Big Tech Earnings Reports, CAPEX Guidance to Shape Global Semiconductor Stocks This Week

According to Hana Securities, earnings reports from Alphabet, Microsoft, Meta, and Amazon starting July 23 will significantly influence semiconductor stocks globally and local Korean semiconductor shares in particular. The four tech giants are projected to spend a combined $900 billion on capital expenditures in 2026, up from $725 billion this year, with Q2 CAPEX growth year-over-year estimated at 83 percent.

Historically, when Alphabet exceeded earnings estimates, Samsung Electronics and SK Hynix saw average one-month returns of 11% and 17% respectively, compared to just 2% and negative 3% when results disappointed. Semiconductor stocks have already declined sharply recently, with Micron Technology and NVIDIA down over 14-32% from peak levels amid concerns over artificial intelligence growth peaking.