本周美股財報前瞻：微軟、Meta、蘋果和亞馬遜迎來AI投入與聯準會雙重考驗

This week, four of the world's largest technology companies will report earnings within two days. Microsoft and Meta will announce their results after the US market closes on Wednesday, July 29. Apple and Amazon will follow after the close on Thursday, July 30. At the same time, the Federal Reserve will also announce its latest interest rate decision on Wednesday. This could be one of the most important weeks of the current earnings season. The market is no longer just concerned about whether big tech can continue to grow. Investors want to know if Microsoft, Meta, Apple, and Amazon can generate enough revenue and profit from AI to justify their massive investments in data centers, chips, and computing power.

The Federal Reserve introduces another risk. If market expectations for interest rates rise, stock prices may not increase even if tech companies deliver strong earnings. According to a Reuters analysis of key events in the US stock market this week, investors are focusing on AI capital expenditures, free cash flow, and the future direction of interest rates. Recent market performance also shows that even if companies beat revenue and profit expectations, stock prices can still fall if spending is too high or guidance is not strong enough.

Why This Week Isn't Just About Beating Earnings Expectations

Microsoft, Meta, Apple, and Amazon are all tied to the AI investment cycle, but their business models are completely different. Microsoft primarily makes money through cloud computing, enterprise software, and AI tools. Meta uses AI to improve content recommendations and ad targeting. Apple hopes AI will make its devices more attractive and drive growth in its services business. Amazon builds AI infrastructure through AWS while also running e-commerce and advertising businesses. This allows investors to assess from four different angles whether AI is truly generating commercial returns. For Microsoft and Amazon, the focus is on cloud business growth. For Meta, the focus is on whether AI can continue to improve advertising revenue.

For Apple, the market is more concerned about whether AI can stimulate device upgrades and increase the value of its entire ecosystem. Investors will also compare revenue growth with capital expenditures. A company may achieve higher revenue and profit, but if data center spending grows faster, free cash flow could still decline. In this case, even if earnings beat expectations, the stock price may face pressure. Therefore, what determines the market's reaction this week may not be a single EPS figure. Guidance, profit margins, capital expenditures, and management commentary could be more important. Readers wanting to understand this logic further can read MEXC's advanced guide, Why Stocks May Still Fall After Earnings Beat Expectations.

Wednesday Brings the Fed, Microsoft, and Meta

Wednesday, July 29, could be the most critical day of the week. The Federal Reserve will release its policy statement at 2:00 PM ET, followed by a press conference at 2:30 PM ET. Microsoft and Meta will then report earnings after the US market closes. This sequence is very important. The Fed's decision will first affect investors' valuation of tech stocks. A few hours later, Microsoft and Meta will deliver two of the most important AI-related earnings reports of the quarter. According to the official FOMC meeting calendar, this meeting will be held from July 28 to 29. The market widely expects the Fed to hold interest rates steady.

However, what investors are really watching may not be whether rates are adjusted this time, but how the Fed assesses inflation, economic growth, and future policy direction. A Reuters poll of economists shows that respondents generally expect the Fed to maintain the target interest rate at 3.50% to 3.75%. But if the Fed continues to emphasize inflation risks, the market may reassess the possibility of future rate hikes. Rising interest rates typically put pressure on tech stocks. Higher rates increase the attractiveness of low-risk assets while lowering the present value of future profits. Readers wanting to understand this transmission logic can read MEXC's guide, How the Fed, CPI, and NFP Data Affect US Stock Valuations.

Microsoft Earnings Will Test Azure Growth and Enterprise AI Demand

Microsoft will report its fiscal fourth-quarter 2026 results after the US market closes on Wednesday, July 29. According to Microsoft's official announcement of its fiscal Q4 2026 earnings date, the conference call will begin at 5:30 PM ET. Azure will be the first data point investors look at. In the previous quarter, Azure and other cloud services revenue grew 40% year-over-year. Microsoft's cloud business revenue reached $54.5 billion. The company also stated that its AI business annualized revenue run rate had exceeded $37 billion. These figures come from Microsoft's official Q3 fiscal 2026 earnings report, indicating strong demand for enterprise AI and cloud computing. But revenue growth is only part of the AI story. To build data centers and increase computing power, Microsoft still needs to invest heavily. These expenditures can support future growth but also increase costs related to depreciation, energy, and equipment.

