Alphabet posted Q2 EPS of $9.11 on revenue of $119.8B, handily beating estimates, with Google Cloud surging 82% YoY to $24.8B. But management raised 2026 capex guidance to a record $195–205B — up from $180–190B prior — citing accelerating AI infrastructure needs and guiding even higher into 2027. GOOGL fell roughly 5% in after-hours trading as investors wrestled with the familiar bull/bear divide: is this spending building a moat or permanently elevating the investment hurdle?
Source: CNBC — https://www.cnbc.com/2026/07/22/google-earnings-q2-goog-live-updates.html
At its two-day Advancing AI 2026 summit in San Francisco, AMD launched the EPYC Venice CPU (first x86 server chip on TSMC's 2nm node), the Instinct MI455X GPU, and the Helios rackscale solution packing 72 MI455X GPUs with 800Gbps Pensando networking. Microsoft simultaneously announced it will deploy Helios at scale for Azure AI services — a headline competitive win over Nvidia. AMD is up roughly 135% YTD and has gained around 220% over the trailing year.
Source: TechTimes — https://www.techtimes.com/articles/321257/20260722/amd-advancing-ai-2026-opens-zen-6-venice-helios-open-ai-rack-bet.htm
ServiceNow posted Q2 subscription revenue of $3.877B (+23% YoY constant currency) and a 29.5% operating margin — 300 basis points above guidance. The headline number: AI ACV crossed $1 billion, with net new AI ACV up more than 40% quarter-over-quarter, making this one of the clearest concrete AI monetization data points in enterprise software this cycle. Full-year 2026 subscription revenue guidance was raised to $15.76–15.78B; ServiceNow is now targeting $1.5B AI ACV by year-end.
Source: Benzinga — https://www.benzinga.com/news/26/07/60627210/full-transcript-servicenow-q2-2026-earnings-call
Micron's fiscal Q3 print (reported earlier in July) continues to reset Wall Street: EPS of $25.11 vs. $20.28 expected; revenue of $41.46B vs. $35.25B estimated. HBM memory is sold out through 2026 and 2027. Morgan Stanley, JPMorgan, TD Cowen, Deutsche Bank, Wedbush, and BofA have all raised price targets into the $1,200–$1,600 range. Separately, Micron signed a multi-year AI memory and storage partnership with Anthropic, becoming its primary memory supplier — a notable private-market win.
Source: Yahoo Finance — https://finance.yahoo.com/markets/stocks/articles/micron-knocking-1-000-again-183523548.html
Intel reports Q2 2026 after the bell today. Consensus sits at $14.4B revenue and $0.22 non-GAAP EPS; management guided $13.8–14.8B revenue and ~39% adjusted gross margins. INTC is up 163% YTD but has shed 31% in the past month — options markets are pricing a 13.6% post-earnings move either direction. Key focal points: gross margin achievement, Intel 18A foundry progress, and server CPU demand signals. Constructive backdrop: ASML confirmed high-NA EUV is now in mass production for Intel's Panther Lake.
Source: TipRanks — https://www.tipranks.com/news/intel-intc-will-report-q2-earnings-on-july-23-heres-what-to-expect-from-analysts-and-options-traders
Broadcom's earlier-this-month blockbuster — a multi-year chip deal with Apple valued at more than $30B through 2031, covering wireless components and custom AI chips — continues to dominate the narrative. Simultaneously, Broadcom guided next-quarter AI chip revenue to roughly $16B, a more than 200% YoY jump driven by design wins with Google, Meta, and OpenAI. AVGO climbed 4.69% on the announcement day. Apple represents approximately 20% of Broadcom's annual revenue.
Source: Bloomberg — https://www.bloomberg.com/news/articles/2026-07-08/apple-aapl-chip-deal-with-broadcom-avgo-expected-to-exceed-30-billion
Palantir dropped 6.1% as pre-earnings anxiety intensifies ahead of its August 3 Q2 report. Two headwinds converged: valuation jitters — the stock is down roughly 30% YTD despite Q1 showing US commercial revenue up 133% YoY — and growing UK political scrutiny of its National Health Service AI contracts. Analyst consensus sits at a $183.12 price target with 63% of coverage bullish, but the market clearly wants to see that Q2 print before committing.
Nvidia is consolidating around $202–203 after its blowout fiscal Q1: revenue of $81.61B (+85% YoY), Data Center revenue of $75.25B (+92%). Goldman Sachs called the current 21.7x forward multiple "compelling" following a Kyber delay narrative that management has denied. Deutsche Bank raised its price target to $220; consensus 12-month target sits near $303. Prediction markets put 86% odds on a sub-$192 print at some point in July — worth watching as that window closes.
Source: TradingKey — https://www.tradingkey.com/analysis/stocks/us-stocks/262015350-nvidia-nvda-stock-forecast-july-2026-kyber-denial-goldman-tradingkey
TSMC raised its full-year 2026 revenue growth forecast to roughly 40% and lifted capex to $60–64B — its second guidance raise of the year — as AI chip demand outpaces capacity. ASML raised 2026 guidance for the second time as well, citing "extremely strong" first-half orders driven by customers accelerating capacity builds. ASML's confirmation that Intel Foundry is now mass-producing Panther Lake on high-NA EUV tools is a constructive read-through for Intel's earnings tonight.
Source: CNBC — https://www.cnbc.com/2026/07/15/asml-2q-earnings-ai-chips-orders.html
Oracle has dropped 31% over the past 30 days after a credit downgrade followed management's announcement of a 13% workforce reduction, with capital redirected toward a $70B AI data center build-out — a long payback-horizon commitment that analysts flagged as a near-term margin headwind. Mizuho still lists Oracle among its top enterprise software names for 2026, but the market is not giving management the benefit of the doubt on the spending timeline.
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