Next, over the next month, the US stock earnings reports are basically a concentrated exam for the AI main theme.

Many people only look at the stock’s rise or fall on the day of the report, but I think it’s more important to look at a few questions:

Is AI still burning money?
Are cloud providers willing to keep raising Capex?
Have semiconductor equipment orders declined?
Can storage and HBM demand truly hold up?
Can data center power, cooling, and networking continue to benefit?

From this earnings calendar, the coverage is very comprehensive.

Google, Microsoft, Meta, and Amazon are looking at cloud computing, AI ads, and AI infrastructure spending.
Tesla is looking at autonomous driving, Robotaxi, energy storage, and whether the market is still willing to give it room for its long-term imagination.
Intel, AMD, Arm, and Qualcomm are looking at chip design and the compute cycle.
KLA, Lam Research, and Teradyne are looking at semiconductor equipment and testing demand—companies like these often reflect industry-chain confidence early.
SK hynix, Kioxia, Western Digital, SanDisk, and Seagate are looking at the storage cycle, especially whether categories like HBM, DRAM, SSD, and HDD can keep raising prices and expanding capacity.
Vertiv, Eaton, and Arista are looking at the “shovel-selling” business behind data centers: power, cooling, switches, and network infrastructure.
Palantir, ServiceNow, Datadog, Atlassian, and Figma are looking at whether AI software has moved from stories to real paid revenue.

So this is not a typical earnings-calendar.
It’s more like an AI industry-chain health check.

If cloud providers keep increasing capital expenditures, it means AI infrastructure hasn’t stopped.
If storage companies’ guidance stays strong, it means HBM and server DRAM demand is still there.
If equipment companies’ orders remain healthy, it means the expected wafer-fab capacity expansion hasn’t been interrupted.
If software companies begin to show AI revenue, it means AI is not only burning money—it’s also starting to enter commercialization.

But conversely, if these companies collectively issue cautious signals, the market will reprice again.
Because this year, many tech stocks have risen not on current profits, but on expectations for AI growth over the next few years.
The higher the expectations, the lower the earnings-reporting tolerance.

My view is:
The most worth watching in this earnings round isn’t who beats expectations by a few points, but three keywords:

Capex.
Guidance.
Demand sustainability.

Near-term stock prices will be carried along by sentiment, but in the medium to long term, what truly determines the trend is whether the industry chain keeps putting money in.
If the AI main theme hasn’t been disproven, volatility is just volatility.
But if investment starts to slow down and orders begin to weaken, the market will switch from “telling stories” back to “calculating profits.”

Over the next few weeks, the answers for tech stocks will be released one company at a time.
Those just watching the show will watch the ups and downs.
People who truly invest will watch whether the main theme has changed.