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Barchart
Barchart
Mohit Oberoi

Here’s What Magnificent 7 Earnings Tell Us About the AI Trade in 2026

AI Meta Nvidia Tesla Inc. Alphabet Amazon Microsoft AWS

The June quarter earnings season for “Magnificent 7” stocks, except Nvidia (NVDA), is over. It has been a mixed season at best, but the post-earnings price action has been quite vociferous. We have Microsoft (MSFT), which surged over 15% and posted its best day since 2008, while Alphabet (GOOG) (GOOGL), seen as an artificial intelligence (AI) success story, plunged over 7% and posted its worst day in over a year.

Meta Platforms (META) had another post-earnings crash on July 30, while Amazon (AMZN) soared on Friday after markets gave a thumbs up to its Q2 earnings. Apple (AAPL) has also been tumbling following the confessional, but since the company is not a player in the strict sense in the AI buildout race, we’ll exclude it from our analysis for this article. All that said, let's take a look at what the Mag 7 earnings tell us about the current state of the AI trade.

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