Hyperscaler results pose major test for AI-driven US stock market

A pivotal moment for the artificial intelligence trade driving the U.S. stock market to all-time highs arrives on Wednesday with quarterly reports from four massive companies at the heart of the investment boom behind the new technology. Results are due after ‌the market closes from Microsoft, Alphabet, Amazon and Meta Platforms -- four "hyperscalers" expected to spend over $600 billion this year on data centers and other AI-related infrastructure. ‌Those heavyweight companies represent more than $10 trillion in market capitalization and 17% of the S&P 500's weighting, while their recent gains have helped lead the market's rebound over the past month as stocks have ​shaken off concerns over the U.S.-Israeli war with Iran. "From a market perspective, they still are the straw that stirs the drinks on big index funds," said Chuck Carlson, chief executive officer at Horizon Investment Services.