Greetings!

If you like poring over earnings reports (and who doesn't!), then you'll be in your happy place this coming week. We've got so many tech earnings announcements that we can barely keep track. I'm not kidding—couldn't these tech executives space things out a little bit? The biggest reports will be on Wednesday, when Google parent Alphabet reports (along with Uber, Snap, Qualcomm and Arm). On Thursday, Amazon reports, as well as Reddit and others. No one reports on Fridays, by the way, so if you want attention, pick a Friday!

The same is usually true of Mondays, although Palantir is choosing to report then. That will be a report and analyst call worth paying attention to. Not only is CEO Alexander Karp an entertaining and refreshingly candid speaker, but Palantir—an enterprise software firm whose customers include governments, including (controversially in some circles) ICE, as well as the military and companies—has had a middle-aged liftoff in the past year or two. After growing revenue at an average of 30% annually between 2019 and 2024, Palantir saw its business explode in 2025. Analysts expect revenue to expand 62% in the fourth quarter, while net income will soar nearly 500%, according to S&P Global Market Intelligence. (Also reporting on Monday, by the way, is Walt Disney Co.: we'll be watching its streaming video update, among other things.) 

Many investors, though, will be waiting to see what those big AI-investing tech giants, Alphabet and Amazon, have to say about their spending plans. Alphabet's lately been on top of the world, thanks to the technical progress made by Google's Gemini AI models, which has supercharged its business sales and made its consumer chatbot more popular. Google's cash cow, search ads, has been growing at a robust rate—14.5% last quarter—although it's not achieving the 20%-plus growth of Meta's social media ads. We'll be watching to see any change in that growth rate, particularly now that Google is incorporating ads in some of its AI-enhanced search results. The spotlight will also be on Google Cloud, whose growth accelerated to 33.5% in the third quarter. 

As for Amazon, its cloud unit, Amazon Web Services, will be in the spotlight again. In the third quarter, its growth accelerated to 20%, up from 17% in each of the two prior quarters. That calmed investors worried about AWS' trajectory, although given how little momentum Amazon's stock has had since then, Wall Street seems to be unconvinced about the company's prospects in a new AI-driven world. E-commerce continues to chug along, although its growth now is relatively slow. What may be of most interest is what CEO Andy Jassy says about Amazon's interest in AI partnerships—such as possible ones with OpenAI, the subject of intense speculation lately.

Here's what analysts are expecting for the major tech results coming this week, courtesy of S&P Global Market Intelligence:

Palantir (Monday)

Revenue: $1.341 billion (+62%)

Earnings per share: 18 cents +500%

Uber (Wednesday)

Revenue: $14.3 billion +20%

EPS: 78 cents -76%

Snap (Wednesday)

Revenue: $1.699 billion +9%

EPS: (0.03) compared with a profit of 1 cent a share

Alphabet (Wednesday)

Revenue: 111.45 billion (+16%)

EPS: $2.64 +23%

Amazon (Thursday)

Revenue: 211.172 +12.4%

EPS: $1.95 +4.8%

Reddit (Thursday)

Revenue: $667.16 billion +56%

EPS: 93 cents +158%

Elon's Space Baby

If Elon Musk gets his way, orbiting the earth is likely to become as crowded as driving the Cross-Bronx Expressway in New York City at rush hour. Musk's SpaceX filed with the Federal Communications Commission late on Friday for permission to launch as many as 1 million satellites into space. 

The idea is that all those satellites would function as a massive orbital data center, part of Musk's plan to shift AI-related data center work away from earth into space. "By directly harnessing near-constant solar power with little operating or maintenance cost, these satellites will achieve transformative cost and energy efficiency while significantly reducing the environmental impact associated with terrestrial data centers," SpaceX said in the filing from late Friday.

It's a Musk-size ambition and we should be a little bit skeptical. After all, only about 25,000 satellites have ever been launched into orbit in history, according to the European Space Agency. Would one million satellites fit into earth's orbit? Plus, the filing was very light on details about things like how big the satellites would be and when SpaceX wants to launch them. The filing is less a serious plan than an indication that SpaceX wants people to know that it's working on a serious plan. 

The filing, on Friday night, capped a week of big news for SpaceX. Earlier, Reuters had reported that SpaceX and Musk's xAI were considering merging, while Bloomberg reported xAI alternatively might merge with Tesla. (Back in December, we had predicted Musk would combine xAI with either SpaceX or Tesla this year.)

SpaceX is planning to go public this year, and Musk's data centers in space ambitions serve as a marketing story for the IPO. Merging SpaceX and xAI promises to complicate things, just a bit. It might not take too long for Musk to combine SpaceX and xAI—two private companies he controls, which have many of the same investors (such as Andreessen Horowitz and Sequoia)—but getting the IPO paperwork in shape will certainly become a bit tougher. On the other hand, merging xAI and Tesla would be likely more complicated given that Tesla is already public and has a more diverse shareholder group. Whichever way this goes, it won't be simple. —Martin Peers and Theo Wayt.

In Other News

• Nvidia CEO Jensen Huang said Saturday that the AI chip designer "will invest a great deal of money" in OpenAI, "probably the largest investment we have ever made." The comments, which he made to reporters in Taiwan, appear to confirm The Information's Wednesday report that Nvidia was in talks to invest up to $30 billion in OpenAI as part of the ChatGPT maker's effort to raise $100 billion at a pre-investment valuation of $750 billion.
• SpaceX brought in about $8 billion in profit last year on between $15 billion and $16 billion in revenue, Reuters reported Friday. 
• Shares of videogame software creator Unity fell 24% Friday after Google unveiled Project Genie, a tool customers can use to create virtual worlds. Shares of other videogame-related firms Take Two and Roblox dropped 8% and 13%, respectively.

Friday on The Information's TITV

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