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This week it’s earnings, earnings, earnings. From the tech giants and more.

And this week, we’ll discover three things.

First, are tech company earnings as good as the market clearly expects. I think that with the exception of Apple (AAPL) and Tesla (TSLA) the answer will be Yes.

Second, how much of this good news is already priced into the recent rally. These stocks could retreat even on news that’s as good as expected. An advance will, I think, require a surprise or two.

And, third, how worried is Wall Street really, given the recent boom in all things AI, about capital spending at the big AI companies and falling profit margins.

The tech earnings parade starts on Wednesday, January 29, when Microsoft Corporation (MSFT), Meta Platforms (META) and Tesla (TSLA). Pay special attention to growth rates at Microsoft’s Azure unit, which have been slipping in recent quarters, and to comments from Tesla on long-awaited new models and refreshes. All three companies are members of the Magnificent 7.

And then on Thursday Thursday, January 30, Apple (AAPL), another key member of the Magnificent Seven, will report. Analysts expect an 8% year over year increase in earnings per share and around 4% revenue growth. Apple has struggled in 2025, down 11% year-to-date, making it an underperformer among the group. In contrast, Meta has gained 8% year-t-date; Microsoft has risen 6%, Amazon is up 7.3%, NVIDIA has risen 9.6%, Alphabet is up 4.8%, and Tesla is up 2%.
Apple’s recent downturn is largely due to weaker iPhone demand in China. And the post-earnings reaction will show if the negative sentiment is overdone.

Tech companies won’t be making the only earnings news this week.

AT&T (T) is set to release earnings before Monday’s opening bell. Analysts anticipate a 6% year-to-year decline in earnings. Which could be a problem for the shares, up 30% surge over the past year.

Boeing (BA) reports on Tuesday, January 28. Shares are down 16% in the past year. I don’t expect to see much good news in these numbers. The company recently reported preliminary figures that fell short of analyst expectations. Revenue for the fourth quarter of $15.2 billion missed the consensus forecast of $16.3 billion. Boeing also anticipated reporting a loss of $5.46 a share, a larger loss than the $1.57 per share analysts had predicted.
In December, Boeing delivered 30 commercial aircraft, bringing its annual total to 348 planes, down from 528 the previous year.

Friday, January 31, Chevron (CVX) and Exxon Mobil (XOM) will report earnings before the market opens. Analysts expecting a year over year decline in earnings per share for both with only modest revenue growth.Exxon recently said that its fourth quarter earnings were negatively affected by lower crude prices and narrower refining margins.