The last time Big Tech delivered earnings, Donald Trump had just started his term, stocks were soaring on expectations of a pro-growth government agenda and investors’ main worry was how long it would take companies to convert their artificial intelligence spending into profits.
Three months later, they are facing a far bleaker picture.
This week’s quarterly results from Microsoft Corp., Apple Inc., Meta Platforms Inc. and Amazon.com Inc will land in a market obsessed with every twist of a trade war that’s wiped $5.5 trillion from the S&P 500 Index. AI concerns have taken a back seat to angst over the possibility of a tariff-induced recession, while safe havens like gold have become the trade de jour for investors too rattled to buy stocks on the cheap.
Even with all the uncertainty, Wall Street isn’t giving the companies’ estimates much wiggle room. Analysts expect the so-called Magnificent Seven — which also includes Google-parent Alphabet, Tesla Inc. and
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