Published on: 2025-11-03
As the Q3 2025 earnings season unfolds, investors are preparing for a critical week marked by high-profile reports from major tech and enterprise companies.
Palantir (PLTR) kicks off the week (November 3), after the close, with investors watching for updates on AI product monetisation and large government contracts. AMD reports (November 4), after the close, serving as a barometer for semiconductor and AI server demand. Super Micro (SMCI) also reports Tuesday evening (November 4), with investor sentiment cautious following recent downward revisions and mixed guidance.
In addition to these three, the week includes significant earnings from megacap and cyclical companies that may influence overall market sentiment. Anticipate fluctuations and notable reactions in cross-market flows.
Before diving into this week's companies, it's useful to pause and summarise key takeaways from the previous week of earnings (Oct 27–31). These results have already helped shape investor sentiment and set the tone for the reports ahead.
| Company | Q3 2025 Revenue | YoY Growth | EPS / Profit Growth | Key Highlights |
|---|---|---|---|---|
| Amazon (AMZN) | ~$180.2 billion | +13% | ~$1.95 EPS | AWS revenue up ~20% to ~US$33 billion |
| Alphabet (GOOGL) | >US$100 billion | +16% | ~+35.4% EPS | Strong ad & cloud performance |
| Microsoft (MSFT) | (approx +18%) | +18% | ~+23% (non-GAAP EPS) | Azure growth ~39% in constant currency |
| Nvidia (NVDA) | — | — | — | Approached US$5 trillion market cap, large GPU backlog |
Takeaway: The "Magnificent Seven" continue to drive market momentum, with cloud, AI, and advertising segments anchoring earnings growth.
Western Digital reported Q1 revenue of $2.82 billion (+27% YoY) and EPS of $1.78, beating expectations ($1.59 EPS, $2.73B revenue). Gross margin jumped from 37.3% to 43.9%, with large AI-related purchase commitments from hyperscalers extending into 2027.
Takeaway: Hardware and storage suppliers are benefiting from sustained AI data-centre buildout, a bullish sign for this week's chip and server earnings.
Exxon reported net income of ~$7.5B (EPS ~$1.76); Chevron reported adjusted earnings of ~$3.6B (adj EPS ~$1.85), as oil prices eased. Exxon's cash flow was robust at approximately $14.8 billion, whereas Chevron reported good output despite reduced margins.
Takeaway: Energy companies remain efficient, but macro softness in oil prices may limit upside for cyclicals.
As many deep-cap tech/hardware names have now reported, this week's focus shifts to capex signals, bookings growth, margin trajectories, inventory commentary, and non-tech cyclical validation (consumer, energy, payments).
Should the story of AI and infrastructure persist this week, further expansions could follow; however, if the outlook is wary, the risk to market breadth increases.
Two structural realities raise the stakes this week:
AMD and Supermicro are structural suppliers to hyperscalers and AI customers. Their capex commentary and inventory dynamics provide leading signals for the hardware cycle.
Palantir's revenue mix and comments on AI platform monetisation are central to whether AI software winners can scale recurring revenue.
Because so many major names report within 48 hours, expect amplified cross-asset moves in equities, semiconductors, bond yields, and even FX, as investors reprice growth and margin expectations.
Consensus EPS Estimate: $0.17 per share, reflecting about 70% growth over Q3 2024.
Revenue Estimate: Roughly $1.09 billion, representing a 50.6% year-over-year increase.
Growth Drivers: Strong demand from government contracts (estimated $603 million revenue, up 47.6%) and burgeoning commercial segment growth (about $494 million revenue, up 56%).
YTD Stock Performance: Up approximately 170% in 2025, following a stellar 350% surge in 2024. [1]
Valuation: High trailing P/E ratio near 623, underscoring expectations for continued growth, yet significant valuation risks.
Why it matters: Palantir's ability to monetise its AI platform and expand enterprise contracts will set the tone for AI software valuations.
