Nvidia CEO Jensen Huang’s insistence this week that he did not “believe we’re in an AI bubble” is all well and good when you’re the man selling the finest shovels for the artificial-intelligence boom. But what of the companies that are expected to turn all that AI building into gold?

Five of the so-called Magnificent Seven — Amazon.com Inc., Alphabet Inc., Meta Platforms Inc., Apple Inc. and Microsoft Corp. — will report earnings this week. Optimism going in could not be higher, with shares of the world’s largest technology companies driving up stocks to records this week in what is largely a story about AI and its promise.