A heavy week of Big Tech earnings is underway, with Apple closing in on a $5 trillion market capitalization even as Amazon faces heightened scrutiny over reduced delivery volumes. Microsoft and Meta were both scheduled to report earnings on Wednesday, July 29, 2026, while Apple and Amazon were set to follow with their own results on Thursday, July 30.
Microsoft Set a High Bar Last Quarter
Microsoft enters this earnings cycle after beating expectations in its prior quarter, when it reported revenue of $82.89 billion, up 18.3% year-over-year. That growth came as the company continued to lean heavily into AI-related infrastructure spending, a theme that has come to dominate how investors read results from every major cloud and software provider this earnings season.
The AI Spending Question Looms Over Meta Too
Meta faces a similar test: with AI capital expenditure remaining a central focus across mega-cap tech, investors are watching for signs that the company's AI investments are translating into stronger advertising efficiency rather than simply adding to costs. Whether Meta can show that payoff has become one of the more closely watched questions of this reporting cycle.
Apple's Milestone, Amazon's Scrutiny
Apple, meanwhile, is reclaiming its position as the world's most valuable company and is closing in on a $5 trillion market cap ahead of its own earnings report. Amazon's results are drawing more caution, with reduced delivery volumes cited as a point of concern for the company heading into Thursday's announcement. Together, the four reports are expected to set the tone for how markets read the broader AI investment cycle through the rest of the year.
