This week, five of the largest U.S. technology companies are set to announce their quarterly results, a development that could significantly influence Bitcoin (BTC) and the broader cryptocurrency market. The relationship between digital assets and Nasdaq equities has become notably strong, making this earnings season particularly pivotal for investors.
Specifically, Microsoft, Alphabet, Meta, and Amazon will unveil their first-quarter figures on Wednesday, April 29, while Apple is poised to follow on Thursday. Investors are keenly focused on several critical factors, including revenue growth, profit margins, and companies’ capital expenditure plans in artificial intelligence (AI) through to 2026.
In recent times, guidance on capital expenditures has emerged as a more critical line item for market watchers than headline earnings. For example, Meta has set a robust capital expenditure target of between $115 billion and $135 billion for 2026, marking an increase of at least 59% year over year. Microsoft is anticipated to allocate around $146 billion specifically for AI and cloud infrastructure within the same timeframe.
Alphabet has maintained a capital expenditure range of $175 billion to $185 billion, while Amazon plans to significantly ramp up its spending to $200 billion—over 50% higher than in 2025. Overall, combined AI spending by these tech giants is projected to surpass $160 billion this quarter alone.
Bitcoin has shown an average correlation with the Nasdaq 100 that has climbed to 0.52 in 2025, a notable increase from 0.23 the previous year. This correlation tightened even further in early 2026, with reports indicating a rolling correlation of 0.75 in January. Such a close relationship has already resulted in tangible impacts this year. For instance, after Microsoft’s earnings report in January raised concerns about its AI spending, the company’s stock dropped over 10% in after-hours trading, causing Bitcoin to dip to approximately $83,460 on the same day.
If this earnings season produces disappointing capital expenditure results, a similar reaction could occur across both equities and cryptocurrency markets. Conversely, strong performances from any of these tech giants could uplift risk appetite, benefiting both sectors significantly as the week progresses.
