As major technology firms prepare to release their quarterly results this week, Brian Nowak, a senior internet analyst at Morgan Stanley, emphasized that investors should pay close attention to revenue growth, which serves as the clearest indicator of returns on substantial capital investments. Nowak stated in a recent interview that the primary signal for evaluating the return on these capital expenditures is revenue performance. Investors should look for signs of accelerating revenue growth within each company's key performance metrics. Using specific companies as examples, Nowak explained: for Google, this implies faster growth in its search business and improvements in Google Cloud performance; investors in Amazon should focus on the expansion of AWS; while Meta shareholders need to see acceleration in its advertising business. Nowak expressed confidence in these companies' ability to complete their data center expansion plans this year but also noted greater uncertainty regarding the outlook for 2027 and 2028. He further cautioned that inflationary pressures on components such as DRAM memory could pose cost challenges. Nowak particularly highlighted that, within his coverage, Amazon's retail business is the most underestimated generative AI winner. He pointed out that Amazon's continuous enhancements in product recommendation algorithms, advertising efficiency, and warehouse robotics constitute key advantages, positioning it to lead in the arena of agent-based e-commerce. Nowak added that consumers are already accustomed to shopping on Amazon's platform, which possesses comprehensive user data and the infrastructure to deliver goods with maximum speed.