Last week,Alphabet(GOOGL.O)The quarterly results released have given tech investors a breath of breath, after weeks of anxiety over the impact of the trade war and its daily volatility on the economy and tech spending.

However, with this weekMicrosoft(MSFT.O)、Meta Platforms(META.O)、apple(AAPL.O)andAmazon(AMZN.O)Financial reports are about to be announced, and the tension is far from over.

With President Donald·Trump is trying to force other countries back to the negotiating table by tough measures, and these tech giants are also facing a series of doubts: How much overall demand is for artificial intelligence, cloud computing, digital advertising and online shopping spending in the context of tariffs threatening the global economy, pushing up prices, and disrupting supply chains (including their own).

In addition, thereHuge amounts about data centers and technology industriesAIBudgets may be worried about ripple effects. Even before Trump announced widespread tariffs on other countries this month, analysts had already developedAIThe cost and overall quality of the technology express greater concerns. at the same time,DeepSeekThen,AIThe cost of building may be much lower than expected, and the demand for chips may be lower.

despite this,AlphabetThe stock price still rose after the financial report exceeded expectations. Although the specific impact of Trump's new tariffs is unclear, the company said it will still invest approximately as planned this year750$100 million in capital expenditure, and cloud revenue has also increased. at the same time,IBMIt means that no customer purchase model has been seen yet“Major changes”, but warns that trade tensions could make customers more cautious in the future.

Microsoft andMetaThe financial report will be released first on Wednesday.For Microsoft, analysts will pay close attentionAIand whether cloud demand is slowing.

Wade BushAnalystDaniel IvesIn a report this month, it said:“We estimate that we are currently tracking many clouds andAIIn the project, there are10%-15%Projects may be delayed or slowed down (this estimate may still be conservative), and Microsoft will be at the center of a storm during this period of economic uncertainty.”

In addition, Trump will close a loophole next month, banning value800Products in USD and below (including many inAgoandSheinProducts purchased on online discount platforms founded by China) flowed into the United States with tax-free tax. This move could have a significant impact on consumer demand, business operating costs, delivery networks, and advertising spending from China.MetaAnd Amazon will suffer varying degrees of impact in this regard.

AlphabetManagement said last week that the closure of the vulnerability could bring to its advertising business this year“A small headwind”, mainly affecting retailers from the Asia-Pacific region.

BenchmarkAnalysts say Chinese advertisers contributed last yearMetaThe total sales are slightly higher than11%Most of them may come fromAgoandShein. Analysts quoted other reports and data as saying that online advertising spending from the two e-commerce platforms has shown signs of slashing this month.

For Amazon, which will also announce its financial report on Thursday,Bank of America SecuritiesAnalysts say investors are concerned about the amount of inventory available in the e-commerce giant’s warehouse and how long it will take for the company to adjust its supply, storage and distribution networks. They also care about Amazon’s reliance on third-party suppliers in China and the context of potential spending cuts for corporate customers.AWSThe status of the cloud service department.

As for Apple, consumers may have already rushed to buy it before the tariffs take effectiPhoneand other devices, and currently smartphones may not be affected by Trump’s import tax for the time being. The company also reportedly plans to target the U.S. market.iPhoneProduction was transferred to India.

However, the impact of tariffs on Apple's equipment parts supply chain remains worrying.BofAAnalysts also pointed out that Apple is still facing supply chain complexity and supportAIofSiriProblems such as digital assistant development delays. Apple will also release its financial report on Thursday.

Alphabet,Microsoft,MetaAmazon and Apple are classified as so-called“Seven giants”（Magnificent Seven) One of these giants has driven most of the stock market up with their huge market capitalization and artificial intelligence boom.

FactSetSenior Revenue AnalystJohn ButtersexistAlphabetA report before the financial report pointed out that the seven companies expect annual growth rates in the first quarter to be14.8%. If these seven companies are excluded, S&P500The rest of the index493The company's revenue growth rate in the first quarter was only5.1%。

BofAAnalysts said in a note last week that they still expect spending for major cloud providers to grow this year39%，2026Yearly growth7%. But they are also watching signs that Microsoft and Amazon may reevaluate data center projects, believing that data center development may reach a peak this year.

BofAAnalysts said:“Importantly, we emphasize that the market isAIThe construction of the data center may be2025Concerns that the year peaked and subsequently slowed sharply are increasing.”

one way or another,Currently, the overall profit margin of the company in the United States is still healthy. according toFactSetFriday's report, based on data released and estimated in the first quarter, S&P500The company's overall net profit margin remained at the fourth consecutive quarter12%That's all.