Recent Results: AMD reported record Q2 2025 revenue of $7.7 billion with 40% gross margin; net income was $872 million on a GAAP basis.
Growth Areas: Data centre GPU sales, particularly AI accelerators, and continued processor share gains across Ryzen and EPYC lines.
Challenges: U.S. government export restrictions affected Q2 inventory, but Q3 is expected to rebound strongly.
Market Cap: About $415 billion, reflecting significant market confidence in AI and HPC leadership.
Why it matters: AMD's forecasts will impact the outlook of AI chip manufacturers and server original equipment manufacturers. Strong data-centre commentary could lift sector-wide optimism.
Historical Performance: Fiscal 2025 sales of approximately $21.9 billion, a strong jump from $15 billion the previous year.
Expected Q3 Results: Analysts forecast earnings of around $0.47 per share.
Growth Catalyst: Demand for high-performance computing hardware, servers for cloud and AI infrastructure.
Key Stats: Stock trading near $52; market cap around $30 billion.
Why it matters: SMCI's guidance is a leading indicator for AI server demand and inventory health. A weak outlook could hit semiconductor sentiment. [2]
This is a broad week. Besides PLTR, AMD and SMCI, several large and market-moving companies report:
| Company / Ticker | Focus Area | Sector / Theme | Notes |
|---|---|---|---|
| Shopify (SHOP) | Ecommerce, merchant metrics | Internet / Retail | Digital-retail sentiment indicator |
| McDonald's (MCD) | Menu pricing, consumer resilience | Consumer / Restaurants | Inflation & consumer-demand monitor |
| Qualcomm (QCOM) | Auto & mobile chips | Semiconductors | Handset + EV recovery watch |
| Airbnb (ABNB), Booking (BKNG) | Travel demand | Leisure | Post-summer travel sentiment |
| Pfizer (PFE) | Pipeline & guidance | Healthcare | Post-COVID base-business check |
| Robinhood (HOOD) | Trading & crypto-flow | Fintech | Retail-activity gauge |
| BP (BP), ConocoPhillips (COP) | Capex guidance | Energy | Oil-sector cash-flow tone-setters |
Expect a flow of both tech and cyclical data that can change cross-sector sentiment.
Here are a few high-impact scenarios that would reprice multiple risk assets:
A slowdown in commercial bookings could spark an AI software multiple reset.
Cooling hyperscaler orders would hit AI server optimism.
A weaker order outlook could ripple through AI hardware suppliers.
If MCD or SHOP show soft demand, market breadth could narrow fast.
The week's density of reports argues for a defined playbook rather than emotional trading:
Trade the reaction, not the rumour. Consider option spreads to capture volatility spikes.
Watch the guidance direction. A beat with weak guidance is often a sell signal.
Use weakness in strong names to rebalance into conviction positions.
If concentrated in AI hardware, consider ETF hedges or protective puts before AMD/SMCI earnings.
This week features leading names such as Palantir Technologies (PLTR), Advanced Micro Devices (AMD) and Super Micro Computer (SMCI).
Yes. Consumer reports (e.g., retail, payments), along with data from energy and industrial sectors, offer insights into overall demand and capital expenditure trends.
After earnings are released, investors need to reevaluate and consider future guidance, not solely the beat or miss.
In conclusion, the upcoming earnings reports for Palantir, AMD, Super Micro Computer, and more during this crucial Q3 2025 season will provide vital clues on the health of the tech and AI-driven sectors.
If you are trading this week, focus on guidance and bookings, respect position sizing, and avoid getting swept up in short-lived amp-ups without a clear thesis.
If you're investing for the long term, consider this week an opportunity to gain valuable insights and, when appropriate, rebalance your portfolio toward core convictions.
Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
[1] https://finance.yahoo.com/news/palantir-hits-record-high-ahead-165417707.html
[2] https://www.barrons.com/articles/smci-super-micro-earnings-stock-price-9185e4ab
