Key Highlights

  • Alphabet (NASDAQ:GOOGL) reports after the close on October 28, 2026 with an implied move of about 6.2%, and Goldman Sachs estimates about USD 7.6 trillion of AI capital spending from 2026 to 2031.
  • Amazon (NASDAQ:AMZN) is expected to report on October 29 with an implied move of about 7.7%, while Intel is priced for about 10.7%, according to one published calendar page on the week's reports.
  • ServiceNow (NYSE:NOW) reports after the close on October 28 and is priced for about 10.8%, reflecting uncertainty over enterprise software budgets and AI revenue in the coming quarters, with no consensus captured.
  • Vertiv (NYSE:VRT) is priced for about 12.5% on October 28 before the open, the largest swing of the five, as power and cooling orders come under the spotlight. Seagate (NASDAQ:STX) follows at about 11.3% on October 27.

Alphabet (NASDAQ:GOOGL): Cloud and search capex

Alphabet (NASDAQ:GOOGL) reports after the market closes on Wednesday, October 28, 2026, and options markets imply a move of about 6.2% after the release. Microsoft is priced for about 5.5% in the same session. These implied moves measure how large a swing traders expect, not the direction, and they come from one earnings calendar page. The date agrees across three published calendars. Consensus for both companies was not captured, so this preview cannot compare results with expectations. Meta and Tesla (NASDAQ:TSLA) reported the week before, which means investors already have two data points on AI spending, one from social media and one from autos and robotics, before these two cloud giants report. Capital expenditure is money spent on data centres, chips and networks. Investors want to know whether the spending leads to revenue growth in cloud services and search, or whether it simply raises costs. Goldman Sachs estimates about USD 7.6 trillion of AI capital spending from 2026 to 2031, a forecast and not a fact.

Amazon (NASDAQ:AMZN): Cloud, retail and logistics

Amazon (NASDAQ:AMZN) is expected to report on Thursday, October 29, 2026, and options markets imply a move of about 7.7% after the release. Intel is priced for about 10.7%. The same calendar lists several other large reporters. Merck (NYSE:MRK) is listed for Thursday, though that comes from one source. Mastercard (NYSE:MA) is listed on the same basis. Caterpillar (NYSE:CAT) is listed as well. Eli Lilly (NYSE:LLY) is on the same calendar. Starbucks (NASDAQ:SBUX) completes the large names. Coinbase and Strategy carry implied moves of about 10.0% and 9.3%. Consensus figures were not captured, and Apple's date was not found, so this is a preview. Options prices change as the date nears, so these figures can move. Investors want to know whether the cloud arm of the online retailer is growing fast enough to justify heavy capital spending, how consumer demand is holding up, and what the company says about logistics costs and AI. Intel will be read for signs of progress in its manufacturing plans and demand for its chips. The reports follow Alphabet and Microsoft on October 28 and come after Meta Platforms (NASDAQ:META) and Tesla reported the week before. Goldman Sachs estimates about USD 7.6 trillion of AI capital spending from 2026 to 2031, an estimate that frames the debate over whether spending will earn a return.

ServiceNow (NYSE:NOW): Enterprise software and AI

ServiceNow (NYSE:NOW) reports after the market closes on Wednesday, October 28, 2026, and options markets imply a move of about 10.8% after the release. Three other companies report in the same window. Carvana is priced for about 14.5%. Chipotle is priced for about 8.0%. eBay is priced for about 7.8%. These implied moves measure how big a swing traders expect, not the direction, and they come from one earnings calendar page. Results had not been released when this was written, and consensus numbers were not captured, so the article cannot say what is expected for revenue or earnings. The figures are options-based estimates and are not guarantees of any move. The software company sells workflow automation to large enterprises, so its results show how corporate technology budgets are holding up and whether AI features are producing revenue. Carvana sells used cars online, so its report shows consumer demand for vehicles and the cost of auto credit.

Vertiv (NYSE:VRT): Power and cooling for data centres

Vertiv (NYSE:VRT) is due to report before the market opens on Wednesday, October 28, 2026, and options markets imply a move of about 12.5% after the release. GE Vernova is priced for about 8.3%. These implied moves measure how big a swing traders expect, not the direction, and come from one earnings calendar page. Results had not been released when this was written, and consensus numbers for revenue and earnings were not captured, so the article cannot compare reported figures with expectations. The size of the implied move shows how much traders believe the outlook will matter for a company seen as a direct beneficiary of data-centre spending. The calendar also shows results from other companies that morning. AI data centres draw huge amounts of electricity and produce heat, so operators need power equipment and cooling systems. The company sells thermal management and power products to those facilities, while GE Vernova sells gas turbines, grid equipment and wind products to utilities and developers.

Seagate (NASDAQ:STX): AI storage

Seagate (NASDAQ:STX) makes hard drives and data storage products, and it is due to report after the market closes on Tuesday, October 27, 2026. Consensus is USD 7.49 EPS on USD 4.2 billion of revenue, from one earnings calendar page that has carried known data errors. NXP Semiconductors, a maker of automotive and industrial chips, is expected to report USD 4.17 EPS on USD 3.8 billion. F5, a network software company, is also due. Options markets imply moves of about 11.3%, 12.5% and 12.2% respectively, which measure size and not direction. Reports differ on whether SK hynix reports on Tuesday after the close or on Wednesday. Results had not been released when this was written. Storage matters for AI because training and running models create huge volumes of data that must be held somewhere, and high-capacity drives are one low-cost place. The semiconductor sector bounced strongly on October 26, with Nvidia closing at USD 216.00, up 2.39%, and the iShares Semiconductor ETF (NASDAQ:SOXX) reported to have drawn a USD 5.4 billion weekly inflow, a figure from one data release.

Where Things Stand

The answer is that the week tests whether AI spending is turning into revenue across cloud, software, power and storage. Alphabet (NASDAQ:GOOGL) and Amazon carry the cloud question. ServiceNow (NYSE:NOW) carries the software question. Vertiv (NYSE:VRT) carries the power question. Seagate (NASDAQ:STX) carries the storage question at about 11.3%. Implied moves range from 6.2% to 12.5% and measure size, not direction. Consensus was not captured, so each article is a preview. The Fed decision on October 28 is the next catalyst. This is not investment advice.