The Hyperscaler Earnings Test

Mega-cap earnings take center stage, China headlines are easing tension, and crypto is reclaiming momentum…

Mega-cap Earnings on Deck

This week's spotlight is on the hyperscalers. Microsoft (MSFT), Amazon (AMZN), and Alphabet (GOOGL) are all set to report as the market trades at record highs. Investors want confirmation that AI-driven CapEx and cloud demand remain strong enough to justify valuations.

From last quarter's results:

• Microsoft Azure grew 31% YoY, fueled by enterprise AI adoption and Copilot momentum.
• Amazon AWS rose 17.5% YoY to $30.9B, showing stabilization after a slower stretch.
• Google Cloud led slightly with 32% YoY growth to $13.6B, reflecting steady profitability gains.

The takeaway: the AI infrastructure cycle is still expanding, but the bar is high. Any hint of CapEx pullback could shake confidence… while reaffirmation could push this rally into overdrive.

If you're bullish on AI infrastructure and see continued upside in NVDA, you can explore Leverage Shares 2x NVDA ETF (NASDAQ:NVDG) – it's up 38% YTD and offers amplified exposure to Nvidia's momentum.

China Meeting Headlines Lift Sentiment

Weekend reports confirmed U.S. Vice Premier meetings with major investors, including Bessent Capital, ahead of the Trump-Xi summit on October 30. The tone was constructive, easing geopolitical tension and fueling a rebound in risk assets.

Bitcoin BTC and Ethereum ETH rallied, reclaiming their 20MA and setting their sights on the 50MA, a key threshold for confirming momentum.

Can Big Tech Earnings Sustain The Breakout

With record highs already in play, traders are watching whether big tech earnings can sustain the breakout.

For now, market breadth is widening, volatility remains muted, and risk appetite is firmly back on.

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Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.