TLDR
- Alphabet and Tesla both report earnings after the close on Wednesday, July 22
- Tesla delivered 480,126 vehicles in Q2 but margins and AI spending will be the focus
- AMD holds its Advancing AI 2026 conference in San Francisco on July 22–23
- Intel reports Thursday and investors want proof its turnaround is on track
- ServiceNow faces scrutiny after IBM flagged caution in enterprise software spending
This week is one of the busiest of the Q2 earnings season. Alphabet, Tesla, Intel and ServiceNow all report results, while AMD holds a major AI event. Here is what investors need to know.
Alphabet
Alphabet reports after the close on Wednesday, July 22. The Google parent beat expectations last quarter, so the bar is already high.
Investors will watch Google Cloud growth, Gemini adoption and AI infrastructure spending. The concern is that rising data center costs could weigh on profit margins.
Alphabet stock has roughly doubled over the past year. Strong cloud numbers and solid guidance could keep momentum going, but any sign that costs are growing faster than revenue could cause a pullback.
Tesla
Tesla also reports Wednesday after the close, with a Q&A webcast at 5:30 p.m. ET.
The company delivered 480,126 vehicles in Q2, which beat many analyst estimates. But deliveries are only part of the story.
Investors want to know about automotive margins, pricing pressure and how much the company is spending on AI, robotics and autonomous driving. CEO Elon Musk wants Tesla to be seen as more than a car company, and any update on robotaxis or humanoid robots could move the stock more than the earnings headline itself.
Intel
Intel reports Thursday, July 23, after the close. Last quarter the chipmaker surprised investors with better results and an improved outlook.
This week, the focus is on whether the turnaround is holding. Investors will look at data center demand, AI chip progress and foundry business updates.
Intel has also drawn attention through ties to Google and Elon Musk’s Terafab project. Stronger guidance would support the recovery story, but weak margins or slow foundry progress could reverse recent gains.
AMD
AMD is not reporting earnings this week, but its Advancing AI 2026 conference in San Francisco runs 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 commercial progress, not just new products, to move the stock.
ServiceNow
ServiceNow reports Wednesday after the close, with a conference call at 5 p.m. ET.
The software company has built its platform around AI-connected enterprise workflows. But sentiment shifted last week after IBM said some customers were getting more cautious about software budgets.
Investors will track subscription growth and demand for AI products. Strong guidance could calm nerves across the cloud software sector, while a weak outlook would likely hit the broader group.
What It All Means
Between earnings reports and the AMD event, this week gives investors a detailed look at where AI spending is heading. Guidance will matter more than past results, and volatility is likely across all five names.
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