Big Tech Earnings This Week: What Microsoft, Alphabet and Amazon Mean for Bitcoin

Big tech earnings this week land right on top of the Fed, and the last report like this already knocked crypto over. Meta told investors last Wednesday it would spend $135 billion to $145 billion in capital spending this year, up from a low end of $130 billion, as it races to build AI. The next day its stock fell 7%, the Nasdaq 100 lost 2.9% and Bitcoin dropped 3.5% between the two closes.

Now three more of the biggest AI spenders report, and two of them do it on Fed day. Bitcoin trades at $79,879 at the time of writing, down 0.4% in 24 hours and 2.2% on the week. So which reports can move crypto, and what should traders watch in them?

Jesse Cohen’s list of the week’s key events shows how crowded Wednesday and Thursday are:

Jesse Cohen @JesseCohenInv

🇺🇸🇺🇸 Key Events This Week:

1. Fed Policy Decision – Wednesday

2. Warsh Press Conference – Wednesday

3. Microsoft $MSFT Earnings – Wednesday

4. Alphabet $GOOGL Earnings – Wednesday

5. Q3 GDP – Thursday

6. Core PCE Price Index – Thursday

7. Amazon $AMZN Earnings – Thursday

9:19 PM · Oct 25, 2026 View on X

When Are Big Tech Earnings This Week?

Microsoft earnings and Alphabet earnings both land after the US close on Wednesday, October 28, and Amazon earnings follow on Thursday, October 29. Meta already reported on October 21, and Apple waits until Monday, November 2.

Wednesday is the awkward one. The Fed statement comes out at 18:00 UTC (2:00 p.m. in Washington), Kevin Warsh speaks half an hour later, and Wall Street closes at 20:00 UTC. Microsoft and Alphabet publish right after that, with Microsoft’s call at 21:30 UTC.

Kalshi traders price a hold at 93%, so the decision itself should be calm. The trouble is the four hours after it. Bitcoin trades through all of it, while stocks only get after-hours trading.

Thursday adds a second test. Q3 GDP and the Fed’s preferred inflation gauge, PCE, both come out at 12:30 UTC (8:30 a.m. in Washington), per the BEA schedule. Amazon’s call starts at 21:00 UTC, the same hour as Coinbase and Strategy.

Why AI Spending Is the Number to Watch

Because AI spending now drives the whole AI trade, and Bitcoin trades with that trade. These four companies spent more than $170 billion on data centres, chips and equipment in their latest quarter alone:

• Amazon: $54.2 billion (April to June)
• Alphabet: $44.9 billion (April to June)
• Microsoft: $35.8 billion (April to June)
• Meta: $34.9 billion (July to September)

That money is starting to eat the cash. Alphabet’s free cash flow, the cash left after that spending, was negative $5.9 billion in the second quarter. Amazon’s was negative $7.6 billion over the last twelve months, and Meta’s turned negative too, at minus $2.1 billion.

The cloud side is growing fast enough to keep investors patient, for now. Google Cloud revenue rose 82% to $24.8 billion last quarter. Microsoft’s Azure grew 43%, and Amazon Web Services rose 37% to $42.2 billion.

Meta showed what happens when the spending wins the headline. Revenue jumped 26% to $64.6 billion, and the stock still fell from $697.52 to $648.85 the next day. Investors looked at the capex range and a negative cash flow, and sold the whole AI basket with it.

In other words, the line to watch on each call is cloud growth against the spending plan for 2027. Faster cloud growth with more spending keeps the AI trade alive. More spending with slower growth is a Meta replay, this time on Fed night.

How Much Does the Nasdaq Move Bitcoin Right Now?

A lot on the bad days. The Bitcoin Nasdaq correlation, how closely their daily moves line up, is 0.65 over the last 30 trading days by our count. At 1 they would move in lockstep.

On the three days in that window when the Nasdaq 100 fell 2% or more (October 14, 16 and 22), Bitcoin fell every time. The worst was last Thursday’s Meta day, when Bitcoin slid from $84,490 to $81,494 between the two closes.

The good days don’t carry over as well. On Monday the Nasdaq 100 rose 1.1% and Bitcoin fell 1.5%. That’s the pattern crypto traders have complained about all autumn: all of the downside, only some of the upside.

Tokenized stocks show where traders lean while Wall Street sleeps. On Binance, SOXLB, a token that tracks a fund betting three times on chip stocks, is up 7.4% in 24 hours, and SKHYB is up 4.4%. Most of the SOXLB move came in Monday’s US session, though. Since the close it has slipped to $89.81, under the $90.50 the fund itself finished at. SK Hynix, which makes memory for AI chips, rose 5.1% in Seoul on Tuesday.

So chip buyers came back on Monday. Bitcoin buyers didn’t follow them.

SIDE TRAIL: Crypto Falls With AI Stocks as the Bitcoin Nasdaq Correlation Hits 0.65

Bitcoin Price Analysis: Levels to Watch Into Fed Day

Bitcoin heads into Wednesday under its 50-day moving average (MA), the average close of the last 50 days, and just above its October low. These are the levels that matter:

• Resistance: $81,866. The 50-day MA. Bitcoin has closed below it every day since October 22, the day after Meta’s report.
• Above that: $84,898. Last Wednesday’s high, set hours before Meta’s numbers came out.
• Support: $79,220. Saturday’s low, the lowest price of October.
• Below that: $76,264. The next swing low. The 200-day MA, the long-term trend line, sits at $73,064.

A clean week would be a calm Fed hold, cloud growth that keeps up with spending, and a daily close back above $81,866. A Warsh hint at a December hike plus a Meta-style reaction to Microsoft or Alphabet would put $79,220 under pressure before Amazon even reports.

TRAIL MAP: Fed Meeting Next Week: Traders Bet on a Hold. What It Means for Bitcoin

The Fed decides the price of money on Wednesday. Big Tech decides, a few hours later, how much of it still goes into AI. Bitcoin has been trading on the second question for weeks.

Written by

Teddy

In crypto since 2016. Covers altcoins and the daily market. When not trading, out climbing and traveling.

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