Microsoft and Alphabet are scheduled to report earnings on October 28, just hours after the Federal Reserve delivers its latest interest-rate decision, putting AI infrastructure spending and cloud growth under the spotlight across global risk markets, including crypto.
The Fed will announce its decision at 2 p.m. Eastern, followed by a news conference at 2:30 p.m. Alphabet’s third-quarter call is set for 4:30 p.m., while Microsoft’s fiscal first-quarter call begins at 5:30 p.m. Amazon reports the following day. The results come after a difficult period for technology shares, with Meta already falling on concerns over rising AI investment and weaker cash flow.
Analysts expect Microsoft to report $90.6 billion in revenue and $4.71 in adjusted earnings per share, representing 17% revenue growth and 14% earnings growth from a year earlier. Microsoft previously projected 45% Azure growth on a constant-currency basis and said demand remained above available computing capacity. Management also forecast quarterly capital spending above $50 billion, including changes in data-center lease accounting.
Wall Street expects Alphabet to report about $127.9 billion in third-quarter revenue and earnings near $3.03 per share. Google Cloud revenue rose 82% to $24.8 billion in the June quarter, while search advertising increased 17% and YouTube advertising rose 13%. Alphabet plans $195 billion to $205 billion in capital spending for 2026. In the June quarter, operating cash flow was $39.1 billion against capital expenditure of $44.9 billion, creating roughly $5.9 billion in negative free cash flow.
Amazon’s October 29 report adds another comparison point, with investors watching AWS revenue growth, operating income, capital expenditure guidance, and free cash flow.
For crypto markets, the Federal Reserve’s guidance and the broader tech earnings reaction will be key for risk appetite. A restrictive Fed signal could pressure digital assets, while a supportive outlook may improve sentiment across the crypto complex.
