What did they have to say?

Lets jump right into the notable quotes from some of the earnings calls:

From Visa: In the US, "Over the course of the quarter, we saw payments volume growth tick up from July to September primarily driven by sequential improvement in ticket size growth that was mostly led by fuel with higher gas prices and easier y/o/y comparisons, as well as a positive days mix impact. Consumer spend across all segments from high to low spend has remained stable since March. Our data did not indicate any behavior change across consumer segments." 

With their international markets, "growth rates were strong through the quarter in most major regions with Latin America, CEMEA, and Europe, ex UK, growing about 20% or more in constant dollars."

They also spoke positively about travel volumes, cross border too. Also, "Looking at Mainland China specifically, cross border travel volume continued to improve but remained below 2019 levels."

With regards to their forecast, "we are assuming no recession in our outlook" and they are not factoring any impacts from student loan repayments, as "we've yet to see any meaningful impact." 

From Texas Instruments:

"During the quarter, automotive growth continued and industrial weakness broadened...we believe that we continue to operate in a weak environment in general."

From Microsoft: 

"In Azure, as expected the optimization trends were similar to Q4. Higher than expected AI consumption contributed to revenue growth in Azure. And our consumer business, PC market unit volumes are returning to pre-pandemic levels. Advertising spend landed roughly in line with our expectations and in gaming, strong engagement helped by the Starfield launch benefited Xbox content and services."

From Alphabet:

"On Cloud, maybe what I would say is overall we had definitely started seeing customers looking to optimize spend. We leaned into it to help customers given some of the challenges they were facing and so that was a factor." A 'factor' in the slowdown in growth I'll add.

On YouTube advertising, "there was a stabilization in spending by advertisers. We're pleased about that."