Alphabet, Intel Results in Focus for AI Trade as US Earnings Rev Up

Alphabet and Intel are set to report earnings that could sway the market-leading AI trade as U.S. corporate earnings season heats up, with S&P 500 earnings projected up 25.7% in Q2 2026. Alphabet's Wednesday report is in the spotlight as a major AI hyperscaler; any pullback in its AI infrastructure spending forecasts could ripple across the entire AI ecosystem, according to analysts.

Why it matters: Semiconductor stocks are also under scrutiny—the Philadelphia SE index is up about 68% in 2026, with Intel shares soaring over 160%, though tepid market reactions to recent results from Samsung and TSMC suggest high expectations.