This week brings a flood of earnings from the biggest names in tech. Microsoft, Meta, Apple, and Amazon all report second-quarter results, with Apple's call marking Tim Cook's last as CEO. The reports land just a day before the Federal Reserve's Wednesday rate decision, with markets pricing in a possible hike.
Microsoft and Meta: AI spending in focus
Microsoft is expected to raise its 2026 capital expenditure forecast toward $238 billion, signaling continued heavy investment in AI infrastructure. Meta faces its own scrutiny over AI spending; investors have been rotating capital toward Google instead, after Alphabet's cloud unit grew 82% last quarter.
Apple's final act with Tim Cook
Apple reports Thursday alongside Amazon, in what will be Tim Cook's final earnings call as chief executive. Analysts expect revenue near $108.9 billion. Apple has taken a capital-light approach to AI, avoiding the outsized spending seen at rivals. The stock hit an all-time high close of $333 on July 24.
SK Hynix's record quarter after a volatile month
South Korean chipmaker SK Hynix reports its first earnings since a record Nasdaq debut. Consensus points to 84.1 trillion won in sales, which would set a new operating profit record. The report follows a volatile month that included a post-listing selloff and a KOSPI rebound past 7,000.
Oil volatility and the Fed's next move
The earnings rush comes against a backdrop of shifting commodity prices. Oil briefly topped $100 a barrel before dropping more than 7% on a pause in hostilities. The Federal Reserve's rate decision on Wednesday adds another layer of uncertainty; markets are pricing a possible rate hike. All eyes now turn to the Fed's decision, which could set the tone for the rest of the earnings season.
