The Financial Post reports in its Tuesday, April 29, edition that the last time Big Tech reported earnings, optimism was high with stocks rising and hopes for a pro-growth agenda under President Trump. A Bloomberg dispatch to The Globe reports that now, with this week's results from Microsoft, Apple, Meta and Amazon, the mood has shifted dramatically. Investors are more concerned about a trade war that has erased $5.5-trillion (U.S.) from the S&P 500 than artificial intelligence spending conversions, leading many to turn to safe havens like gold instead of buying stocks. Despite uncertainty, Wall Street remains firm with the 2025 profit growth estimate for the Magnificent Seven, including Alphabet, Tesla and Nvidia, at 15 per cent. This forecast has changed little since early March, even amid rising trade tensions. That raises the stakes for the four megacaps reporting this week, which collectively have a nearly 20-per-cent weighting in the S&P 500. Traders are unlikely to forgive earnings shortfalls in an already fearful market climate, despite steep declines in the stocks' share prices and improved valuations. Negative forecasts from major companies could heighten concerns about weak corporate spending.