Alphabet, Microsoft and Amazon report this week: a test for the AI bet

The schedule. Alphabet holds its investor call on Wednesday, 28 October, at 4:30pm New York time (20:30 UTC). Microsoft publishes results the same day after the market closes, and its webcast starts at 5:30pm New York time (21:30 UTC). Amazon holds its call on Thursday, 29 October, at 5pm New York time (21:00 UTC). The dates come from the companies' own announcements.

Why now. Reuters says the market has turned nervous. On Thursday, 22 October, the Nasdaq had its biggest daily drop since June and on Friday it closed slightly lower. Investors were let down by results from Meta and Lam Research. Meta spends huge sums on data centers, and Lam makes chipmaking equipment and was one of the stars of the AI rally.

How much money. Reuters cites expectations that capital spending by the biggest cloud companies will reach about $800 billion this year. Capital spending means buying buildings, servers and chips. That money feeds revenue at many firms, from chipmakers to power companies. But investors doubt the pace can last as borrowing costs rise.

What else reports. Intel and Sandisk, drugmaker Eli Lilly, oil majors Exxon and Chevron, and equipment maker Caterpillar. LSEG data cited by Reuters show S&P 500 third-quarter earnings on pace to rise more than 32% from a year earlier, with more than 100 companies reported so far.

The Fed. The rate decision comes on Wednesday. On Friday futures priced less than a 10% chance of a hike now and about 80% for a hike in December. Many expect the Fed to hold a week before the 3 November congressional elections. So Warsh's words about December matter more.

How to read the week. Strong numbers and a confident spending outlook could calm the market. If companies cut plans or fail to show returns, pressure on chip stocks could continue. That is our reading, not a forecast. On earnings days prices often swing hard both ways.

Confirmed facts

• Alphabet holds its third quarter 2026 results call on Wednesday, 28 October, at 1:30pm Pacific Time (4:30pm Eastern).^[2]
• Microsoft publishes fiscal 2027 first-quarter results after the market close on 28 October 2026, with a webcast at 2:30pm Pacific Time.^[3]
• Amazon holds its third quarter 2026 results call on 29 October at 2pm Pacific Time (5pm Eastern).^[4]
• About a third of S&P 500 companies report this week, the busiest week of the season.^[1]
• Capital spending by the biggest cloud companies is expected to be around $800 billion this year.^[1]
• LSEG data show S&P 500 third-quarter earnings on pace to rise more than 32% from a year ago.^[1]
• On Friday futures priced less than a 10% chance of a Fed hike this Wednesday and about 80% for a hike in December.^[1]
• Intel, Sandisk, Eli Lilly, Exxon, Chevron and Caterpillar also report this week.^[1]

Implications

• ConfirmedThe three biggest buyers of AI servers and chips report within two days, on the same day as the Fed decision.
• Our readingSpending outlooks from Alphabet, Microsoft and Amazon may set the tone for chip stocks in the coming weeks.
• Our readingEarnings, the Fed and the 3 November elections together may make the market jumpier than usual.

Still unknown

• Whether the companies raise or cut capital spending plans for 2027.
• What Kevin Warsh says about a December hike.
• How the market reacts if the numbers are strong but spending rises again.

Who it affects

United States, Worldwide. Anyone holding tech stocks, Nasdaq or S&P 500 funds, or crypto

Sources

1. Reuters (via Investing.com): Earnings flood, Fed meeting will test rickety AI market rally October 25, 2026 · media
2. Alphabet Investor Relations: Alphabet Announces Date of Third Quarter 2026 Financial Results Conference Call October 6, 2026 · official
3. Microsoft: Microsoft announces quarterly earnings release date October 7, 2026 · official
4. Amazon: Amazon will share its Q3 2026 earnings on October 29 October 15, 2026 · official