million left ether. The Fear and Greed Index fell to 28, meaning it entered the “fear” zone. The future of cryptocurrencies no longer depends solely on technological developments. If the Fed raises dollar interest rates, bitcoin will fall below $60,000 again — and we will see what happens. There is also the legislative factor. The CLARITY Act passed the House of Representatives with 294 votes to 134 in July 2025, but stalled in the Senate over an ethics provision. Today in the US there is no rule defining when a digital asset is a security (under the authority of the Securities and Exchange Commission, SEC) and when it is a commodity (under the authority of the CFTC, Commodity Futures Trading Commission). CLARITY creates a three-category system and gives the CFTC exclusive jurisdiction over spot markets for digital commodities. A few days ago, on July 23, Senate Majority Leader John Thune publicly admitted that the CLARITY Act would likely not pass before the summer recess. Therefore, expectations appear to have shifted to 2027.

The silent Kevin Warsh

-Tomorrow and the day after, the Federal Open Market Committee (FOMC) of the Fed meets. It is the second meeting under the chairmanship of Trump’s choice, Kevin Warsh, who took office in May. The new chairman has signalled a decisive break with the practice of forward guidance. Markets are now required to “guess” the central bank’s intentions until the day of the meeting. The June statement was much shorter than previous ones and emphasised that the committee “will deliver price stability”. The truth is that while Kevin Warsh remains silent, other central bankers do not stop giving interviews and expressing their views. Everything indicates that dollar interest rates will remain in the 3.50%–3.75% range. From the statements of the other FOMC bankers, it emerges that 9 out of 18 predicted at least one increase during 2026, 8 predicted stability and only 1 predicted a cut. Last March, all members expected cuts or a hold. Of course, the Fed chairman does not reveal his intentions and does not provide guidance. At the European Central Bank forum in Sintra on July 1, he had stated that “prices are too high” and rejected the possibility that the Fed would tolerate an inflation target above 2%. Just one day after the Fed meeting, on Thursday, two important figures will be announced: the June PCE deflator and the first estimate for second-quarter GDP. Over the past 10 years, analysts were paid to “read” the Fed. Now they are paid to guess it.

Profits do not count, only depreciation does

-On July 22, Alphabet announced revenues of $119.8 billion (+24%), with Google Cloud at $24.8 billion (+82%) and a backlog of $514 billion. The share lost 7.8% during the week. The decline was due to one phrase from Chief Financial Officer Anat Ashkenazi. She revised the forecasts for capital expenditure (capex 2026) to $195–205 billion from $180–190 billion. During the quarter, capex reached $44.9 billion, approximately double last year’s level, creating negative free cash flow of $5.9 billion, for the first time since its 2004 listing. For 2027, the company’s guidance was one word: “significantly” higher. Afterwards, Intel announced revenues of $16.13 billion and adjusted earnings per share of $0.42. Here too, the share fell almost 28% in July. The reason again was the increase in the investment budget to more than $20 billion for 2026, from around $18 billion. Something has changed on Wall Street. Technology companies are announcing their highest annual earnings growth rate since the third quarter of 2021, yet the market is falling. Dow -0.4%, S&P 500 -0.6%, Nasdaq -2.1% for the week. The four major hyperscalers had announced capital expenditure investments of approximately $725 billion in capex for 2026, compared with $410 billion in 2025 (+77%). After Alphabet’s revision, the bar is already higher. Next week, Microsoft, Meta and Amazon will announce their results. All three are spending far more than they had planned. Investors are asking: When, how and how much will all these capital expenditure investments (see Artificial Intelligence) actually pay off?