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Meta, Alphabet, Amazon, Microsoft and Apple report amid newly found AI optimism, but risks from uncertain macros and the economic fallout from the Middle East conflict loom.

In 2025, markets were driven by aligned tailwinds from expected Fed easing, AI-led growth optimism, and resilient economic performance, but by April 2026 those same forces have become less synchronised and more uncertain, with the Fed on hold amid inflation risks, AI being reassessed, and growth holding up but narrowing.

A rise in Q1 EV deliveries may help struggling financials, but auto challenges are set to persist as markets focus on the AI shift and robotaxi rollout.

Earnings and guidance from the two gatekeepers of the global chips industry offered positive signals amidst ongoing AI spending, but the Middle East conflict adds to existing headwinds.

Markets are entering a critical earnings test where Big Tech must prove massive AI spending is translating into real, sustainable returns, not just hype.

Delta’s earnings arrive at a period of fresh risks for the air travel industry, as the spike in oil prices adds to an already uncertain macro environment, threatening its growth momentum.

Against a highly uncertain macro environment and an AI narrative that is not that straightforward anymore, we examine five companies tied to the AI boom and its buildout. Alphabet, Micron, Apple, Caterpillar, Newmont.

Shares of Micron extend post-earnings drop amid lingering risks, but the results were impressive amid strong memory demand.

Against a backdrop of Middle East conflict, stagflation fears and shifting monetary policy, we assess opportunities and risks across energy, defence, aviation and tech. Exxon, Lockheed, Delta, Netflix and Tesla, are in our radar.

Solid results and guidance push Oracle shares higher, but business risks linger and the technical outlook remains unfavourable.

Lockheed Martin, Northrop and other military contractors can benefit from the conflict, which can enhance spending amid already ballooning security budgets, but supply and macro risks linger.