$Alphabet(GOOGL)$ Google's upcoming earnings could set the tone for the whole Big Tech group.
If their CapEx comes in higher than the expected $190 billion, say in the $200–220 billion range, that could be a positive for semis. The question then becomes whether other hyperscalers like $Meta Platforms, Inc.(META)$ , $Microsoft(MSFT)$ , and $Amazon.com(AMZN)$ will need to follow with higher spending too.
Cloud growth is another major area to watch. If Google shows another acceleration in Cloud revenue, it would make a higher CapEx figure easier for the market to accept. Remaining Performance Obligation growth and customer concentration will also be under the microscope.
Another point of interest is what Google's in-house AI chips imply for the competitive landscape around $NVIDIA(NVDA)$ and AVGO.
While I'm expecting a solid quarter, management's commentary on AI spending and future investment priorities might carry more weight than the actual numbers this time.
The broader market is full of noise, so I'm focusing on the high-conviction setups.
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