Wednesday is the session that defines the second half of 2026 earnings season. The Federal Open Market Committee announces its rate decision at 2:00 PM ET — widely expected to hold at 3.50%–3.75% for a fifth consecutive meeting — before a wave of earnings that spans AI infrastructure cooling, fintech recovery, chip royalties, defense contracts, and consumer turnaround stories. Add the fallout from Tuesday’s semiconductor rout and the equal-weighted S&P 500 hitting a record high (while the Nasdaq near correction), and Wednesday becomes the most informative single session in weeks.

Here are the 10 names that matter most on July 29.

Top Stocks to Watch Tomorrow — July 29, 2026

1. Vertiv Holdings (VRT) | Reports Before Market Open

The Purest AI Infrastructure Earnings of the Season

Vertiv reports Q2 2026 results Wednesday morning before the open — and this is arguably the most structurally revealing earnings in the entire AI data center ecosystem right now.

Full Data Snapshot:

Why VRT Is the Most Important Non-Mag-7 Report:

Vertiv is the company responsible for cooling, power distribution, and thermal management inside every major AI data centre. Its partners list reads like a who’s-who of the AI buildout: Nvidia, Hut 8, Generate Capital, Caterpillar, Ballard Power Systems, Compass Datacenters, Oklo, Intel, and ZincFive. Its product portfolio — Trim Coolers, OneCore, SmartRun, liquid cooling rack systems — is increasingly specified as standard in Nvidia GB200 cluster designs.

Vertiv has beaten EPS estimates in each of the trailing four quarters with an average positive surprise of 14.65%. The Most Accurate Estimate of $1.47 (versus the Zacks consensus of $1.43) implies it beats again. The critical question for the stock is not the EPS figure — it is whether management raises the full-year guidance range and how they characterise order backlog momentum versus the hyperscaler capex anxiety that has been weighing on AI infrastructure sentiment since Alphabet raised its capex to $195–205 billion last week.

Technical Context: VRT is down approximately 8.57% over the past month against the broader AI infrastructure selldown. A solid beat-and-raise here provides the clearest counterargument to the bearish narrative that AI capex is merely circular spending with no downstream revenue conversion.

2. SoFi Technologies (SOFI) | Reports Before Market Open

37% Down YTD, But Fundamentals Tell a Different Story

SoFi Technologies reports Q2 2026 before the open Wednesday with the stock at $16.46 — 37% below where 2026 began and 50% below its 2026 peak. The disconnect between price and fundamentals is stark.

Full Data Snapshot:

The Opportunity:

Q1 results were objectively exceptional — record loan originations, 134% net income growth, 35% membership expansion. The stock’s 37% YTD decline is a disconnect driven by macroeconomic rate anxiety (higher-for-longer rates compress lending margins and slow loan demand) rather than fundamental deterioration. At a forward P/E of 28x against a 38–42% projected EPS CAGR through 2028, the PEG ratio of 0.81 signals genuine value for investors willing to look past current macro uncertainty.

The options market is pricing more than a 10% move in either direction — meaning Wednesday’s report is a binary event. Q2 net interest income, loan origination trends in the elevated-rate environment, and any updated commentary on the bank charter’s trajectory will be the three numbers driving the move.

3. L3Harris Technologies (LHX) | Reports Wednesday

Defense Earnings in an Active War Environment

L3Harris enters Wednesday’s earnings in one of the most structurally supportive operating environments in its recent history. The US has now conducted over 11 consecutive nights of airstrikes on Iran as of this week, and defense procurement cycles are running at elevated pace across all sensor, electronic warfare, and communication categories.

