US investors bracing for bumpy week as tech giants post results
US investors brace for a bumpy week as tech giants report results
- Google owner Alphabet, Amazon, Apple and Meta are ready to report their numbers
- Experts betting that artificial intelligence is a major theme in Silicon Valley
- Investors also hope that Amazon’s cloud computing arm AWS will drive growth
US investors are bracing for a rocky week as some of the tech industry’s biggest names prepare to publish their quarterly results.
The latest earnings season got off to a cheery 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, who are ready to report their numbers. Experts are betting that artificial intelligence (AI) is a major theme in Silicon Valley, with Alphabet and Microsoft being the key players in the technology.
Quarterly results: All eyes will be on Google owner Alphabet, Amazon, Apple and Meta ready to report their numbers
AI exploded in popularity earlier this year when it released Microsoft-backed OpenAI ChatGPT. Investors will also like to see what Mark Zuckerberg plans to do with AI in Meta-owned companies like Facebook.
Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said: “Further guidance on plans for AI work will be the holy grail. Meta has been very woolly about details and Meta investors will want to see concrete progress and planning soon.”
Analysts said AI, which is expected to grow into a trillion-dollar market by 2028, will be a key enabler of the broader technology sector in the second half of 2023.
For Amazon and Apple, analysts will be more focused on how their retail divisions have fared in the ongoing cost of living crisis.
Investors will also pin their hopes on Amazon’s cloud computing arm AWS to deliver growth. The results come after months of industry-wide job losses.