This Week's Market Wrap: Mega-Cap Earnings, Inflation Data, And AI-Driven Spending

2026-01-30 22:10:00 ET

By Ryan J. Puplava, CMT, CTS, CES

Mega-Cap Earnings: AI Monetization vs. AI Spending

This week’s market action was dominated by mega-cap earnings, but the real story was not beats or misses—it was how the market judged the quality of growth tied to artificial intelligence. Early in the week, leadership from Meta Platforms, Alphabet, Apple, and Microsoft pushed the S&P 500 to an intraday high of 7,002 Wednesday and Dow to within 500 points of 50,000, even as small- and mid-cap stocks lagged. Communication services led on Monday, rising 1.5%, powered by Meta’s ( META ) 2.1% gain after Rothschild & Co Redburn upgraded the stock to Buy and lifted its price target to $900. Alphabet ( GOOGL ) also added 1.6%, reflecting continued confidence in AI-driven advertising and cloud demand....

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