Why L3Harris Is Distinct From Lockheed and RTX:

L3Harris is the specialist defense contractor — focused on tactical radios, electronic warfare systems, night vision, maritime patrol aircraft sensors, and space systems. It is not an aircraft prime contractor. This means:

• Revenue is driven by recurring sensor and electronic warfare upgrades — less dependent on multi-year platform decisions (like the F-35) and more driven by battlefield consumption rates
• The Iran conflict generates direct demand for its wideband satellite communications, spectrum sensing, and electronic attack systems — not just hardware, but software-defined upgrades to existing platforms
• Space Systems segment benefiting from Space Force allocation increases in the FY2026 NDAA

Key Watch Points: Revenue growth in Communications Systems and Space & Airborne Systems segments. Any contract award disclosures. Full-year guidance revision versus the Q1 baseline.

4. Qualcomm (QCOM) | Reports After Market Close

The Edge AI Story’s Biggest Earnings Test

Qualcomm reports Q3 FY2026 earnings after the bell Wednesday — and this is the report that validates (or challenges) the narrative that AI is migrating from the data centre to the device.

Key Watch Points:

• Handset Chip Revenue: Qualcomm’s bread and butter; Apple iPhone shipment cycle matters
• Automotive Revenue: Snapdragon Digital Chassis bookings have grown 4x in 2025; Q3 update on production ramp
• IoT and Edge AI: Qualcomm Aware — its edge AI platform — is the most structurally compelling revenue line to watch; any enterprise design win announcements
• QTL Licensing: Patent royalties on every 5G handset globally; a revenue stream that grows with global 5G penetration regardless of market share

AMD beat estimates 63% of the time historically per EarningsWatcher data — QCOM has a similarly strong beat track record, and the setup heading into Wednesday favours the underlying fundamentals story over the chip-sector selloff narrative.

5. Robinhood Markets (HOOD) | Reports Wednesday

From Meme Stock Platform to Diversified Fintech — Q2 Tells the Story

Robinhood enters Wednesday’s earnings in an interesting position: the crypto and options trading volumes that drove its Q1 revenues have continued into Q2, while the equity retail trading environment has been unusually volatile. That volatility is net positive for Robinhood, which monetises through payment for order flow and options commissions.

Key Data Points:

• Crypto revenue in Q1 2026 surged alongside Bitcoin’s multi-month run and the Fear & Greed recovery
• Options revenue: Robinhood’s fastest-growing revenue segment; Q2 equity market swings (Nasdaq −1.74% today, persistent chip selloffs) drove elevated options activity
• Robinhood Gold: Premium subscription service now has approximately 3+ million subscribers; recurring revenue reduces earnings volatility
• International expansion: UK brokerage launch in 2025 is now into its first full year of operation

The Analyst View: Multiple analysts rate HOOD in the mid-$20s target range against a stock that has been trading below $20 for much of 2026. A Q2 beat with improving Robinhood Gold subscriber metrics and crypto revenue normalisation commentary would be the most positive catalyst for the stock.

6. The FOMC Rate Decision | 2:00 PM ET Wednesday — The Session Pivot

Fifth Consecutive Hold Expected — But September Language Is Everything

The Federal Reserve is widely expected to keep the federal funds target range unchanged at 3.50%–3.75% on Wednesday — marking the fifth consecutive meeting without a rate change since the Fed began cutting in late 2024.

What to Watch:

• Dot Plot Update: The June dot plot already pencilled in potential 2026 hikes. Has that view changed given that oil is now at $79/barrel (down from $94) and Brent saw its worst 3-day stretch since 2020 this week?
• September language: Markets are currently pricing rate hike odds for September at approximately 33–40%. Any signal that the September meeting is “live” for a hike would immediately spike yields and pressure tech/growth stocks
• Press conference at 2:30 PM ET: Chair Warsh’s tone on inflation versus employment trade-offs will be the most market-moving output of the afternoon

Why Wednesday’s Decision Is More Important Than Usual: The Alphabet capex guidance increase (to $195–205 billion) had the paradoxical effect of tightening financial conditions — higher yields on the belief that AI infrastructure spending is structurally inflationary. If the Fed’s statement validates that concern, Wednesday afternoon could erase the morning’s gains across the entire market.

