In late July, the earnings season for major tech companies listed on the U.S. stock market got underway. Industry leaders, including Alphabet (the parent company of Google) and Tesla, have sequentially unveiled their second-quarter financial results for 2026. The market's focus has shifted from the "scale of investment" in AI infrastructure to "output efficiency," specifically assessing whether AI-driven businesses can spur significant revenue growth and enhance cash flow. After experiencing earlier sector-wide volatility, this earnings season is regarded as a pivotal moment for observing the AI industry's transition from the "investment phase" to the "realization phase." The market is keenly observing three key questions: Will capital expenditures persist? Will commercialization efforts speed up? And are the paths to profitability clearly defined? The responses to these questions will directly shape the future performance trajectory of tech stocks.