Alphabet, Amazon, Meta Platforms, and Microsoft: One of These Stocks Looks Like It Has the Least Upside Over the Next 12 Months, but There's a Catch

• Heavy AI spending hurt 2026 stock performance for Alphabet, Amazon, Meta, and Microsoft. • Meta has the highest 12-month upside potential at 26.6%; Microsoft the lowest at 11%. • Microsoft's recent 31% surge skewed its price target; analysts likely to revise upward. Heavy AI spending weighed on 2026 returns for Alphabet, Amazon, Meta, and Microsoft, with only Amazon beating the S&P 500. Analysts still favor the group over the next year: Meta offers 26.6% upside, Alphabet 20.6%, Amazon 18.4%, and Microsoft 11%. Microsoft’s July rally of 31% distorted its median target of $555, making it appear less attractive; analysts are expected to raise targets, signaling continued bullishness.