Tech giants boost Capex again! What's the outlook for future stock prices?
Weekly Outlook | A Super Heavyweight Week! The first interest rate decision of the new year is approaching; Earnings reports from tech giants such as Tesla, Apple, Microsoft, and Meta are all being released; Mingming Is Busy will go public on the Hong Kong stock market
In the coming week, market focus will shift back to macroeconomic trends, monetary policy, and corporate earnings reports, with the Federal Reserve's interest rate meeting expected to be the main highlight. About one-fifth of S&P 500 companies will release their quarterly results next week, including four members of the 'Magnificent Seven' US stocks: Apple, Microsoft, Meta, and Tesla. Major storage companies such as SanDisk, Western Digital, Seagate Technology, Samsung, and SK Hynix will also release their financial reports in quick succession.
Meanwhile, geopolitical risks, the selection of the Federal Reserve Chair, and the possibility of another US government shutdown will continue to stir global risk aversion sentiment. Experts noted, 'If the situation in Greenland spirals out of control and is compounded by factors like tariff threats, it would undoubtedly undermine market confidence and could place significant pressure on the stock market.'
Key Schedule for the Upcoming Week
– The Federal Reserve Interest Rate Decision is Released
The Federal Reserve will hold its first interest rate meeting of the year at 3:00 AM Thursday,with the market widely expecting the central bank to remain on hold, as Powell hinted at the December meeting that after three consecutive 25-basis-point rate cuts, the central bank was 'in a good position to wait and see how the economy evolves.' Investors will focus onthe number of dissenting votes, as well as the accompanying statement and commentary, to assess the timing and pace of further rate cuts in the future.
Analysts such as Jeremy Schwartz from Nomura Securities pointed out that the Fed might even delay the first rate cut until after Powell’s term ends in May this year. Therefore, the crux of this meeting lies in Powell’s remarks: how he justifies maintaining rates amid better-than-expected economic resilience and whether his forward guidance will entirely rule out the possibility of an imminent rate cut, solidifying market expectations for a delayed easing cycle. Another key point not to be overlooked is political pressure, as Powell may face questions about ongoing judicial investigations into him personally and whether criticism from President Trump could affect the Fed’s decision-making independence.
– Major tech companies release their earnings reports one after another
Several key tech stocks are set to report earnings next week, with after-hours attention on US stocks $Tesla (TSLA.US)$ 、 $Apple (AAPL.US)$ 、 $Microsoft (MSFT.US)$ 、 $Meta Platforms (META.US)$ , as well as important individual earnings reports such as those from ASML Holding. The focus on Tesla has shifted from financial data to progress in FSD, humanoid robots, and Robotaxi technologies. Microsoft and Meta will primarily address the issue of 'spending and earning from AI.' Apple, on the other hand, faces cost pressures and urgently needs to demonstrate its pricing power and supply chain control. Additionally, ASML Holding and IBM's performance will also verify trends in semiconductor upstream and enterprise IT spending.
A key theme of this earnings season is whether companies have begun to benefit from AI-related investments. Previously, tech stocks and other AI-related equities have been the main drivers of the US stock market bull run (now in its fourth year), but doubts about returns on massive data center and other infrastructure investments put pressure on these stocks towards the end of 2025.
– Major storage giants release earnings reports intensively
Next week, the three major US-listed storage companies, $SanDisk (SNDK.US)$ 、 $Western Digital (WDC.US)$ 、 $Seagate Technology (STX.US)$ along with South Korea-based Samsung Electronics and SK Hynix, will announce their latest earnings reports. Whether the logic of rising memory prices under the AI wave can translate into profit growth for each company will be a core focus.
Samsung is expected to achieve a historic single-quarter profit breakthrough driven by rising DRAM prices and will compete with SK Hynix in HBM4 supply and massive capital expenditures. Meanwhile, SanDisk’s performance will serve as a benchmark for testing NAND flash pricing power and AI demand strength, with Western Digital and Seagate Technology also benefiting from this industry-wide upturn.
