智通财经网·2025-07-28 13:17Core Viewpoint - The upcoming earnings reports from major tech giants Microsoft, Meta Platforms, Apple, and Amazon are crucial for maintaining the upward momentum of the S&P 500 and Nasdaq 100 indices, which have recently reached historical highs. These companies collectively represent nearly 20% of the indices' weight, and their performance will provide key insights into the health of core business areas such as consumer electronics, AI applications, cloud computing, and e-commerce [1][3][4]. Group 1: Performance of Major Tech Giants - The "Magnificent Seven" tech giants, including Apple, Microsoft, Google, Tesla, Nvidia, Amazon, and Meta Platforms, are the primary drivers behind the recent highs in the S&P 500 index, accounting for approximately 35% of its weight [2][3]. - Since the beginning of 2023, these tech giants have been the strongest engines driving the U.S. stock market, leveraging their market advantages in AI to generate robust revenues and maintain strong fundamentals [2][3]. - The earnings reports from these companies must significantly exceed expectations to sustain the market's upward trend, as merely meeting expectations has proven insufficient for driving stock prices higher [3][4]. Group 2: Market Expectations and Valuations - The earnings growth rate for the "Magnificent Seven" in Q2 was 16%, which is below the 19% expected prior to the announcement of tariffs by the Trump administration [9][13]. - The overall expected annual earnings growth for the S&P 500 is 4.5%, significantly lower than the 7.5% predicted earlier in the year, indicating a downward adjustment in earnings expectations [13]. - High valuations and optimistic earnings forecasts place significant pressure on these tech companies to deliver strong performance and positive outlooks for the upcoming quarters [13][18]. Group 3: AI Investment and Market Dynamics - The demand for AI computing power is surging, with major tech companies expected to invest a total of $317 billion in capital expenditures this fiscal year, a 35% increase from the already strong spending in 2024 [17]. - Companies like Nvidia, which dominate the AI computing power sector, are expected to continue benefiting from this trend, with their stock prices likely to reflect ongoing bullish market conditions [16][17]. - There is a notable divergence in stock performance among the "Magnificent Seven," with companies like Meta, Microsoft, and Nvidia benefiting significantly from AI, while others like Apple, Tesla, and Amazon struggle to keep pace with market expectations [14][15].