U.S. stocks kicked off the week on a positive note, with all major averages edging higher in anticipation of significant events including earnings reports from tech giants like Amazon.com Inc. (NASDAQ:AMZN) on Tuesday and Apple Inc.
Microsoft, Meta Platforms, Google, and other tech giants are investing heavily in AI infrastructure, signaling a shift to AI plumbing with billions of dollars being spent on data centers and other capital expenses.
ON Semiconductor Corp (ON) beat fiscal first-quarter 2024 revenue and adjusted EPS expectations. Revenue growth in Power Solutions Group, decline in adjusted gross and operating margins. Second-quarter guidance below consensus, analyst predicts steady recovery in second half. EV market set to grow 20%+ long-term. ON stock down 13% in last 12 months, can be accessed through QCLN and SHOC. ON shares down 0.37% premarket.
Amazon (AMZN) is set to report Q1 earnings - expected EPS of $0.78 and revenues of $133.1B. Key factors to watch include AWS, AI development, and profitability. Technical analysis suggests a bullish trend with positive market sentiments.