The wait is over.

For the past several weeks, AI stocks have been punished for one reason:

Emotion.

• Not disappointing earnings.

• Not slowing demand.

• Not companies cutting AI spending.

Investors simply fell out of love with AI stocks.

That changes today.

Earnings season is about to kick into high gear, and the market is finally going to focus on what actually matters: how these businesses are performing.

Alphabet, Tesla, IBM, GE Vernova, and ServiceNow all report today.

Tomorrow, we'll hear from Intel.

Then next week comes the biggest test yet, with Microsoft, Amazon, Apple, Meta, and dozens of other AI-related companies reporting results.

Today, I want to share my biggest predictions for these upcoming announcements.

And what this means for AI stocks going forward.

Here Are My Earnings Season Predictions

Alphabet (GOOG) – Capex Goes Higher

Capital expenditures (capex) is simply the money a company spends building for the future – new AI data centers, servers, networking equipment, and other infrastructure.

Over the past two years, hyperscalers have spent hand over fist building out AI.

I don't think that changes.

In fact, I think Alphabet raises its capex guidance once again.

That directly benefits several Million Mission positions, including Nvidia (NVDA), which supplies the AI chips, and Micron (MU), whose high-bandwidth memory is critical for those systems.

ServiceNow (NOW) – Finally Bets on Themselves

I think ServiceNow announces that it aggressively repurchased its own stock during the recent software selloff.

The company already has $9.5 billion authorized for share repurchases – enough to retire about 10% of the company.

Before I call the bottom in software, one of the signals I've been waiting for is management teams themselves to step in and buy their beaten-down stocks.

Salesforce did it in a big way last quarter. I expect ServiceNow to do the same this quarter.

Intel (INTC) – Somehow Keeps Rising

For the life of me, I don't know how this stock clawed its way back above $100.

But I do know one thing: This AI buildout isn't slowing down.

Every new AI data center needs CPUs alongside GPUs, and Intel remains one of the world's leading CPU suppliers.

Regardless of this quarter's numbers, I expect management to sound increasingly bullish about demand for its CPUs and the progress of its foundry business.

For those reasons, I expect the stock to continue moving higher.

(Warning: I’ve been consistently wrong about Intel, so take this prediction with a grain of salt)

Microsoft, Amazon, and Meta – Can’t Stop Won’t Stop

Over the past few weeks, investors have worried that AI spending might slow.

I don't buy it.

I think Microsoft, Amazon, and Meta all reaffirm – or even increase – their AI capex plans alongside Alphabet.

The AI race hasn't slowed down.

If anything, it's becoming more competitive.

No CEO wants to tell investors they're falling behind in artificial intelligence.

I think the hyperscalers continue spending hand over fist to build AI infrastructure, and that remains one of the biggest tailwinds for companies like Nvidia, Micron, Dell, Broadcom, Bloom Energy, and the rest of the AI supply chain.

SpaceX (SPCX) – $100 Here We Come

SpaceX officially reports earnings on August 4, but I think the bigger story begins two days later.

That's when the first lock-up restrictions expire, allowing eligible insiders to sell up to 20% of shares.

That additional supply could put further downward pressure on the stock.

For now, I’m sticking with my original prediction – SpaceX stock falls to under $100.

One Final Thought

Over the past few weeks, many of the market's best AI companies sold off despite very little changing underneath the surface.

While investors were focused on fear and short-term sentiment, these businesses kept doing what they've always done:

• Building products

• Signing customers

• Investing billions in AI infrastructure

• Growing earnings.

This is why earnings season matters.

It gives us the chance to tune out the daily noise and focus on what actually drives long-term stock prices – the performance of the underlying business.

The next time the market sells off on emotion rather than fundamentals, remember this moment.

The headlines may change overnight.

The business usually doesn't.