AI Darlings Wrecked, Earnings Preview META, MSFT, AAPL, AMZN, Rate Hike Spook, Nvidia’s OpenAI Deal
July 28, 2026
AI Summary
5 min read"Stocks with bad momentum that are cheap have never been punished more for missing." That was the warning from analyst Adam Parker that hosts Josh Brown and Michael Batnick opened with on this episode of The Compound and Friends, as they previewed what they called the most important week of earnings season. With Microsoft, Meta, Apple, and Amazon all reporting, the conversation quickly broadened into a diagnosis of a market that has somehow shrugged off a near-complete collapse in its former leadership — the Magnificent Seven and semiconductors — to sit at all-time highs. The hosts walked through each mega-cap report's key storylines, dissected a brutal unwind in AI-adjacent stocks like Corning and Micron, and debated whether the market's resilience is a sign of genuine broadening or a setup for disappointment.
The Four Mega-Cap Earnings Previews
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What you'll learn
- 1 (00:13) **Show Open & Housekeeping** - Josh and Michael introduce the episode, give shout-outs to chat commenters, and quickly run through the DBMF ETF ad.
- 2 (03:11) **Microsoft Earnings Preview** - The hosts outline the key numbers and storylines for Microsoft's report.
- 3 (08:17) **Meta Earnings Preview** - The hosts discuss Meta's upcoming print, borrowing analysis from Mark Mahaney.
- 4 (12:49) **Amazon & Apple Earnings Preview** - The hosts preview the Thursday reports, with Josh noting he owns both stocks.
- 5 (20:49) **Earnings Season Risk: The "Cheap Stock" Trap** - Josh presents Adam Parker's data on how the market treats stocks that miss earnings.
- 6 (23:46) **The Teflon Market: Mag 7 Dead, AI Trade Unwinding** - The hosts analyze how the market is making new highs despite massive drawdowns in former leaders.
- 7 (28:09) **The "AI Will Kill Everything" Trade is Dead** - Michael declares the end of the narrative that AI would destroy traditional businesses.
+ Full timestamped outline available in the app
Guests on this episode
Show Notes
On this episode of What Are Your Thoughts, Downtown Josh Brown and Michael Batnick preview earnings from Microsoft, Meta, Amazon, and Apple, breaking down the biggest questions facing the market: Is Azure growth enough to justify Microsoft's AI spending? Can Meta's AI investments keep powering ad growth? Will AWS reaccelerate? And what does Apple's capital-light AI strategy mean as Tim Cook prepares for his final earnings call as CEO? Plus: - Why the market keeps shrugging off bad news - The surprising relationship between stock momentum and earnings beats - The brutal selloff in semiconductors and Corning - Sam Altman's latest AI warnings and the Hugging Face controversy - The Fed, market resilience, and what to expect from SpaceX's first earnings call next week.
This episode is sponsored by DBMF. To learn more about the alternative solution for the model revolution check out: https://www.DBMF.com/WAYT
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Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
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