Key Highlights

● Apple reports fiscal fourth-quarter results after the close on Monday, Nov. 2.

● Shares are up about 28% year to date, with far less AI capex than peers.

● Intel flagged a PC slowdown tied to memory prices, a possible Margin risk.

● Results land the night before midterm elections and ahead of the October jobs report.

After a brutal week for megacap earnings, attention is shifting to the one giant that hasn't reported yet. Apple (NASDAQ:AAPL) will release its fiscal fourth-quarter results after the market closes on Monday, Nov. 2, according to media reports. Coming after Alphabet (NASDAQ:GOOGL)'s record one-day drop and Amazon (NASDAQ:AMZN)'s cash-burn shock, Apple's numbers will help decide whether the AI selloff spreads or stalls.

Why Apple is different this time

Apple has been one of the better-performing megacaps this year, with shares up about 28% year to date, according to media reports. Unlike Alphabet, Amazon and Meta (NASDAQ:META), it hasn't committed hundreds of billions of dollars to AI data centers. Alphabet guided 2026 capex to $195 billion to $205 billion, Amazon reaffirmed $220 billion, and Meta's midpoint is about $140 billion. Apple's lower spending has helped insulate it from the free-cash-flow worries hitting its peers. That contrast is a market interpretation rather than something Apple has said ahead of its report.

That may make Apple a test of whether investors will reward restraint. It's a member of the Dow Jones Industrial Average, the S&P 500 and the Nasdaq-100, so its results move all three benchmarks at a time when the Nasdaq is already headed for a losing October.

The memory-price question

The biggest risk visible from this week's reports is component costs. Intel (NASDAQ:INTC) CEO Lip-Bu Tan said, "Our customers began signaling a PC slowdown based on the memory prices and availability," and CFO David Zinsner said he sees the PC slowdown "continuing at least through the first half of next year." Intel now expects PC chip Revenue to fall more than 20% sequentially.

Memory makers confirm how tight the market is. Sandisk (NASDAQ:SNDK) reported an 85.1% adjusted gross margin and revenue up 378% from a year earlier. Separately, automated market notes said Microsoft (NASDAQ:MSFT) had warned of deepening Windows OEM revenue declines tied to the memory shortage and weak PC demand, though that has not been independently confirmed. Higher memory costs could squeeze margins on Macs, iPads and iPhones, or force price increases that weigh on demand. Analysts' specific expectations for Apple's quarter weren't available.

Trade policy adds another variable. Section 232 tariffs of 25% now apply to certain advanced chips, according to a Tariff tracker updated Oct. 27, and Treasury Secretary Scott Bessent has said the China trade deal is extended through January, per one report.

What to watch on Monday

Microsoft's week is a cautionary example. It beat on revenue and earnings, posted 48% Azure growth, and reported capex of $45.2 billion, below the highest estimates. The shares rose about 4% after hours Wednesday, then closed Thursday down 0.16% as the broader tech selloff took hold, according to market data. A clean quarter may not be enough to lift Apple if the sector mood stays sour.

Investors will likely focus on the December-quarter outlook, gross margin commentary given memory costs, and any update on Apple's AI strategy and spending plans. A sharp increase in capex guidance could draw the same scrutiny that hit Alphabet and Amazon, while steady margins would support the case that Apple is a relative haven within Big Tech.

The timing is tight. Apple's report lands the night before Tuesday's midterm elections, followed by the Treasury Refunding announcement on Wednesday and the October jobs report on Friday. The Roundhill Magnificent Seven ETF, which holds Apple, was down 2.25% to $67.99 early Friday, according to market data, so the bar for a relief rally is set by a group already under heavy pressure.