Q3 2025 Channel checks & other alternative data: AWS, Azure, GCP, Meta, OpenAI, Anthropic

Hey everyone,

Posting some of my expectations for the upcoming Big Tech earnings and what some of the alternative data reports are saying. The focus of this report is Microsoft, Amazon, Google, and Meta, along with some interesting data on OpenAI and Anthropic.

In this report, you will get insights into:

• Channel checks from research houses, expert interviews, and other alternative data sources for 3Q25 on AWS, Azure, and GCP, along with my own expectations

• ChatGPT vs Claude: Some interesting user behavior studies

• Meta’s Instagram engagement soaring, and the state of the ad market as organic search is losing eyeballs

Let’s dive in.