AI Giants' Earnings Preview: Microsoft, Meta, Apple to Report Next Week – Focus on Capital Expenditure

With the U.S. stock market's Q2 earnings season officially underway, investor focus has returned to the fundamentals of large-cap tech stocks. Following early reports from Tesla (TSLA-US) and Alphabet (GOOG-US), AI bellwethers including Microsoft (MSFT-US), Meta (META-US), Apple (AAPL-US), Amazon (AMZN-US), and NVIDIA (NVDA-US) are set to release their results in succession. Market analysts expect corporate earnings performance and outlooks for AI-related capital expenditure to be the key drivers influencing global tech stock movements. Analysts project that sustained expansion in generative AI demand will support double-digit revenue and profit growth for major tech firms, providing solid medium- to long-term support for U.S. tech equities.

Wang Chen-Fang, portfolio manager of Fubon NASDAQ ETF (00662-TW), stated that the market has now shifted back to assessing corporate earnings and the sustainability of the AI investment cycle. Alphabet's recent upward revision of its full-year capital expenditure has already injected confidence into the market. The critical question now is whether cloud service providers (CSPs) such as Microsoft, Meta, and Amazon will continue to expand their AI investment. This will serve as a key indicator for the semiconductor, server, and cloud supply chains. If tech giants continue to deliver positive earnings guidance, market confidence in the long-term AI growth trend will be further solidified.

Recently, major overseas tech firms including OpenAI, Anthropic, Microsoft, SpaceX, and Google have announced a series of high-impact investment plans, heavily investing in AI infrastructure. These moves represent not only a strong vote of confidence in AI's technological future but also signal the beginning of a new wave of AI infrastructure upgrades. From chip design in Silicon Valley to data centers in Texas, and from fiber-optic networks to liquid cooling systems, a sweeping industrial transformation is underway. For investors, identifying companies with strong competitive moats along the value chain of 'chip storage – network communications – AIDC infrastructure' is the key strategy to capitalize on this AI supercycle.

Wang noted that 00662 tracks the NASDAQ-100 Index, which includes global AI leaders such as Microsoft, NVIDIA, Apple, Alphabet, Amazon, Meta, and Broadcom. This allows investors to gain exposure to the full AI ecosystem, including AI chips, cloud computing, software platforms, and digital consumption.

While short-term market volatility may persist due to earnings outcomes and policy developments, long-term growth momentum for tech stocks remains strong if corporate earnings continue to exceed expectations and AI capital expenditure plans remain robust. For investors bullish on AI's long-term trajectory, Wang recommends using 00662 for diversified exposure to effectively capture the long-term investment opportunities arising from the ongoing expansion of the AI industry.

U.S. Key Tech Stocks – Q2 Earnings Schedule and Forecasts

Ticker Company Earnings Date Est. Q2 Revenue YoY Est. Q2 Adjusted EPS YoY SKHY SK Hynix Jul 28 (after market) 255.49% 601.44% MSFT Microsoft Jul 29 (after market) 14.77% 16.16% META Meta Platforms Jul 29 (after market) 26.80% 0.70% APPL Apple Jul 30 (after market) 15.81% 20.38% AMZN Amazon Jul 30 (after market) 17.36% 8.33% NVDA NVIDIA Aug 26 (after market) 96.11% 100.00% AVGO Broadcom TBD 84.64% 91.12% MU Micron TBD 352.37% 938.94%

Source: Bloomberg, company websites, Jul 17, 2026.