Key Highlights

  • Microsoft and Alphabet report after the close on Wednesday, October 28, 2026, while NXP Semiconductors traded down over 7% pre-market after a fourth quarter outlook that fell short of expectations.
  • Seagate Technology traded down over 3% pre-market despite fiscal first quarter 2027 results and guidance above expectations, while memory names rose after SK hynix reported third quarter revenue of KRW 104.6155 trillion, up 328%.
  • Micron Technology rose about 2% to 4% and SanDisk about 4%, with two differing Micron readings, so the range is shown in full.
  • No source links the chip moves directly to Microsoft or Alphabet spending, so the read across is an inference and no consensus figures for either company are available.

The Chip Moves Before the Reports

Ahead of the Microsoft and Alphabet reports due after the close on Wednesday, October 28, 2026, chip suppliers moved in different directions in pre-market trading. NXP Semiconductors (NASDAQ:NXPI), which sells chips for cars and industrial equipment, traded down over 7% after its release of Tuesday, October 27, 2026. Third quarter revenue was USD 3,786 million, up 19% year on year, but the fourth quarter revenue guide of USD 3,750 to USD 3,950 million was described as short of expectations. Seagate Technology (NASDAQ:STX), a maker of data storage drives, traded down over 3% even though its fiscal first quarter 2027 results, with revenue of USD 4,233 million, and its guidance were above expectations, according to market data.

Why Memory and Storage Moves Link to Data Centre Spending

Artificial intelligence spending by large cloud companies flows to suppliers of processors, memory and storage, which is why a spending report from a cloud buyer can move those suppliers. Memory names rose before the open. SK hynix reported third quarter revenue of KRW 104.6155 trillion, up 328%, and operating profit of KRW 83.3338 trillion in its release of Wednesday, October 28, 2026, and Micron Technology (NASDAQ:MU) rose about 2% to 4% while SanDisk (NASDAQ:SNDK) rose about 4%. Separately, a report dated Friday, October 2, 2026 described Broadcom (NASDAQ:AVGO) as arranging about USD 60 billion of new financing, which is not new on October 28 and has no official confirmation. No statement ties Microsoft or Alphabet spending to any of these moves.

Risks and What to Watch

The bull reading is that firm capital expenditure guidance from Microsoft and Alphabet would support demand expectations across memory and processor suppliers. The bear reading is that the Seagate and NXP reactions show that even results above expectations can be sold when guidance disappoints, so a cautious spending message could widen declines. Risks include thin pre-market trading, differing Micron readings and the dependence of the memory rally on one set of SK hynix results. Investors should watch the Fed decision at 2:00 p.m. ET and the capital expenditure commentary in both reports after the close on Wednesday, October 28, 2026.

Where Things Stand

The answer is that Microsoft (NASDAQ:MSFT) and Alphabet results could influence chip suppliers through spending commentary, but the pre-market picture is mixed, with NXP down over 7%, Seagate down over 3% and memory names higher. No consensus figures for either reporting company are stated here. The next catalysts are the Fed decision at 2:00 p.m. ET and the two reports after the close on Wednesday, October 28, 2026. Pre-market prices are thin and can change before the open, and this is not investment advice.