Alphabet reports Q2 2026 results after the bell, with Wall Street expecting $2.89 EPS on $116.84 billion in revenue — growth of roughly 21% year-over-year. Google Cloud is the centerpiece, with consensus watching for near-63% expansion. Wild card: Alphabet's roughly 14% stake in Anthropic has been marked up so sharply that at least one major bank now estimates reported EPS could land near $8, nearly triple the consensus. Jefferies reaffirmed Buy with a $445 price target ahead of tonight's call.
Tesla also reports after the close today, with record Q2 deliveries of 480,126 units already in — up 25% year-over-year and 18% above analyst estimates. Consensus calls for $26.4 billion in revenue and $0.54 EPS. Investors are more focused on AI: the Cortex 2 supercomputing cluster now runs at the equivalent of 130,000 H100 chips, and the call will be combed for updates on Robotaxi timelines, FSD monetization, and the Optimus humanoid training roadmap.
AMD's marquee AI developer event is live today at Moscone West, with CEO Lisa Su expected to unveil Instinct MI450 accelerators, Zen6-powered EPYC Venice server CPUs, and a preview of the next-generation Helios rack-scale AI system. Jefferies says customer win announcements are likely, with Meta, OpenAI, Microsoft, Oracle, and Anthropic all listed as ecosystem partners. Goldman Sachs holds a Buy at a $640 price target; AMD has surged 130% year-to-date on investor rotation toward alternative AI compute.
Anthropic has confidentially filed draft IPO paperwork and is scheduling executive-to-investor meetings with banks, targeting a Wall Street debut as soon as this fall. The company's most recent $65 billion funding round — led by Altimeter, Dragoneer, Greenoaks, and Sequoia — placed its valuation at $965 billion, now above OpenAI's $852 billion. Revenue is running at a $47 billion annualized rate. The publicly traded names most exposed to a liquidity event: Alphabet (roughly 14% stake) and Amazon (major investor).
Nvidia disclosed via SEC filing that it holds a 9.3% passive stake in Nebius Group — approximately 22.3 million Class A shares — valued at nearly $5 billion. The position includes a previously announced $2 billion direct investment plus the exercise of a large warrant (restricted through September 11). Nebius stock closed up 18.78% on Tuesday following the disclosure. The strategic read: Nvidia finances Nebius's data center expansion while securing forward demand for its own chips — classic ecosystem lock-in.
The four biggest AI hyperscalers are on track to spend a combined $650 billion on AI infrastructure in 2026 — a 76% surge year-over-year. Microsoft is guiding $145 billion, Amazon $200 billion, Alphabet $175-185 billion, and Meta $115-135 billion. The catch: analysts project the group's combined free cash flow will turn negative for the first time on record this year, reversing a $260 billion positive peak from 2024. UBS forecasts capex growth decelerates to 25% in 2027 and just 6% in 2028.
A securities fraud class action is pending against Microsoft after its stock dropped 10% in late January when the company disclosed Copilot premium seats had reached only 15 million — well below analyst estimates — and that Azure growth had slowed sharply. Microsoft has since pushed hard on the pivot: merging consumer and enterprise Copilot into one platform, crossing 20 million paid seats (up 250% year-over-year), and holding its global MCAPS partner kickoff today focused on moving AI into production. Fiscal Q4 earnings land July 29; lead plaintiff deadline in the class action is August 11.
DA Davidson and Cantor Fitzgerald both raised their Micron price targets from $1,500 to $2,000 per share, maintaining overweight ratings and citing accelerating high-bandwidth memory demand in AI inference. The upgrades build on a four-pillar strategic agreement signed with Anthropic in late June — covering multi-year HBM supply, memory architecture co-design, Micron's own Series H investment in Anthropic, and internal Claude deployment across 45,000 employees. Stock currently trades around $970; Micron's HBM capacity is sold out through 2026, with purchase orders extending into 2028.
Morgan Stanley reaffirmed its Buy rating on Broadcom in mid-July, calling it a "Core AI Winner," with Oppenheimer keeping it on its top picks list. Q2 AI revenue came in at $11 billion — up 143% year-over-year — with Q3 AI revenue guided to $16 billion, implying more than 200% growth. Despite those numbers the stock still sits roughly 24% below its 52-week high, which some analysts read as an entry opportunity.
DA Davidson upgraded Palantir from Neutral to Buy earlier this month and lifted its price target from $165 to $175, citing sharply rising profits that have compressed the stock's once-punishing valuation multiple. Shares gained 2.8% on the announcement and posted five consecutive up days. Wedbush is more aggressive at $230. Palantir also recently unveiled an AI orchestration partnership with Nvidia focused on government and security-sensitive enterprise customers — a segment where the company has historically been very difficult to displace.
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