Key Highlights

  • Vertiv (NYSE:VRT) reports before the open on Wednesday, October 28, 2026 and options imply a move of about 12.5%, with GE Vernova at about 8.3% in the same window, according to one calendar page.
  • Alphabet (NASDAQ:GOOGL) reports after the close with an implied move of about 6.2%, and Microsoft and Ford report in the same session, making the evening a test of AI spending.
  • ServiceNow (NYSE:NOW) reports after the close and is priced for about 10.8%, while Carvana is priced for about 14.5%, Chipotle for about 8.0% and eBay for about 7.8% in the same evening session of reports.
  • The Federal Reserve announces its decision on October 28, between the Vertiv report and the evening results, and markets price about 70% odds of a December hike, a backdrop for all three names.

Vertiv (NYSE:VRT): Power and cooling for AI

Vertiv (NYSE:VRT) is due to report before the market opens on Wednesday, October 28, 2026, and options markets imply a move of about 12.5% after the release. GE Vernova is priced for about 8.3%. These implied moves measure how big a swing traders expect, not the direction, and come from one earnings calendar page. Results had not been released when this was written, and consensus numbers for revenue and earnings were not captured, so the article cannot compare reported figures with expectations. The size of the implied move shows how much traders believe the outlook will matter for a company seen as a direct beneficiary of data-centre spending. The calendar also shows results from other companies that morning. AI data centres draw huge amounts of electricity and produce heat, so operators need power equipment and cooling systems. The company sells thermal management and power products to those facilities, while GE Vernova sells gas turbines, grid equipment and wind products to utilities and developers. Investors treat both as picks-and-shovels plays on the AI build-out. The theme drew new attention on October 26, when Meta Platforms (NASDAQ:META) announced plans to raise up to USD 95 billion for AI infrastructure and SpaceX said it had closed USD 40 billion of financing for AI chips. More financing can mean more orders, though it also raises questions about how the spending will be repaid. Cooling is a growing share of a data centre's power budget, which helps explain why investors attach such weight to the order book. The main risk is that orders slow if funding tightens or customers delay builds, which would hit backlog and guidance. Valuations are another concern, since an implied move of 12.5% signals that expectations are high.

Alphabet (NASDAQ:GOOGL): AI capex question

Alphabet (NASDAQ:GOOGL) reports after the market closes on Wednesday, October 28, 2026, and options markets imply a move of about 6.2% after the release. Microsoft is priced for about 5.5% in the same session. These implied moves measure how large a swing traders expect, not the direction, and they come from one earnings calendar page. The date agrees across three published calendars. Consensus for both companies was not captured, so this preview cannot compare results with expectations. Meta and Tesla (NASDAQ:TSLA) reported the week before, which means investors already have two data points on AI spending, one from social media and one from autos and robotics, before these two cloud giants report. Capital expenditure is money spent on data centres, chips and networks. Investors want to know whether the spending leads to revenue growth in cloud services and search, or whether it simply raises costs. Goldman Sachs estimates about USD 7.6 trillion of AI capital spending from 2026 to 2031, a forecast and not a fact. Concerns about funding are rising, as Meta announced plans on October 26 to raise up to USD 95 billion, with USD 35 billion of immediate equity and a USD 60 billion at-the-market programme. Investors will look at cloud growth, capex guidance, margins and any comment on power and chip supply. Ford reports the same evening, offering a contrast from the auto sector. The main risk is that capex guidance rises faster than revenue, which would pressure margins and free cash flow. Macro risks include a hawkish Federal Reserve, with its decision earlier that day on October 28, and a 10-year Treasury yield near 4.99%. Apollo's Torsten Slok has said AI has produced zero financial payoff outside tech, a view that sharpens focus on returns.

ServiceNow (NYSE:NOW): Enterprise software swing

ServiceNow (NYSE:NOW) reports after the market closes on Wednesday, October 28, 2026, and options markets imply a move of about 10.8% after the release. Three other companies report in the same window. Carvana is priced for about 14.5%. Chipotle is priced for about 8.0%. eBay is priced for about 7.8%. These implied moves measure how big a swing traders expect, not the direction, and they come from one earnings calendar page. Results had not been released when this was written, and consensus numbers were not captured, so the article cannot say what is expected for revenue or earnings. The figures are options-based estimates and are not guarantees of any move. The software company sells workflow automation to large enterprises, so its results show how corporate technology budgets are holding up and whether AI features are producing revenue. Carvana sells used cars online, so its report shows consumer demand for vehicles and the cost of auto credit. Chipotle serves fast-casual meals, so its same-store sales show how diners respond to menu prices. eBay runs an online marketplace, so its volume and take rate show consumer spending on goods. The implied moves differ widely, from 7.8% to 14.5%, which suggests traders see more uncertainty in used cars and enterprise software than in restaurants or marketplaces. Investors will compare commentary rather than just numbers, because guidance often decides how the shares react. Enterprise software faces seat-count and budget pressure if businesses cut costs, and AI tools can change pricing. Carvana depends on credit availability and car prices. Chipotle faces food and labour costs. eBay faces competition and slower consumer spending.

Where Things Stand

The answer is that Wednesday brings a morning power test, an afternoon Fed decision and an evening of AI and software results. Vertiv (NYSE:VRT) is priced for 12.5%. Alphabet (NASDAQ:GOOGL) is priced for 6.2%. ServiceNow (NYSE:NOW) is priced for 10.8%. Implied moves measure size, not direction, and no consensus was captured, so each article is a preview. The Fed decision is the pivot for all three. This is not investment advice.