Second-quarter earnings season will kick into high gear this week.

Four of the world’s largest companies—Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), and Meta (META)—are set to report their results. Artificial intelligence will be the focus for many investors, who will be hoping for updates on companies’ investments in the era-defining technology and how they’re using it. But trade policy could also get some airtime, especially during Apple’s and Amazon’s calls on Thursday. 

Microsoft and Meta kick things off with their reports and earnings calls after the closing bell on Wednesday. Alphabet (GOOGL) and Tesla (TSLA) have already turned in results, so after this week the only Magnificent 7 company left to report will be Nvidia (NVDA), in late August.

Here are three questions on investors’ minds.

Are AI Investments Still Ramping Up?

Six months ago, one of the most pressing debates on Wall Street was whether U.S. tech companies were spending too much on artificial intelligence. That issue appears to be settled—or, at least, on the back burner for now.

Alphabet (GOOG) last week raised its full-year capital expenditures forecast to $85 billion, citing growing demand for cloud computing products and services; that was generally read as a good thing. Google Cloud grew by more than 30% from the prior year, putting the unit on track to book over $50 billion in revenue within the next year. 

Cloud computing competitors Microsoft and Amazon could follow Alphabet’s lead. Both companies left their capex forecasts unchanged when they reported quarterly results three months ago, decisions that may have been influenced by the trade and economic uncertainty hanging over the market at the time. The companies could be feeling more confident about boosting AI spending now that some of the fog has been lifted by trade agreements. 

Meta was the odd one out last quarter when it raised its capex outlook. It’s not out of the question that the social media giant will lift its forecast again; it did so in the first and second quarters last year.

Is AI Leading to Monetization and Efficiency Gains?

Investors will be looking for evidence that big investments in AI are paying off. 

“AI is positively impacting every part of the business, driving strong momentum,” said Alphabet CEO Sundar Pichai in the company’s second-quarter earnings release. Executives said on the company’s earnings call that Google is monetizing AI search results at about the same rate as it is traditional search, and that AI overviews are driving increased search volume. 

In recent quarters, Meta has convinced Wall Street that AI is improving ad performance and user engagement. Investors are hoping this week’s results continue to demonstrate that Meta’s investments are bearing fruit. 

Amazon could offer updates on how customers are engaging with Rufus, its AI shopping assistant, and Q, its work assistant. Microsoft is likely to elaborate on the uptake of its Copilot AI offering. 

As for Apple, experts say, investors may still have to wait for the details they crave.

“We don’t expect (1) an update on Apple Intelligence timing (2026), (2) any material change in quarterly capex, (3) an update on Apple Intelligence approval in China, and/or (4) any new partnership announcements,” wrote Morgan Stanley analyst Erik Woodring in an earnings preview last week. Management might, however, say product sales grew faster in Apple Intelligence-enabled regions than non-AI regions, he said.

How Are Big Tech Companies Handling Tariffs?

At least in the near term, Apple investors are likely more concerned with tariffs than most of its Magnificent Seven counterparts.  

President Donald Trump in April exempted smartphones and other consumer electronics from his sweeping “reciprocal” tariffs, but the president has ordered his administration to consider invoking national security concerns to impose Section 232 duties on smartphones and semiconductors. Section 232 tariffs have held up better in court than Trump’s country-specific duties and could be harder for Apple to avoid. 

Even with the smartphone exemption, Apple in May estimated tariffs would add $900 million to the company’s costs in the second quarter. Investors will watch for the actual impact and to hear how Apple is engaging with suppliers and the administration to fend off tariffs and mitigate their potential impact.

Trade policy will also be top of mind for Amazon investors. In the first quarter, Amazon saw some evidence buyers were stocking up to get ahead of tariffs, which could set the company up for a sequential slowdown in sales. Executives said merchants didn’t meaningfully increase prices in the first quarter, but noted that could change depending on where tariff rates end up.