Big tech earnings outlook: Wall Street demands receipts on $700B AI spree

As the second-quarter earnings season of 2026 approaches its most critical stretch, the global equity market finds itself at a pivotal crossroads. For over two years, a relentless, AI-driven bull run has propelled mega-cap technology valuations to historically elevated levels. However, the narrative on trading desks has undergone a fundamental shift. The era of rewarding companies simply for uttering the words “artificial intelligence” is officially over. As Alphabet, Microsoft, Meta, Amazon, and Apple prepare to open their books between July 22nd and July 30th, Wall Street is demanding concrete evidence of monetization. Investors are no longer grading on a curve; they want to see the receipts. Big tech earnings ahead: the $725 billion arms race The defining metric of this...