Therefore, investors won't just look at whether Azure beat market expectations. The market will also focus on whether Azure can accelerate further after new computing capacity comes online, and whether Microsoft can convert new data center capacity into revenue without significantly compressing its cloud business margins and free cash flow. Microsoft 365 Copilot will also be a key topic on the conference call. Microsoft has integrated Copilot into several enterprise software products, but investors still want to see clearer commercialization data. A strong Microsoft earnings report needs to prove two things. First, enterprise AI demand remains real. Second, customers are willing to pay recurring fees for these AI products and services. If Microsoft provides weaker guidance, the impact may not be limited to Microsoft itself. Stocks related to software, cloud computing, semiconductors, and data centers could all be affected.

Meta Needs to Prove Its Ad Business Can Sustain AI Expansion

Meta will report its second-quarter 2026 results after the US market closes on Wednesday, July 29. According to Meta's official announcement of its Q2 2026 earnings date, the conference call will begin at 4:30 PM ET. Among the big tech companies, Meta has a relatively clear AI monetization model. Meta uses AI to recommend content, increase user time spent, and improve ad targeting effectiveness. Better content recommendations can boost user engagement on Facebook and Instagram. Better advertising tools can help businesses find more suitable customers. According to Meta's official Q1 2026 earnings report, the company's revenue grew 33% year-over-year in the previous quarter, reaching $56.31 billion. Ad impressions increased 19%, the average ad price rose 12%, and the operating margin remained at 41%. These figures show that AI is already improving Meta's core advertising business.

The question is how much Meta needs to spend to maintain this growth. The company previously raised its full-year 2026 capital expenditure guidance to between $125 billion and $145 billion, up from the previous range of $115 billion to $135 billion. Meta stated that the increase is primarily due to higher component prices and costs associated with new data centers. Therefore, the capital expenditure guidance this quarter might be as important as advertising revenue. If the ad business continues to grow rapidly, investors may be more willing to accept higher AI spending. Meta can demonstrate that AI is not a distant future project but is directly improving existing businesses. However, if ad growth slows while capital expenditures continue to rise, the market might worry that the gap between Meta's current spending and future returns is widening.

Apple Earnings Will Test iPhone Demand and AI Strategy

Apple will report its fiscal third-quarter 2026 results after the US market closes on Thursday, July 30. According to the earnings schedule on Apple's investor relations website, the conference call will begin at 5:00 PM ET. Apple faces a different AI test compared to Microsoft, Meta, and Amazon. Microsoft and Amazon participate in the AI cycle mainly by building cloud computing infrastructure. Apple needs to prove that AI can make devices more attractive and prompt users to upgrade their iPhones, iPads, and Macs. According to Apple's official Q2 fiscal 2026 earnings report, the company's revenue reached $111.2 billion last quarter, up 17% year-over-year. iPhone revenue hit a record for the March quarter, and services revenue also set a new record. This quarter, investors will watch whether this growth can continue. iPhone revenue remains the most important data point. Services revenue growth is also critical because services revenue is typically more stable and sustainable than hardware sales. The Greater China region will also be in focus. This region remains an important market for Apple, but competition is intense. Management may also be questioned about Apple Intelligence and Apple's overall AI roadmap. Investors want to know if new AI features are providing consumers with a clearer reason to upgrade. Apple doesn't need to replicate Microsoft and Amazon's cloud strategy. It needs to prove that AI can protect the value of the Apple ecosystem and support the next device upgrade cycle. Apple's earnings can also reflect the spending patterns of high-end consumers. Since Apple products are relatively expensive, stable demand might indicate that high-income consumers are still willing to spend.

