Today is the busiest day of Q2 earnings season, and the highlight of today's earnings releases will be reports by tech gigacaps Amazon ($1.4TN) and Apple ($3.02TN mkt cap, world's largest), which collectively have over $4 trillion in market cap, and while they may not give a strong read-through on the broader economy, certainly every investor will be watching results.

Here is a preview of what to expect, courtesy of JPM TMT trader Jack Atherton and Goldman TMT trader Peter Callahan:

AMZN reports post close on 8/3 (conf call @ 530pm ET): From AI loser to AI winner in a matter of weeks. Not only is there a sense AI creates a rising tide for all Cloud Infrastructure players, but investors are increasingly confident that OpenAI/GPT won’t be the only LLM in town with AWS well placed as an LLMagnostic platform.

What to focus on:

GS desk has positing core as 8 out of 10. Stock has sold off 9 of last 11 prints T+1.

Here is what the sellside expects from AMZN, courtesy of Bloomberg:

AAPL reports post close on 8/3 (conf call @ 5pm ET): There isn't any major change to in positioning in AAPL of late – it drifts largely under the radar from an AI perspective and investors remain bearish on valuation, risks around the consumer and regulatory threats to the ~$20B annual check from GOOGL.

What to focus on:

GS desk has positing core as 7 out of 10. Stock has traded higher on 4 straight prints, T+1.