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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.

Netflix loses the chance to acquire an entertainment giant and extend its leadership, but the bid came with significant risks and costs, and the stock could benefit from the withdrawal.

Nvidia posted solid results and guidance as hyperscalers continue to invest heavily in AI infrastructure, but rising competition, concentration risks and China remain key challenges.

Shares of Netflix slump 18% this year, but the streaming leader appears well positioned to renew business momentum as technical signals hint at stock rebound potential.

US equities remain fragile, with AI disruption fears, falling Nasdaq momentum and upcoming Fed minutes and Nvidia earnings keeping sentiment cautious despite softer inflation and rising rate-cut hopes.