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Big Tech Earnings in Spotlight: AI, Cloud Computing, and Online Ad Spending Key Areas of Interest in Q2 Results
July 25, 2023
As the earnings season kicks into full gear, market participants are shifting their attention towards Big Tech. Notably, some of the industry’s leading players are set to release their Q2 results. On the docket for today are Google (GOOG, GOOGL) and Microsoft (MSFT), both due to report after the bell. Meta Platforms (META) will follow suit, with their quarterly figures coming out on Wednesday. These stocks form part of the “Magnificent Seven” group, which has propelled the considerable stock rally this year, as well as the Nasdaq 100 (NDX), which recently experienced a “special rebalance” due to overconcentration.
Anticipations From Post-Earnings Conference Calls
Artificial Intelligence (AI) is predicted to be a focal point during the post-earnings conference calls, possibly bolstering optimism about future revenues. Microsoft, known for leading the AI wave through its substantial investment in ChatGPT-creator OpenAI, is anticipated to attract significant attention. Likewise, advancements in Google’s AI technology will be under close watch. Furthermore, signs of diminishing inflation and the end of the Fed’s rate-hiking cycle have energized the tech giants, facilitating a market rebound in 2023.
Examining Various Aspects of Tech Giants’ Businesses
Different segments of the tech giants’ operations will also be scrutinized. Investors will keep a vigilant eye on Microsoft’s Azure cloud computing division, the demand for PCs, and its Windows and Office businesses. Google’s Search and YouTube features will be examined in detail, offering insights into online ad spending. Meanwhile, the spotlight on Meta will be centered around improved monetization, including user statistics and figures for Facebook, Instagram, WhatsApp, and the newly launched Threads.
SA Commentary on Market Performance
David Lerner, the Investing Group Leader, shared some insights, stating, “Well-known large-cap names (NFLX, TSLA) saw significant sell-offs last week, and I suspect some of the names here will follow suit.” He proceeded to highlight some stocks of interest for the week, noting, “There are numerous money managers yet to join the rally, many of whom are awaiting an opportunity. With trillions in money markets and falling interest rates, there should be a flow of more funds into stocks.”