Earnings
Amazon, Microsoft and Meta split the AI trade
Mega-cap earnings are shaking up tech while the rest of the calendar keeps filling in.
Amazon’s quarter centers on AI spending, with CNBC reporting the company hikes 2026 capex to $220 billion due to higher memory costs. AWS sales expand 37% year over year, well above the 31% growth Wall Street expected, but the stock is still part of a market that is sorting winners and losers in the AI buildout.
Microsoft gets the strongest reaction in the group, with shares up 15.5% on heavy volume and CNBC saying the company wins back Jim Cramer’s support after a surprisingly good quarter. MarketWatch also says Microsoft’s cloud business is growing impressively, and the stock is one of the day’s most active names.
Not every earnings reaction is positive. CNBC reports Meta sinks 8.0%, continuing a record losing streak, while Reddit falls 11% on choppy search referrals even as results beat estimates. Coinbase also drops after a disappointing second quarter, showing that investors still punish any signs that growth stories are slowing.
The next batch of reports is already lining up for 2026-08-03, including Berkshire Hathaway, Diamondback Energy, CNH, Coterra Energy, Clorox, Jazz Pharmaceuticals, and several others. That keeps the earnings calendar busy even after this heavy tech print.