Key Highlights

  • Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) are due to report results after the close on Wednesday, October 28, 2026. No clock time beyond after the close appears in the sources, and no consensus figures are available.
  • Analysts have named the results of Microsoft, Alphabet and Amazon as tests of artificial intelligence spending, and Microsoft capital expenditure is about USD 145 billion for its current fiscal year.
  • The Federal Reserve decision is due at 2:00 p.m. ET on Wednesday, October 28, 2026, so the rate outcome will be known before Microsoft and Alphabet publish their results after the close.
  • The Nasdaq Composite closed at 26,477.81, up 1.18%, on Tuesday, October 27, 2026, with technology leading, so both reports arrive after a strong prior session for the sector.

The Timing of the Two Reports

Microsoft (NASDAQ:MSFT), the software and cloud computing group, and Alphabet (NASDAQ:GOOGL), the parent of Google, are scheduled to publish results after the close on Wednesday, October 28, 2026. The sources give no clock time beyond after the close, so the precise moment of release is not stated here. An after the close release means the first market reaction takes place in extended trading, where fewer participants trade and prices can move sharply on small volumes. The regular session therefore carries no direct reaction to either report. Instead, the day's pricing will reflect positioning ahead of the reports, with the Fed decision due at 2:00 p.m. ET forming the main scheduled event within regular hours.

Why the Sequence of Events on Wednesday Matters

The order of events on Wednesday, October 28, 2026 shapes how the two reports will be read. The Federal Reserve raised rates on Wednesday, September 16, 2026, to a range of 3.75% to 4.00%, and markets widely expect a hold at the decision due at 2:00 p.m. ET, with a possible hawkish pause, meaning a hold paired with firm language on inflation. A rate outcome that moves yields would change the discount rate applied to long dated technology earnings before Microsoft and Alphabet report. Technology led the Tuesday, October 27, 2026 session, with the Nasdaq Composite up 1.18%, so expectations entering the reports may be elevated. That last point is an inference rather than a published figure.

Risks and What to Watch

The central test named by analysts is whether spending on artificial intelligence infrastructure is matched by revenue from it. Microsoft has capital expenditure of about USD 145 billion this fiscal year, and the combined projection for big technology spending in 2026 is about USD 700 billion. A bull reading would rest on cloud and AI revenue growth that visibly outpaces that outlay, while a bear reading would rest on rising costs without matching sales. Key risks are extended hours volatility, a rate decision that surprises markets and uncertainty over the scale of spending. Consensus figures for revenue and earnings per share are not in the sources, so no beat or miss threshold can be stated. Investors should watch the Fed decision at 2:00 p.m. ET and the after the close releases on Wednesday, October 28, 2026.

Where Things Stand

The answer is that Microsoft (NASDAQ:MSFT) and Alphabet will each show how artificial intelligence spending translates into reported results, with both due after the close on Wednesday, October 28, 2026, and Microsoft capital expenditure of about USD 145 billion as a reference point. The sources give no clock time and no consensus figures, so thresholds cannot be quoted. The next catalysts are the Fed decision at 2:00 p.m. ET and the two reports after the close on Wednesday, October 28, 2026. Extended hours prices are thin and can change quickly, and this is not investment advice.