Five of the largest US technology companies report quarterly results this week, and the outcomes could push Bitcoin (BTC) and broader crypto markets in either direction, given the unusually tight link between digital assets and Nasdaq equities.
Microsoft, Alphabet, Meta, and Amazon release Q1 figures after the closing bell on Wednesday, April 29, with Apple following on Thursday. Investors are focused on revenue growth, profit margins, and AI capital expenditure plans for the rest of 2026.
Big Tech AI Capex Will Drive the Reaction
Capital expenditure guidance has overtaken headline earnings as the most market-sensitive line item. Meta has targeted $115 billion to $135 billion for 2026, an increase of at least 59% year over year.
Microsoft, meanwhile, is on track to spend roughly $146 billion on AI and cloud infrastructure in fiscal 2026.
Alphabet has maintained a $175 billion to $185 billion capex range. Amazon, by comparison, is planning a $200 billion outlay, more than 50% higher than in 2025.
Combined hyperscaler AI spending is expected to exceed $160 billion this quarter alone.
Bitcoin Tracks Nasdaq More Closely Than Ever
BTC’s average correlation with the Nasdaq 100 climbed to 0.52 in 2025, up from 0.23 the year before. However, the link tightened further in early 2026, with one analyst tracking the rolling correlation at 0.75 in January.
That coupling has already produced direct contagion this year. After Microsoft’s January earnings stoked concerns about AI spending, the stock fell more than 10% in after-hours trading. Bitcoin briefly slipped to about $83,460 the same day.
A repeat of that pattern is possible if any of the five reports disappoint on capex returns. Strong results, by contrast, could lift risk appetite across both equities and crypto markets in the coming sessions.