The Magnificent Seven earnings kick off today! Microsoft, Google, Meta, and Amazon earnings reports, along with AI capital expenditure, will influence the trend of TSMC.

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The four major US tech giants, Microsoft, Google, Meta, and Amazon, are set to release their latest earnings reports, with market focus centered on their massive AI capital expenditures. (Briefing: RAVE plummeted 90% overnight! ZachXBT exposed that insiders control 90% of the supply; Binance and Bitget have launched investigations.) (Background: Bitget TradFi Challenge concludes | Real-money trading of oil and silver demonstrates wealth effect.) (This article is a sponsored post written and provided by Bitget and does not represent the position of BlockTempo, nor does it constitute investment, purchase, or sale advice. See the disclaimer at the end of the article.) The four major US tech giants, Alphabet, Amazon, Meta, and Microsoft, will simultaneously release their latest quarterly earnings after the US market close today (April 29). This is the most anticipated single-day earnings event of 2024. Apple will follow after the market close tomorrow (April 30). Together, these five companies account for nearly 30% of the S&P 500 market capitalization, enough to set the tone for this quarter's US earnings season. However, this year's script is vastly different from previous years. Investors are focused not just on revenue and EPS, but on capital expenditure. The market estimates that these four companies will invest a combined $600 billion to $700 billion in AI infrastructure (hyperscaler capex) in 2024, primarily for purchasing Nvidia GPUs, building hyperscale data centers, and laying energy and fiber optic infrastructure. The scale of capital outflow has begun to erode the cash flow of these companies, leading the market to ask the same question: when will this money actually turn into revenue? This question was pushed to the center of the storm by a report from the WSJ the day before. Before the US market opened on Monday, April 28, the WSJ published an investigative report citing informed sources, stating that OpenAI had failed to meet its internal revenue targets for several consecutive months in early 2024, and that ChatGPT had failed to surpass the internal milestone of 1 billion weekly active users (WAU) by the end of 2023. The report also noted that OpenAI CFO Sarah Friar had expressed concerns to other executives that if revenue growth could not keep up, the company might struggle to pay for the massive data center contracts it has already signed. The OpenAI board has also questioned a series of recent data center deals and reviewed CEO Sam Altman's strategy of continuously increasing computing power. Over the past year, OpenAI has locked in approximately $600 billion in long-term computing power and chip commitments through a series of bundled long-term contracts with vendors such as Nvidia, AMD, Oracle, CoreWeave, and Broadcom. This "burn cash first, earn money later" expansion logic was the fundamental assumption behind the valuation inflation of the entire AI supply chain. Once the market began to doubt whether this assumption could hold, the reaction was ruthless. By the close of the US market on the 28th, OpenAI-related stocks were under pressure. Oracle, which has the deepest exposure to OpenAI cloud contracts, plunged about 4.0% to $165.96; CoreWeave, which has a large GPU contract with OpenAI, fell 5.8% to $105.53; AMD fell 3.4%; and Nvidia was relatively resilient but still closed down 1.6%. SoftBank, one of OpenAI's largest shareholders, plummeted nearly 10% in Tokyo, making it one of the worst-performing components of the Nikkei 225 index that day. (Not just individual stocks, ETFs like QQQ, EWY, and EWJ are all available on Bitget.) Alphabet, Microsoft, and Amazon also closed slightly lower, as the market clearly viewed this report as an early warning ahead of Wednesday's earnings. OpenAI subsequently fought back. CEO Sam Altman and CFO Sarah Friar directly refuted the report to Reuters, stating, "This is ridiculous, we are completely aligned on buying as much compute as possible," denying any internal disagreement over infrastructure spending. OpenAI also disclosed that its AI code tool, Codex, has reached 4 million users and described its current operations as "firing on all cylinders." Market analyst John Belton (Portfolio Manager at Gabelli Funds) believes that this report essentially just reorganized facts already known to the outside world, reflecting the fact that OpenAI is losing ground to Anthropic and Google Gemini in the competition, which does not necessarily mean there is a problem with the pace of spending across the entire industry. CNBC pundit Jim Cramer directly called the report a "precisely calculated rehash of old news," deliberately released the day before the earnings of major tech stocks to shake market confidence. But regardless of the motive

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