The spotlight is on Apple, Amazon, Meta, and Microsoft this week as they each report quarterly Big Tech earnings, collectively representing over $9 trillion in market value. These tech behemoths are not just corporate giants — they heavily influence major U.S. indexes, including nearly 19% of the S&P 500 and more than 30% of the Nasdaq 100. But with challenges like AI investment uncertainty, hardware slowdowns, and newly imposed tariffs from the Trump administration, investors are watching closely to see how each company is navigating economic and political headwinds.

Microsoft kicks off the Big Tech earnings reports on Wednesday, with investors focused on how its Azure cloud business and AI initiatives, such as Copilot, are performing. Wall Street expects revenue of $68.4 billion and earnings per share of $3.22. With Azure growth expected to slow from 40% to 30%, concerns persist about data center constraints and the pace of monetizing AI tools. While Microsoft is viewed as relatively insulated due to its enterprise-heavy model, any sign of softness in enterprise demand could pressure the stock.

Meta and Amazon Face Margin and Regulatory Pressures

Meta, the parent of Facebook and Instagram, also reports Wednesday, and is projected to post $41.35 billion in revenue and $5.22 EPS. Advertising remains its revenue backbone, making up 96% of earnings. Analysts remain optimistic about Meta’s performance thanks to strong digital ad demand and the rollout of AI products like its new Llama 4-powered assistant. However, ongoing regulatory threats cast a shadow: the FTC has initiated an antitrust trial seeking to break up the company’s assets, and the EU recently fined Meta €200 million for Digital Markets Act violations.

Amazon follows on Thursday, with projected revenue of $142.5 billion and $1.35 EPS. Operating margin, especially in North America, is expected to be a key indicator of its retail strength, driven by Prime engagement and improved logistics. Amazon Web Services remains vital to profitability, and AI-driven cloud demand is expected to bolster results. But with Trump’s new tariffs threatening to raise import costs, Amazon is already adjusting — reportedly testing the display of tariff charges at checkout on its Haul site. Still, with shares down 15% this year, Amazon will need more than solid numbers to reassure investors.

Apple’s iPhone Woes and the Services Lifeline

Also reporting Thursday, Apple is expected to post earnings of $1.62 per share on revenue of around $90 billion — about $5 billion lower than the same quarter last year. The decline is primarily due to weakening iPhone sales, particularly in China, where it faces fierce competition from Huawei and growing regulatory challenges. In contrast, Apple’s services division — including iCloud, Apple Music, and the App Store — continues to thrive, with analysts expecting double-digit growth. However, services still represent only a quarter of Apple’s total revenue.

AI remains the unknown factor. With rumors of generative AI features coming in iOS 18, investors are eager for updates during Thursday’s call. But geopolitical and trade uncertainties may lead Apple to withhold full-year guidance, making this week’s report especially pivotal.

As markets seek direction, these four tech giants face a high-stakes test — not just of earnings strength, but of resilience in a rapidly shifting global landscape, as reflected in their Big Tech earnings reports.