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AI earnings trade revives as Alphabet, Tesla, and Intel face capital-expenditure scrutiny

7/21/2026

AI trading momentum has returned to equity markets, with investors rotating attention toward the upcoming earnings season.

Alphabet (GOOGL), Tesla (TSLA), and Intel (INTC) are the names the market is watching most closely, each expected to deliver data on AI-related capital expenditure.

Market leadership is the second variable the earnings cycle will begin to answer.

Capital expenditure: what the reports will show Spending is the operative question across all three names, though the angle differs by company.