Ready, set, go: Big Tech earnings kick off
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Gilnature
This week is sure to be a roller-coaster ride for tech investors, with five Magnificent 7 stocks scheduled to report earnings this week, starting with Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) after market close on Tuesday.
Meta (NASDAQ:META) and Microsoft (NASDAQ:MSFT) come next on Wednesday, followed by Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) on Thursday. The remaining Magnificent 7 stocks are Tesla (TSLA), which kicked things off on a high note last week, and Nvidia (NVDA), which will announce results next month.
All five companies reporting results this week will likely have a major impact on the broader stock market. Recall that the Magnificent 7 accounted for over half of the S&P 500’s gain last year.
According to FactSet, four Magnificent 7 stocks are projected to be among the top 10 contributors to S&P 500 earnings growth for Q3 – Nvidia (NVDA), Alphabet (GOOG) (GOOGL), Amazon (AMZN) and Meta (META).
Interestingly, according to the latest Wall Street Breakfast survey, most respondents see Meta (META) as the biggest beneficiary of earnings.
AI and cloud computing will remain in the spotlight amid heavy spending in these areas. “The debate continues to rage about whether the costs will ultimately be justified, and investors increasingly will ask companies to ‘show me the money’ in coming quarters,” said Schwab Center for Financial Research.
Adding to the AI buzz, key chipmaker results will also be out this week – AMD (NASDAQ:AMD) on Tuesday and Intel (NASDAQ:INTC) on Thursday.