The last time Big Tech delivered earnings, Donald Trump had just started his second term, stocks were soaring on expectations of a pro-growth 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, Apple, Meta Platforms and Amazon.com 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.
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