Meta and Microsoft beat earnings. Wall Street’s eyes are now on Apple and Amazon.
Good morning.
President Donald Trump held a rally this week in Macomb County, Michigan, to mark his first 100 days in office. BI had a reporter in attendance. The key issue for rallygoers they spoke with was, surprisingly, not the economy.
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In today’s newsletter, it’s a crucial week for Big Tech. We’re breaking down the key details from
Meta’s
and
Microsoft’s
earnings reports — and looking ahead to what Wall Street will be watching for when
Apple
and
Amazon
report today.
Exciting news:
Tech Memo
, a weekly BI newsletter from Alistair Barr, is launching soon. Get the scoop on what’s happening inside the world’s most powerful tech companies —
sign up here!
What’s on deck
Markets:
Despite the S&P 500’s recent rally, Wall Street forecasters see
more pain ahead
.
Tech:
Meta, Microsoft, and Google are leading a performance management
vibe shift
.
Business:
Why you can expect to see more professionally produced videos
on your LinkedIn feed
.
But first, a moment of truth.
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sign up here.
The big story
Big Tech earnings
It’s a big week for Big Tech.
On Wednesday,
Meta
and
Microsoft
reported earnings. Today, it’s
Apple’s
and
Amazon’s
turn.
The backdrop is grim: a
global trade war
, the looming threat of
stagflation
, and falling
consumer sentiment
. Despite these mounting challenges, this earnings season may hold the keys to a potential stock rally. As of writing, US futures are up following Microsoft’s and Meta’s reports. Let’s kick things off there.
The Ms
3 things in markets
1. Meet BI’s Investor of the Month.
David Miller, manager of the Strategy Shares Gold Enhanced Yield ETF, has had a good few months, as investors turn to the safe-haven asset during volatility. His fund has stood out,
up 23% this year
and 37% over the past 12 months.
2. Investors aren’t out of the woods yet.
Stocks may have recovered from a historic sell-off in April, but Wall Street pros warn the market could be headed for more pain. They shared
three warning signs
they see on the horizon.
3. Inside a top stock-picker’s investing process.
Steve Schurr was central to the equities rebuild at Balyasny, and he was recently poached by Millennium with a $100 million pay package.
Here’s a look at how he picks investments
, according to a presentation recording viewed by BI.
3 things in tech
1. Carrots and sticks.
No more cushy perks and low accountability: Companies like Meta, Microsoft, and Google are adopting high rewards (carrots) and steep consequences (sticks) for
performance management
. It reflects an industry shift toward leaner and more intense workplaces.
2. Elon Musk’s staying put at Tesla.
That’s according to the company’s chair Robyn Denholm, who denied that the Tesla’s board had considered replacing
Musk as CEO
, in a post on Tesla’s X account on Wednesday.
3. Shopify sunsets its revenue share exemption.
App developers aren’t happy about
the policy change
and said it would force them to re-evaluate their budgets for 2026. It’s bad timing as merchants are already looking to cut costs amid tariffs.
3 things in business
1. CEOs are being grilled on tariff impacts.
Here’s what
CEOs of major companies
have said about the trade war’s effects on their businesses — and consumers’ wallets. Trump’s recent rebuke of Amazon means some retailers are likely
proceeding with caution
, retail experts told BI.
2. Bank of New York Mellon Corp. calls for four days in the office.
The memo sent to staff, a copy of which was obtained by BI, said there were “no plans” for employees to return the full five days. It’s the latest bank to
rein in remote work
.
3. LinkedIn wants a bigger slice of the creator economy.
The professional networking site said it’s planning to
launch five new shows
from business-oriented creators, including podcast host Steven Bartlett and fashion designer Rebecca Minkoff.
In other news
What’s happening today
-
Apple, Amazon, McDonald’s, Reddit, and Airbnb report earnings.
The Insider Today team:
Dan DeFrancesco, deputy editor and anchor, in New York (on parental leave). Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Robert Scammell, senior tech editor, in London. Ella Hopkins, associate editor, in London. Elizabeth Casolo, fellow, in Chicago.
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