Earnings season shifts toward the Magnificent Seven this week, with Microsoft (\(MSFT), Alphabet (\)GOOGL) and Amazon ($AMZN) all scheduled to report and potentially drive major index volatility. Microsoft and Alphabet report Wednesday after the close, while Amazon reports Thursday. Wall Street expects Microsoft to post earnings of $4.72 per share on $90.68 billion in revenue, up from $4.13 and $77.67 billion a year earlier. Alphabet is expected to earn $3.02 per share on $128.18 billion in revenue, compared with $2.87 and $102.35 billion last year. Amazon consensus sits at $1.96 per share on $202.24 billion in revenue, versus $1.95 and $180.17 billion in the prior-year quarter. Dan Ives said the reports will provide an important read on AI demand, GPU deployment and hyperscaler capital spending. He estimates roughly $850 billion of hyperscaler AI spending this year against more than $2 trillion of cloud backlog, suggesting capacity remains the main constraint. For Microsoft, Azure growth and the pace at which new capacity is absorbed will be key. Amazon investors will focus heavily on AWS backlog, while Google Cloud and conversion of Alphabet’s reported $514 billion backlog will be central to its results. The three companies also carry significant weight across the Dow, S&P 500 and Nasdaq 100, meaning sharp post-earnings moves could ripple through major ETFs. Year to date, Microsoft is up 11.9%, Amazon 10.5% and Alphabet 1.7%, with all three trailing the Nasdaq 100’s 16.3% gain.