Technology investors are turning their attention to a group of major earnings reports expected after the U.S. market closes on Wednesday. Broadcom, Snowflake and Hewlett Packard Enterprise are among the companies in focus, and their results could offer a clearer picture of whether corporate spending on artificial intelligence, cloud computing and data infrastructure is continuing to expand.
The reports arrive at a sensitive time for markets. U.S. stocks have come under pressure from rising bond yields, higher oil prices and renewed geopolitical concerns. With borrowing costs elevated, investors are looking for evidence that technology companies can continue to grow quickly enough to justify their valuations.
The earnings season is also becoming an important test for the AI investment cycle. Over the past two years, technology companies have committed billions of dollars to processors, data centers, cloud platforms and networking equipment. Investors now want to see whether those investments are producing measurable business returns, or whether spending is being driven mainly by fear of falling behind competitors.
Broadcom faces high expectations
Broadcom is expected to be one of the most closely watched companies in the group. The chipmaker has become a major beneficiary of demand for AI infrastructure, particularly through its work on custom accelerators, networking equipment and connectivity products used in data centers.
Analysts expect Broadcom to report fiscal third-quarter revenue of about $29.4 billion. AI semiconductor revenue is expected to be a major contributor, with estimates pointing to roughly $16 billion for the quarter. Those figures would represent significant growth from a year earlier and reinforce the view that Broadcom is benefiting from the rapid expansion of AI computing capacity.
However, investors may focus less on the headline numbers than on the company’s outlook. Broadcom’s customers include some of the world’s largest technology companies, and its order pipeline is closely tied to their data-center plans. Any indication that customers are delaying projects, changing chip designs or reducing capital expenditure could affect the stock well beyond the earnings session.
The company’s infrastructure software business will also receive attention. Since acquiring VMware, Broadcom has been working to expand its role in enterprise software, private cloud systems and AI deployment. At the VMware Explore 2026 event in Las Vegas, the company highlighted new tools designed to help businesses run AI models in private cloud environments.
That strategy could give Broadcom a more balanced business model. Its semiconductor division benefits from the AI boom, while software subscriptions and enterprise services provide recurring revenue. Investors will be watching to see whether VMware’s integration is strengthening margins and cash flow without weakening customer relationships.
Snowflake tests enterprise demand
Snowflake’s results will provide a different view of the technology market. Unlike Broadcom, the company does not primarily sell chips or data-center hardware. It operates a cloud-based data platform that allows businesses to store, process, and analyze information across different computing environments.
Snowflake is expected to report fiscal second-quarter revenue of approximately $1.48 billion, an increase of nearly 30% from the same period a year earlier. Analysts are also forecasting adjusted earnings of about 45 cents per share. The company has guided to product revenue of between $1.415 billion and $1.420 billion for the quarter.
The figures will be important because they may show whether companies are moving beyond AI experiments and beginning to use the technology in everyday operations. Businesses need large amounts of clean, accessible data to train AI systems, build automated tools and operate so-called AI agents. That has created an opportunity for Snowflake, whose platform is designed to help customers manage data across cloud systems.
Still, strong revenue growth alone may not be enough to satisfy investors. Snowflake’s share price has risen sharply this year, raising expectations for both growth and profitability. Investors will want to know whether customers are expanding their commitments, how quickly new AI products are gaining traction and whether the company can maintain growth as technology budgets face closer scrutiny.
Management’s comments about consumption trends will be particularly significant. Snowflake’s revenue is linked in part to how much customers use its platform. If companies reduce data processing or delay large cloud projects, growth could slow even if contract signings remain strong.
HPE offers a hardware perspective
Hewlett Packard Enterprise will provide another important measure of corporate technology spending. The company supplies servers, networking equipment and other infrastructure used by businesses and institutions. Its results may show whether demand for AI servers is spreading beyond the largest technology companies.
Investors are expected to examine HPE’s AI server orders, backlog and delivery schedule. Large technology companies have been racing to secure computing capacity, but the wider enterprise market has moved more cautiously. Banks, healthcare companies, manufacturers and government agencies are interested in AI, yet many are still assessing the cost, security and practical value of large-scale deployments.
HPE’s performance could therefore reveal whether AI infrastructure is becoming a broader business investment rather than a project limited to major cloud providers. Strong orders would suggest that companies are committing real capital to AI systems. Weak demand, delayed deliveries or cautious guidance could indicate that adoption remains concentrated among a small number of customers.
The company’s networking business will also be important. As data centers become more complex, fast connections between servers and storage systems are increasingly essential. Demand for networking products can serve as an indirect indicator of data-center expansion.
Investors seek evidence of durability
Taken together, the three earnings reports will cover several parts of the technology supply chain. Broadcom represents advanced chips and infrastructure software. Snowflake reflects cloud data management and enterprise AI applications. HPE provides insight into servers, networking and corporate hardware budgets.
Their results may not settle the debate over whether the AI boom is sustainable, but they could help investors distinguish between genuine demand and speculation. Strong orders, rising customer usage and confident guidance would support the idea that companies are continuing to invest despite economic uncertainty.
At the same time, rising interest rates and volatile markets may make investors less willing to reward growth at any price. Technology companies will need to demonstrate not only that they are selling AI-related products, but also that customers are receiving enough value to keep spending.
The central question for Wednesday’s reports is simple: Is AI becoming a durable source of business growth, or is the industry approaching a period in which customers begin to demand clearer returns on their technology investments? The answer could shape the direction of technology stocks through the rest of the year.