US investors are braced for a rocky week as some of the biggest names in tech get ready to post their quarterly results.
The latest earnings season kicked off to an upbeat start, with both Tesla and Netflix beating analyst expectations last week.
But all eyes will now be on Google-owner Alphabet, Amazon, Apple and Meta which are all set to report their numbers. Experts are betting on artificial intelligence (AI) being a major theme across Silicon Valley – with Alphabet and Microsoft the major players in the technology.
Quarterly results: All eyes will be on Google-owner Alphabet, Amazon, Apple and Meta which are all set to report their numbers
AI exploded in popularity earlier this year when Microsoft-backed OpenAI released ChatGPT. Investors will also be keen to see what Mark Zuckerberg plans to do with AI across Meta-owned companies such as Facebook.
Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said: ‘Further steer on plans for AI work will be the holy grail. Meta’s been very woolly on details and Meta investors will want to see some concrete progress and planning before too long.’
Analysts said AI, which is expected to grow into a trillion-dollar market by 2028, will be a key factor in the broader tech sector in the second half of 2023.
For Amazon and Apple, analysts will be more focused on how their retail arms have fared in the ongoing cost of living crisis.
Investors will also be pinning hopes on Amazon’s cloud computing arm AWS to deliver growth. The results come after months of job cuts across the sector.
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