Quick overview
- This week’s earnings reports from major tech companies like Alphabet, Microsoft, and Amazon will focus on cloud growth, semiconductor demand, and AI spending.
- Investors are particularly interested in guidance and capital expenditure, as strong earnings may not sustain share-price gains if costs rise or margins weaken.
- Intel and SanDisk will provide insights into semiconductor market conditions and memory pricing, which are crucial for assessing future profitability.
- Overall, the market will be closely monitoring revenue growth and management’s outlook to gauge the sustainability of the technology sector’s rally.
Alphabet, Microsoft, Amazon, Intel and SanDisk headline this week’s earnings calendar, with investors watching cloud growth, semiconductor demand, AI spending and profitability for clues about the technology sector’s next move.
Guidance Could Matter More Than Earnings
This week’s reports could provide an important test for technology stocks as investors increasingly question whether heavy AI infrastructure spending will deliver sufficient financial returns.
Alphabet, Microsoft and Amazon will offer insight into cloud demand, advertising and the profitability of their expanding infrastructure investments. Intel and SanDisk will provide a different perspective on semiconductor demand, manufacturing progress and memory-market conditions.
The key risk is that strong headline earnings may not be enough to sustain share-price gains if companies signal rising costs, weaker margins or disappointing forward guidance. Conversely, accelerating revenue growth, stronger cash generation and evidence that infrastructure spending is producing tangible returns could help restore confidence.
Investors should therefore pay close attention not only to earnings per share and revenue, but also to capital expenditure, operating margins, free cash flow and management’s outlook for the coming quarters.
Earnings Calendar Highlights This Week
Alphabet (GOOGL) — Q3 2026
- Reporting: Wednesday, October 28, after market close.
- Market capitalisation: Approximately $3.92 trillion, according to the supplied calendar.
- Expected earnings per share (EPS): $3.00–$3.03.
- Investors will focus on Google Search advertising, Google Cloud growth and profitability as competition and infrastructure costs increase.
- Revenue expectations are approximately $127.91 billion, representing projected annual growth of 25%.
- Strong cloud performance could support the stock, but investors will also assess whether rising infrastructure expenditure is translating into sustainable earnings growth.
Microsoft (MSFT) — Q1 Fiscal 2027
- Reporting: Wednesday, October 28, after market close.
- Market capitalisation: Approximately $3.89 trillion.
- Expected EPS: $4.72.
- Azure growth, cloud demand and Microsoft 365 performance will be central to the report.
- Investors will scrutinise capital expenditure and the profitability of Microsoft’s expanding data-centre infrastructure.
- Strong cloud revenue could provide support, but disappointing margins or spending that grows faster than revenue could renew concerns about the sustainability of the technology rally.
Amazon (AMZN) — Q3 2026
- Reporting: Thursday, October 29, after market close.
- Market capitalisation: Approximately $2.68 trillion.
- Expected EPS: $1.96.
- Amazon Web Services (AWS) growth will be a major focus, alongside advertising revenue, online retail sales and operating income.
- Investors will assess whether cloud demand is accelerating enough to justify continued investment in computing capacity and infrastructure.
- Improving retail margins and stronger free cash flow could support the shares, while weaker AWS growth or rising costs could disappoint the market.
Intel (INTC) — Q3 2026
- Reporting: Thursday, October 29, after market close.
- Market capitalisation: Approximately $459.68 billion in the supplied calendar.
- Expected EPS: $0.40.
- Investors will look for progress in Intel’s turnaround, including processor demand, manufacturing performance and foundry operations.
- Revenue expectations are approximately $16.5 billion, according to recent analyst estimates.
- Intel’s guidance will be particularly important as investors assess whether the company can improve profitability while competing in an increasingly demanding semiconductor market.
- Better results could support a recovery, but weak margins or disappointing forward guidance could trigger renewed selling.
SanDisk (SNDK) — Q1 Fiscal 2027
- Reporting: Thursday, October 29, after market close.
- Market capitalisation: Approximately $178.93 billion in the supplied calendar.
- Expected EPS: Approximately $46.41.
- Investors will focus on NAND flash memory pricing, enterprise storage demand and margins.
- Demand from data centres could support revenue, but the market will be watching closely for evidence that elevated memory prices and strong demand can persist.
- With expectations already high, weaker guidance could trigger significant volatility even if the company reports strong quarterly earnings.
Forex Signals Update
Gold Capped by the 20 SMA
Gold prices experienced a volatile trading week, ultimately finishing significantly lower after an initially strong rally lost momentum. The precious metal climbed above $4,300 early in the week but later reversed sharply, ending nearly $100 below its recent highs as investors reassessed the outlook for interest rates and global risk sentiment.
The decline was largely driven by a stronger U.S. dollar, rising Treasury yields, and reduced demand for defensive assets following positive geopolitical developments in the Middle East. Despite the weakness, gold remains above the critical $4,000 support zone, which continues to define the longer-term bullish trend but it is under attack.
MAs Hold as Support for USD/JPY
Foreign exchange markets saw sharp swings. Early in the week, U.S. yield differentials and Japanese capital outflows pushed the dollar above ¥150, but disappointing U.S. jobs data triggered profit-taking, causing the USD/JPY to slide by four yen from its peak. However, the new BOJ governor the JPY has weakened and USD/JPY soared to 154 and we decided to close our buy signal for more than 80 pips as the pair found support at the 20 daily SMA (gray) and has rebounded more than 200 pips off that MA but reversed after the 25 bps rate cut from the FED. The price climbed to $164 but reversed after the BOJ meeting and fell 7 cents, breaking below the 100 daily SMA (red) as well, which has been acting as support before.
USD/JPY – Daily Chart
Cryptocurrency Update
Bitcoin Faces the 100 SMA as Resistance
Cryptocurrencies remained highly active over the summer. Bitcoin (BTC) climbed to fresh highs of $123,000 and $124,000 in July and August, supported by institutional inflows and technical strength. However, remarks from Treasury Secretary Scott Bessent ruling out U.S. increases to BTC reserves triggered a steep pullback, sending the coin down to $80K before finding support at the 100 weekly SMA (green) which might turn into resistance at 90K now, after the rebound.
BTC/USD – Daily Chart
Ethereum Returns Above $2,000
Ethereum (ETH) has been similarly strong, surging toward $4,800, its highest since 2021 and near its all-time peak of $4,860. Despite a dip last week, ETH found support at the 20-day SMA, with retail enthusiasm and renewed institutional participation driving fresh upside momentum. Last week we saw a dive below $2,000 but buyers returned and pushed the price above $2K again.
ETH/USD – Weekly Chart
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank’s local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
