Big tech earnings are back in focus, and this week’s big tech earnings preview is all about three companies: Palantir Technologies (NASDAQ: PLTR), Advanced Micro Devices (NASDAQ: AMD), and Arm Holdings (NASDAQ: ARM). These three names sit at the center of the artificial intelligence trade, where investor expectations remain high, and price momentum has been even higher.
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As big tech earnings season heats up, each company represents a different layer of the AI ecosystem—from Palantir’s software and defense exposure to AMD’s data center chips and Arm’s architecture dominance. With all three stocks rallying sharply into their reports, the key question isn’t just whether they deliver strong results, but whether those results are strong enough to justify current valuations.
Palantir Earnings: AI and Defense Demand Drive Growth
Palantir will post earnings on Tuesday after the closing bell. In its last quarter, the company beat on earnings thanks to AI and defense demand. In fact, last quarter’s EPS of 25 cents beat by two cents. Revenue of $1.4 billion, up 69.2% year over year, beat by $60 million.
For the current quarter, the company is looking to revenue of between $1.532 billion to $1.536 billion, which is above estimates of $1.33 billion. Wall Street is looking for EPS of 28 cents on revenue of $1.54 billion.
The company continues to benefit from its role as a key software provider to U.S. defense agencies, making it a direct beneficiary of rising global defense spending. Notably, Palantir earnings have beaten both revenue and EPS estimates 100% of the time over the past two years.
Loop Capital expects another strong showing, citing continued AI momentum, positive field checks, and upbeat management commentary as reasons for a likely “beat and raise.”
AMD Earnings: AI Chip Demand Meets High Expectations
AMD earnings will be released Tuesday after the bell, placing the company squarely in the spotlight during this big tech earnings cycle. Since the start of April, shares of AMD rocketed from a low of about $200 to a high of $360.54.
That surge has been helped by upgrades from Susquehanna and higher capex spending, both of which are solid catalysts for companies like AMD. Now, heading into earnings, analysts are looking for $9.88 billion in revenue and adjusted EPS of $1.27 a share, each up about 33% year over year.
Deutsche Bank added that, “Overall, the combination of secular/cyclical revenue tailwinds and [operating margin] leverage supports rev/EPS upside potential [Deutsche Bank estimate slightly above] Street. While we applaud this fundamental upside potential, we also believe it to be largely reflected in AMD’s share price following the recent significant appreciation. Consequently, maintain Hold rating,” as also quoted by CNBC.
Arm Earnings: AI Infrastructure Tailwinds Continue
Much like AMD, ARM has been explosive. Since March, it has run from about $120 to a recent high of $211.18, where it’s still fighting to push even higher. Helping, ARM recently unveiled its new AGI CPU and announced a strategic collaboration with IBM to expand enterprise computing capabilities. In addition, analysts are looking for EPS of 58 cents a share on revenue of $1.47 billion, which would again represent continued growth for the company.
Arm Holdings is expected to post earnings on Wednesday after the market closes. Heading into the report, analysts expect AMD to report $9.88 billion in revenue and adjusted EPS of $1.27—both representing roughly 33% year-over-year growth.
However, expectations may already be priced in. Deutsche Bank noted that while AMD’s revenue and EPS upside potential remain strong due to both secular and cyclical tailwinds, much of that optimism is already reflected in the stock’s valuation. The firm maintains a Hold rating despite acknowledging the company’s strong AI infrastructure positioning.
Wells Fargo also raised its price target on ARM to $220 from $175 with an Overweight rating. The firm cited ARM’s strong positioning in AI-driven data center markets, where demand for power-efficient chips continues to rocket higher.
Big Tech Earnings Outlook: Can AI Stocks Justify the Rally?
As this round of big tech earnings unfolds, Palantir, AMD, and Arm earnings will offer critical insight into the durability of the AI trade. Each company is executing well within its niche, but all three face the same challenge: meeting or exceeding very high expectations.
For investors, AI stocks’ earnings are no longer just about growth—they’re about sustaining momentum at scale. Even strong results may not be enough if guidance disappoints or valuations appear stretched after recent rallies.
That makes this week especially important. These big tech earnings reports won’t just confirm past performance—they’ll help determine whether the next leg of the AI rally is supported by fundamentals or already priced in. Investors should be prepared for volatility because in this environment, expectations matter just as much as execution.
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