Tech stocks Q1 updates

What happened: Alphabet's Q1 results surpassed expectations, driven by strong demand for cloud and AI solutions, pushing the stock to new highs. Tech stocks rose on Monday, led by Qualcomm's 13% premarket gain and Nvidia's record high, ahead of Big Tech's Q1 updates this week. Earnings season is in full swing, with S&P 500 corporations posting double-digit earnings growth despite geopolitical risks. Apple's Q2 earnings topped estimates, driven by strong iPhone sales, pushing shares up 5%.

Market impact: Tech stocks, particularly cloud and AI-related names, are beneficiaries of Alphabet's strong results. Semiconductor stocks like Qualcomm and Nvidia are also in focus, given their role in driving tech growth. Apple's positive earnings report boosted consumer tech stocks. The broader market is watching tech earnings closely, as they often set the tone for the overall market.

What to watch next: Microsoft, Meta, Amazon, and Alphabet are set to report Q1 earnings this week. AMD's investor update on May 10 could provide insights into the semiconductor industry's trajectory. Apple's iPhone sales momentum will be closely watched in coming quarters, as it drives a significant portion of the company's revenue.