This is the busiest week of the earnings season — and it’s all about Big Tech. Five of the Magnificent Seven, worth roughly $16 trillion combined or about a quarter of the entire S&P 500, are set to report.
Reporting Schedule
- Wednesday 29 April: Microsoft (MSFT), Alphabet (GOOG/GOOGL), Amazon (AMZN), Meta Platforms (META)
- Thursday 30 April: Apple (AAPL)
The Bar Is High
The four reporting Wednesday have each rallied more than 10% this month; Apple is up more than 6% into its print. Investors want to see revenue growth that justifies the staggering AI capital expenditure flowing through the sector.
What Each Print Tests
- Microsoft and Amazon — confidence in cloud and AI infrastructure (Azure, AWS)
- Alphabet and Meta — whether AI spending is improving monetisation, or just inflating costs
- Apple — whether mega-cap resilience holds outside the pure AI buildout story
Make-or-Break for the Rally
Bloomberg calls it a “make-or-break week for the rally”. The S&P 500 closed Friday at a record 7,165.08 and the Nasdaq at a record 24,836.60. With Brent above $107 and the Strait of Hormuz standoff intensifying, any AI-spending disappointment risks an outsized drawdown.
The Federal Reserve also delivers a policy decision on Wednesday — possibly Jerome Powell’s final meeting as chair before Kevin Warsh is expected to take over in May.
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