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Microsoft, Meta Q2 2026 Earnings Due Wednesday — AI Capex Scrutiny Peaks After Alphabet Sinks 8% on Ballooning Spend

Microsoft and Meta Platforms report Q2 2026 earnings Wednesday after the close, the same day as the Fed rate decision, under intense investor scrutiny after Alphabet sank roughly 8% last week on elevated AI capital expenditure and negative free cash flow that spooked the market. Meta previously guided Q2 revenue of $58 billion to $61 billion. Analysts say investors need proof that AI spending is converting into accelerating revenue, or the Mag-7 selloff begun last week will deepen through Thursday's Apple and Amazon reports.

Magnificent Seven ETF Up 14% in April as Big Tech Rally Faces Its First Real Test of the Week

The Roundhill Magnificent Seven ETF has surged more than 14% in April alone — on track for its largest monthly gain on record — led by Tesla's 15% weekly rally and Microsoft's near-14% weekly gain, its best week since 2007. But with the group's collective Q1 earnings expected to show 20% EPS growth and Iran tensions reigniting Monday, analysts warn the rally's technical foundation remains fragile without broader market breadth confirmation.