U.S. Pre-Market Highlights: Google Q2 Earnings, OpenAI Increases Cloud Spending to $75B

Huo Xing Finance news: On July 22, here is a summary of key market news ahead of U.S. pre-market trading: 1. Alphabet, Google’s parent company, and Tesla will release their Q2 2026 earnings reports after today’s U.S. market close. Investors are closely watching key metrics such as AI investment returns, cloud business growth, and profitability. 2. The market expects Alphabet’s Q2 revenue to rise further to $116.8 billion, a 21.1% year-over-year increase. Bank of America believes Google Cloud and search businesses remain the primary drivers of performance this quarter, with cloud revenue expected to continue strong growth. A recent article by finance professor and CTA Damir Tokic has caused a stir in the U.S. investing community, suggesting Alphabet may be the first major tech company to lower its AI capital expenditure outlook, due primarily to weakening free cash flow, rising financing costs, and insufficient evidence of AI investment returns. 3. The market anticipates Tesla’s Q2 revenue to be approximately $25.31 billion and earnings per share at $0.50. Although Tesla previously reported Q2 deliveries of 480,100 vehicles—exceeding market expectations—the focus remains on whether delivery growth will translate into revenue and profit growth, and whether automotive gross margins will continue to face pressure. 4. Super Micro Computer released preliminary results for its fourth fiscal quarter, with GAAP and non-GAAP gross margins projected between 15% and 17%, nearly double its prior guidance range of 8.2% to 8.4%. 5. NVIDIA CEO Jensen Huang publicly opposed U.S. restrictions on Chinese open-source AI models, stating that Chinese models such as Kimi perform exceptionally well and that U.S. companies “should certainly use them.” He warned that restricting these models could actually undermine U.S. security. 6. Independent research firm TS Lombard reported that South Korean memory chip stocks are nearing fair valuation levels, but market expectations for future profitability of memory companies may still be overly optimistic. 7. All three major U.S. stock index futures declined: Nasdaq 100 futures fell over 1%, S&P 500 futures dropped 0.48%, and Dow Jones futures fell 0.28%. 8. SK Hynix has not sought to acquire Intel’s land or manufacturing facilities in Ohio, nor has it made any decisions regarding such a transaction. 9. AMD signed a major chip and investment agreement with ANTHROPIC, under which AMD will invest $5 billion in ANTHROPIC. 10. OpenAI raised its projected cloud service spending from $600 billion to $750 billion and plans to invest over $30 billion in building new data centers.