Tech stocks today: Qualcomm stock soars, Nvidia tops $5 trillion again, with Big Tech Q1 updates on deck

Tech stocks rose on Monday, led by a 13% gain premarket in Qualcomm (QCOM) and an extended gain for Nvidia (NVDA), which hit a record high on Friday.

This week, five of the “Magnificent Seven” Big Tech companies — Microsoft (MSFT), Meta (META), Amazon (AMZN), Alphabet (GOOG, GOOGL), and Apple (AAPL) — report quarterly results in what will be the first true test of investor appetite for the tech sector and its massive AI spending since the war in Iran began.

Recent moves by these companies heighten the stakes: Meta has announced it will lay off 10% of its workforce, or about 8,000 roles; Microsoft said it will offer certain US employees voluntary buyouts; and Apple’s leadership is undergoing a transformation after CEO Tim Cook announced he will step down in Sept. 1 and be replaced by senior vice president of hardware John Ternus.

Tech companies are increasingly looking for ways to save cash, as they spend billions constructing data centers and developing AI models.

LIVE 1 update

Mag 7 stocks open their books after a tough start to the year

Yahoo Finance’s Myles Udland and Jake Conley write about what to expect from Big Tech earnings this week:

The Magnificent Seven stocks, the Big Tech heavyweights that have for the past decade powered the American economy, spent much of the first quarter languishing. During the last week of March, the companies shed a combined $850 billion in market value, and by the end of the month, all seven members were negative on the year.

Yet, as our own Brian Sozzi pointed out, as peace talk headlines began percolating in the Middle East, tech has gotten a bid — and not without reason.

Magnificent Seven net income is estimated to grow 25% in 2026 compared to 11% for the S&P 493, with that relative outperformance on net income expected to stretch into 2027, according to Morgan Stanley. The Roundhill Magnificent Seven ETF (MAGS), which tracks the basket of tech leaders, has returned 13% over the past month against a gain of 9% on the S&P 500.

This week’s earnings results will be the first true test of investor appetite for the tech sector since the war in Iran began rippling through the global economy in late February. The reports will also give investors an update on how the companies are thinking about their massive AI spending projections set at the beginning of this year through fourth quarter earnings — especially after Meta announced 8,000 layoffs and Microsoft began offering buyout packages.