The week of 26–30 October 2026 is shaping up to be one of the most important of the earnings season, particularly for technology stocks. The biggest question for investors is whether major companies can show that their huge investments in artificial intelligence (AI) are generating enough revenue and profit. The Federal Reserve’s interest-rate decision on Wednesday will add another potential market catalyst.
Major earnings reports to watch next week:
Wednesday, 28 October — Microsoft (MSFT)
High priority
Investors will focus on Azure cloud growth, AI revenue and how much Microsoft is spending on data centres. Strong results could support technology stocks, while disappointing growth or rising costs could add to concerns about AI valuations.
Wednesday, 28 October — Alphabet (GOOGL)
Google's parent company reports after the U.S. market closes. Watch Google advertising revenue, Google Cloud growth and AI-related spending. Investors want to know whether AI is strengthening its business or putting pressure on profits.
Thursday, 29 October — Amazon (AMZN)
Key areas include online shopping, operating profits and Amazon Web Services (AWS), its cloud computing division. AWS growth and AI infrastructure spending will be especially important for investor confidence.
Thursday, 29 October — Intel (INTC)
Investors will look for signs of improving chip demand, manufacturing progress and competition in the semiconductor market. Its results could influence sentiment across technology and chip stocks.
Thursday, 29 October — SanDisk (SNDK)
As a major memory and data-storage company, SanDisk offers clues about demand for the hardware supporting AI data centres. Its outlook could influence sentiment towards memory-chip stocks.
Thursday, 29 October — Eli Lilly (LLY)
Investors will monitor sales of its weight-loss and diabetes medicines, including Zepbound and Mounjaro, alongside its full-year outlook. The report could move healthcare stocks.
Friday, 30 October — ExxonMobil (XOM) and Chevron (CVX)
The oil giants' results will provide insight into energy-sector profits amid elevated oil prices and geopolitical tensions. Investors will also look at production, cash flow and shareholder returns.
Other important reports
- Tuesday, 27 October: Coca-Cola (KO), Boeing (BA), UPS (UPS) and Visa (V).
- Friday, 30 October: Caterpillar (CAT) is also worth watching for clues about industrial activity and construction demand.
What could move markets most?
My top three to watch are Microsoft, Alphabet and Amazon. Together, they can provide an important test of whether the AI investment boom can continue to justify high technology-stock valuations. Results should be judged not only by whether profits beat forecasts, but also by future guidance, spending plans and management commentary.
One further event to watch: the Federal Reserve's interest-rate decision on Wednesday, 28 October. Its comments could amplify the market reaction to the technology earnings reports.