TLDR
- Both Alphabet and Tesla reported their earnings after the close on Wednesday, July 22
- Tesla delivered 480,126 vehicles in Q2, but focus will be on margins and AI spending
- AMD will hold its Advancing AI 2026 conference in San Francisco from July 22-23.
- Intel reports Thursday and investors want proof that its transformation is on the right track
- ServiceNow faces scrutiny after IBM signaled caution in spending on enterprise software
This week is one of the busiest weeks of the second quarter earnings season. Alphabet, Tesla, Intel, and ServiceNow all report results, while AMD holds a major AI event. Here’s what investors need to know.
alphabet
alphabet Reports after close on Wednesday 22 July. Google’s parent company beat expectations last quarter, so the bar is already high.
Investors will see the growth of Google Cloud, Gemini adoption, and spending on AI infrastructure. The concern is that rising data center costs could impact profit margins.
Alphabet stock has nearly doubled over the past year. Strong cloud numbers and solid guidance can keep momentum going, but any sign that costs are growing faster than revenue could cause a pullback.
Tesla
Tesla Also mentioned on Wednesday after the close, with a Q&A webcast at 5:30 PM ET.
The company delivered 480,126 vehicles in the second quarter, which beat many analyst estimates. But deliveries are only part of the story.
Investors want to know auto margins, pricing pressures and how much the company is spending on artificial intelligence, robotics and self-driving. CEO Elon Musk wants Tesla to be seen as more than just a car company, and any update about robots or humanoid robots could move the stock more than the earnings headline itself.
Intel
Intel Reports Thursday, July 23, after closing. Last quarter, the chipmaker surprised investors with better results and better forecasts.
This week, the focus is on whether the shift holds. Investors will look at demand for data centers, progress in AI chips, and updates to the foundry business.
Intel has also drawn attention through its relationships with Google and Elon Musk’s Terafab project. Stronger guidance would support the recovery story, but weak margins or slow progress at the foundry could reverse recent gains.
AMD
AMD didn’t report earnings this week, but its Advancing AI 2026 conference in San Francisco will be held July 22-23.
The event is expected to cover AI infrastructure, computing architecture and enterprise deployment. Investors are hoping for new Instinct accelerator announcements and customer wins.
AMD is seen as the main alternative to Nvidia in the AI data center market. The conference needs to show real business progress, not just new products, to move inventory.
Service now
ServiceNow reports on Wednesday after close, with a conference call at 5 PM ET.
The software company has built its platform around AI-connected enterprise workflows. But sentiment changed last week after IBM said some customers were becoming more cautious about software budgets.
Investors will track the growth in subscriptions and demand for AI products. Strong guidance could calm nerves across the cloud software sector, while a weak outlook is likely to hit the broader group.
What does it all mean?
Between earnings reports and AMD’s event, this week offers investors a detailed look at where AI spending is headed. Guidance will be more important than previous results, and volatility is likely in all five names.
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