– Mingming Busy will go public on the Hong Kong Stock Exchange on January 28
$BUSYMING (01768.HK)$ It owns two brands, 'Snack is Busy' and 'Zhao Yiming Snacks.' According to a Frost & Sullivan report, in terms of GMV for leisure food and beverage products in 2024, Mingming is Busy is the largest chain retailer in China; in terms of GMV for food and beverage products in 2024, it is also the fourth-largest chain retailer in China and maintains rapid growth.
The company plans to globally offer 14.1011 million H-shares, with 10% allocated to the Hong Kong public offering and 90% to international offerings, plus a 15% over-allotment option. The offering price per share is between HKD 229.6 and HKD 236.6. Each lot consists of 100 H-shares, and trading of the H-shares on the Stock Exchange is expected to commence at 9:00 AM on Wednesday, January 28, 2026. As of press time, Mingming is Busy has ended its subscription, with the company's margin oversubscription reaching 1528.2 times, and the subscription amount nearing HKD 510 billion.
Mingming is Busy’s cornerstone investors can be described as 'star-studded,'This stock has brought in eight cornerstone investors including Tencent, Temasek, Blackrock, Fidelity Funds, BOCI International, E Fund, Springs Capital (Hong Kong), and Taikang Life,with a subscription amount reaching USD 1.95 billion, accounting for 46.24% of the global offering shares.
– US Treasury Secretary Bessent: New Federal Reserve Chair nominee to be announced as early as the week of January 26
On January 21, US Treasury Secretary Bessent confirmed that US President Trump 'may announce the new Federal Reserve Chair nominee as early as next week (the week of January 26),' currently with 'four outstanding candidates.' Previously, Bessent had stated that Trump planned to make this decision in January, possibly around the World Economic Forum in Davos.
– Risk of another US government shutdown on January 30 at the end of the month
A second fatal shooting of federal law enforcement officers within two weeks in Minnesota has triggered a congressional political deadlock, sharply increasing the risk of a government shutdown by the end of the month. Data from the market prediction platform Polymarket shows that due to this incident, the probability of the US government shutting down again before January 31 has surged to 75%.
Currently, the US Congress originally planned to vote next week on a package plan containing six bills to avoid a shutdown crisis on January 31. However, current political calculations have made securing the required 60 Senate votes to pass the bill increasingly precarious. The Republicans currently hold 53 seats in the Senate, meaning they need support from at least seven Democrats to pass the bill.
– Trump announced a 'framework agreement' with NATO regarding Greenland, and tariffs will not be imposed on February 1. However, geopolitical risks and U.S. movements need continued attention.
Trump will not impose additional tariffs on the EU as of February 1, stating that a 'framework agreement' has been reached with NATO concerning Greenland. The current geopolitical situation, from Venezuela and the Middle East to Greenland, remains tense, and a series of unconventional actions by the U.S. government are driving up global risk aversion sentiment. Geopolitical risks have become a key variable in the market and warrant close monitoring.
– CAICT: 'Star Computing • Smart Connectivity' Space Computing Power Seminar to be Held, 'Computing Power Star Network' Joint Promotion Initiative to be Released
To thoroughly implement national strategies for developing new forms of productivity, building a strong aerospace nation, and constructing Digital China, while seizing the strategic opportunity presented by the deep integration of aerospace information and intelligent computing, China Academy of Information and Communications Technology plans to hold the 2026 'StarCalc·Intelligent Connection' Space Computing Power Seminar on January 26. The conference will feature the launch ceremony for the 'Computing Power Star Network' Joint Promotion Initiative and the 'Prospective Research Report on Space Computing Power Development (2026).' Additionally, Guoxing Aerospace will introduce the 'Guoxing Aerospace StarCalc Plan,' Zhijiang Lab will present the 'Three-Body Computing Constellation,' and the Beijing Institute of Spacecraft System Engineering will provide an outlook on the development of space intelligence infrastructure.
Key earnings calendar for the new week
Monday (January 26)
Keywords: Monthly Durable Goods Orders Rate, StarCalc·Intelligent Connection
In terms of economic data,The monthly rate of durable goods orders and the Dallas Fed Business Activity Index will be released.