Amazon Must Prove AWS Growth Justifies Massive Investment

Amazon will also report its results after the US market closes on Thursday, July 30. According to Amazon's official Q2 2026 earnings conference call page, the call will begin at 5:00 PM ET. AWS will be the most important part of this report. According to Amazon's official Q1 2026 earnings report, AWS revenue grew 28% year-over-year in the previous quarter, reaching $37.6 billion. AWS operating profit increased to $14.2 billion. Amazon stated this was the fastest growth rate for AWS in the past 15 quarters. This is a strong result, but it comes with significant costs. Amazon's free cash flow over the past twelve months fell to $1.2 billion. The company attributed this primarily to increased spending on AI-related property, equipment, and infrastructure. This makes the criteria for evaluating the Q2 earnings report very direct. AWS must maintain sufficiently fast growth to justify Amazon's massive investments in chips, data centers, and energy infrastructure. Investors will also pay attention to Amazon's retail business margins and advertising revenue. These businesses can support overall profits while the company expands its AI investments. If AWS continues its strong growth, stocks related to cloud computing, semiconductors, and data centers may get a boost. However, if AWS growth slows while capital expenditure and free cash flow pressures continue to rise, the market may worry that AI infrastructure costs are growing faster than customer demand.

Guidance May Be More Important Than Reported Numbers

Microsoft, Meta, Apple, and Amazon could all beat market revenue and profit expectations, but their stock price reactions could still be completely different. The reason is that market expectations are already high. Investors want big tech companies not only to beat expectations but also to provide strong future guidance while avoiding another large increase in spending plans. For Microsoft and Amazon, the market will compare cloud business growth and capital expenditures. For Meta, investors will compare ad revenue growth and expanding AI budgets. For Apple, the market will focus on whether strong iPhone and services performance can carry over into the next product cycle. The Federal Reserve adds another variable. Even with strong corporate results, tech stock valuations could still face pressure if the Fed signals a more hawkish stance. Therefore, this week cannot be judged by a single number. Revenue, profit margins, free cash flow, capital expenditures, and guidance need to be assessed together. Whether a company beats expectations is important, but how much the company spent to achieve that growth is equally important.

How This Week's Earnings Could Impact the Broader Market

This week's results will not only affect the stocks of Microsoft, Meta, Apple, and Amazon. If cloud computing demand remains strong, suppliers of GPUs, memory chips, networking equipment, and data center components could get a boost. Higher capital expenditure plans could also benefit AI infrastructure suppliers. However, for the big tech companies spending on infrastructure, higher spending could depress free cash flow and put pressure on valuations. Apple's results could affect consumer electronics, semiconductor, and component suppliers. Meta's advertising data can reflect digital ad demand and consumer activity. The Federal Reserve may determine how the market interprets all this data. Big tech companies will tell investors how fast AI revenue is growing. The Fed will influence how much investors are willing to pay for that future growth.

Frequently Asked Questions

When will Microsoft report earnings?

Microsoft will report its fiscal fourth-quarter 2026 results after the US market closes on Wednesday, July 29. The earnings conference call will begin at 5:30 PM ET.

When will Meta report earnings?

Meta will report its second-quarter 2026 results after the US market closes on Wednesday, July 29. The earnings conference call will begin at 4:30 PM ET.

When will Apple and Amazon report earnings?

Both Apple and Amazon will report their earnings after the US market closes on Thursday, July 30. The conference calls for both companies will begin at 5:00 PM ET.

When will the Federal Reserve announce its interest rate decision?

The Federal Reserve will announce its policy decision at 2:00 PM ET on Wednesday, July 29, and hold a press conference at 2:30 PM ET.

What should I focus on in Microsoft's earnings?

Azure growth is the most important data point. Investors will also watch AI business revenue, Copilot commercialization, cloud business margins, data center capacity, and capital expenditures.

What should I focus on in Meta's earnings?

The market will focus on advertising revenue, ad impressions, ad prices, user engagement, and capital expenditure guidance. Investors want to know if Meta's ad growth can continue to support AI expansion.

What should I focus on in Apple's earnings?

Investors will watch iPhone revenue, services business growth, Greater China sales, gross margins, and Apple's AI strategy. Management's outlook for the next product cycle could be particularly important.

What should I focus on in Amazon's earnings?

AWS revenue growth and operating profit will be the main focus. Investors will also watch free cash flow, AI infrastructure spending, retail business margins, advertising revenue, and future guidance.

Why might a stock price fall even if a company beats earnings expectations?

A company may beat revenue and profit expectations for a quarter that has already ended but provide weaker future guidance. If capital expenditures rise, margins decline, or management expects slower future growth, the stock price can still fall.