Wall Street was eager for big-tech earnings this week, and overall, companies delivered. Amazon’s mixed results led to a Friday selloff, but strong reports from Alphabet, Apple, Meta, and Microsoft boosted investor confidence. The Nasdaq 100 ended down 2.2% for the week, prompting questions about tech’s rally.

Despite concerns, tech firms in the S&P 500 have mostly exceeded profit and revenue expectations. The Magnificent Seven are expected to see earnings rise by 24.2% this year, with revenue anticipated to increase by 13.4%, showing continued growth potential. This represents a slight deceleration from last year’s impressive numbers.

Investors are now focused on Nvidia, set to release earnings later this month. Big tech’s commitment to AI spending, especially Meta, Microsoft, Alphabet, and Amazon, bodes well for Nvidia, which relies heavily on revenue from these companies. The trend of tech’s increasing market dominance is expected to continue.

Read more at Yahoo Finance: Big Tech earnings strength is bright light in murky stock market