Mega cap earnings preview (per GS): GOOGL - Positioning 9.5 / 10, well-owned by most (although pace of new inflows seems to have slowed). Expectations have crept higher, GCP growth now expected to be closer to be high-50s / 60% (vs street at mid 50s) with Search in the high-teens (vs goldman est at 17.5%), expected to reiterate CapEx. Options implying a 5% move. AMZN - Positioning 8.5 / 10, with a recent “up arrow” to that number given wave of inflows we’ve observed in recent weeks.   On AWS, expectations now higher with the bogey closer to ~30%+ (with GIR at 26% y/y). Commentary on Tranium and AI partnerships will also be closely watched. Options implying a 7% move. META - Positioning 7.5 / 10, sentiment has improved over last quarter (off a lower base) with MuseSpark release helping to drive recovery in sentiment (demonstrated tangible progress on AI strategy). Points of focus will be Opex clarity (investors hoping for sings of operating leverage) and Ads outlook into 2Q (magnitude of decel?). Options implying a 6.5% move. AAPL - Positioning 7/ 10, with more apathy around the stock of late (AAPL largely on sidelines of AI trade, has traded with more defensive qualities). Strength is expected, driven by Services (expected to grow 13-14% YoY) and continued strength from iPhone 17 lineup. Other focal points: component cost impact, China recovery, Apple Intelligence, CEO transition. Options only implying a 3% move post print MSFT - Positioning 5.5 / 10, while we’ve seen recent buying (has felt more like “risk mgmt.” style covering of Underweights), sentiment feels like it remains deeply bearish (particularly among HF community ).  On Azure, expected to print roughly stable growth in quarter and guide (e.g. high-30s y/y cc). Commentary on CoPilot (M365) and on Capex will be in focus (esp re: FY27 trajectory). Options implying a 6.5% move.(zerohedge)