21:30 U.S. November Durable Goods Orders Month-over-Month Rate
23:30 U.S. January Dallas Fed Business Activity Index
In terms of financial events,China Academy of Information and Communications Technology will convene2026 'Star Calculation · Smart Connection' Space Computing Power Seminar.
Tuesday (January 27)
Keywords: Conference Board Consumer Confidence Index, UnitedHealth, Boeing, Seagate Technology
In terms of economic data,Year-on-year profit rate of large-scale industrial enterprises in China, US FHFA monthly house price index, and the Conference Board Consumer Confidence Index will be released.
9:30 Year-on-year profit rate of China's large-scale industrial enterprises in December
22:00 US FHFA monthly house price index for November
23:00 US January Conference Board Consumer Confidence Index, US January Richmond Fed Manufacturing Index
In terms of earnings reports, $UnitedHealth (UNH.US)$ 、 $Boeing (BA.US)$ will release earnings reports before the US stock market opens, $Seagate Technology (STX.US)$ will release earnings reports after the US stock market closes.
16:15-18:30 Busy Bee Dark Market
Wednesday (January 28th)
Keywords: Busy Bee, Bank of Canada interest rate, ASML Holding, Tesla, Microsoft, Meta, Lam Research
In terms of economic data,Crude oil related data and the Bank of Canada interest rate decision will be announced.
05:30 US API crude oil inventory for the week ending January 23 (in million barrels)
22:45 Bank of Canada interest rate decision up to January 28
23:30 US EIA crude oil inventory for the week ending January 23 (in million barrels)
In terms of earnings reports,$ASML Holding (ASML.US)$ The earnings report will be released before the US stock market opens. $Tesla (TSLA.US)$ 、 $Microsoft (MSFT.US)$ 、 $Meta Platforms (META.US)$ 、 $Lam Research (LRCX.US)$ Earnings reports will be released after the market closes.
Regarding new stock listings, $BUSYMING (01768.HK)$ Officially listed on the Hong Kong Stock Exchange today.
Thursday (January 29)
Keywords: Federal Reserve interest rate decision, unemployment benefits, Apple, SanDisk, Western Digital, Visa
In terms of economic data,The Federal Reserve interest rate decision and last week's initial unemployment claims will be announced with great importance.
3:00 Federal Reserve interest rate decision
21:30 U.S. initial unemployment claims for the week ending January 24 (in ten thousands)
23:00 U.S. November factory orders month-over-month rate, U.S. November wholesale sales month-over-month rate
In terms of financial events,Federal Reserve Chair Powell will deliver a speech.
3:30 Federal Reserve Chair Powell holds a press conference on monetary policy
In terms of earnings reports, Samsung Electronics and SK Hynix will announce their results, impacting related stocks including $CSOP Samsung Electronics Daily (2x) Leveraged Product (07747.HK)$ 、 $CSOP SK Hynix Daily (2x) Leveraged Product (07709.HK)$ ； $Apple (AAPL.US)$ 、 $SanDisk (SNDK.US)$ 、 $Western Digital (WDC.US)$ 、 $Visa (V.US)$ Will announce earnings after the US stock market closes.
Friday (January 30)
Keywords: Exxon Mobil, PPI
In terms of economic data,December PPI and Chicago PMI will be released.
21:30 US December PPI year-over-year, US December PPI month-over-month
22:45 US January Chicago PMI
In terms of earnings reports, $Exxon Mobil (XOM.US)$ 、 $SoFi Technologies (SOFI.US)$Earnings reports will be released before the US stock market opens.
Saturday (January 31)
Keywords: PMI, Fed officials
In terms of economic data,China's PMI will be released.
09:30 China's official manufacturing PMI for January
In terms of financial events,Fed officials will deliver speeches.
02:30 2028 FOMC voter and St. Louis Fed President Musalem to speak on the US economy and monetary policy
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A new week begins, wishing all fellow investors successful investments!
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