The number of Big Tech companies reporting quarterly results has been high amid a flurry of key earning reports, with Google-parent Alphabet seeing its shares rise by 6% and 6% in after-hours trading. However, the company fell short of expectations investors have set for companies leading the AI revolution. Other tech companies such as Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia and Tesla also reported strong results. The major U.S. stock indexes are near record highs despite ongoing war with Iran, rising oil prices, and dismal consumer sentiment readings. Despite this, overall business investment and consumer spending levels remain resilient, with companies on the S&P 500 reporting the highest average net profit margins in over 15 years. The Magnificent 7, known as "The Magnificent Seven," are responsible for about one-third of the average stock market performance and dominate the overall market performance. Investors are now focused on companies' projections for future spending levels on the technology and infrastructure underlying their AI programs, and how that aligns with revenues.