7. SK Hynix (SKHY) | Reports Wednesday

Ground Zero of the Memory War — After CXMT’s 466% IPO

SK Hynix enters Wednesday’s earnings against the most hostile competitive backdrop it has faced in years. ChangXin Memory Technologies (CXMT) — China’s memory champion — surged 466% in its Shanghai trading debut on Tuesday, triggering a sector-wide selloff that hit SK Hynix, SanDisk, Micron, and Samsung simultaneously. SKHY fell sharply in Tuesday’s session as investors reassessed the competitive threat.

SK Hynix’s Q2 Story: The company is the world’s leading HBM (High Bandwidth Memory) producer — the chip Nvidia’s AI accelerators require for maximum performance. Its Q1 2026 results were exceptional; Q2 should be similarly strong on the back of GB200 ramp demand. But the CXMT IPO raises a medium-term competitive question: can China’s memory sector close the HBM technology gap fast enough to price SK Hynix out of the premium AI chip market by 2027–2028?

Wednesday’s earnings call commentary on CXMT’s competitive positioning, HBM pricing sustainability, and Nvidia supply agreements will be the most important data points for the entire memory sector.

8. Biogen (BIIB) | Reports Wednesday

Alzheimer’s Drug Commercial Ramp — The Slow But Real Recovery

Biogen reports Q2 2026 Wednesday — and the story is entirely about Leqembi (lecanemab), its Alzheimer’s disease treatment co-marketed with Eisai.

Key Watch Points:

• Leqembi prescription volume: Medicare Part B reimbursement approval in late 2023 opened a large addressable market; the question is how fast clinicians are adopting infusion-based Alzheimer’s treatment
• Alzheimer’s patient identification funnel: How many patients are now reaching the amyloid-PET scan step (required for prescription eligibility)
• Pipeline update: Biogen’s pipeline diversification effort beyond Leqembi will shape long-term analyst views

The Biogen thesis is a slow commercial ramp story — not a binary catalyst. But a Q2 Leqembi revenue significantly above the Q1 baseline would confirm the adoption curve is steepening.

9. Starbucks (SBUX) | Reports After Market Close

CEO Brian Niccol’s First Full Year — Is the Turnaround Real?

Starbucks reports Q3 FY2026 Wednesday evening — giving investors the clearest data point yet on whether CEO Brian Niccol’s “Back to Starbucks” strategy is generating actual comparable store sales improvement.

The Setup: Starbucks stock is down 25% from its August 2025 high and off 11% in three months — investors have been waiting for the turnaround to show up in comps. Niccol was poached from Chipotle specifically because his operational discipline at CMG delivered consistent positive comp acceleration over a multi-year window.

Three Numbers That Matter:

1. US comparable store sales: Needs to be positive (recovering from prior quarters of negative comps)
2. China comparable store sales: The China business has been chronically weak; any stabilisation is bullish
3. Q4 FY2026 guidance: Does management signal that the operational improvements Niccol implemented are now showing up in the financial results?

10. ARM Holdings (ARM) | Reports Wednesday

AI Chip Royalties at a Pivotal Growth Moment

ARM Holdings reports Q1 FY2027 Wednesday — and this is the report that shows how rapidly AI is monetising through its royalty-on-every-chip-sold business model.

Why ARM Is Uniquely Positioned: ARM doesn’t manufacture chips. It licenses its instruction set architecture (ISA) to Qualcomm, Apple, Nvidia, Amazon (Graviton), and virtually every other major chip designer. Every Snapdragon, every A18 Pro, every Trainium2, every GB200 pays ARM a royalty. The AI chip boom is not increasing ARM’s competition — it is increasing the total pool of royalty-paying chip units.

The key metric: ALP (Arm License Premium) — the average royalty rate per chip. As chips become more complex for AI workloads, they generate higher per-unit royalties. Any disclosure of AI-specific royalty rate expansion would be the most bullish possible signal from Wednesday’s call.

Wednesday’s Full Watch Calendar

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Disclaimer: This publication is entirely for informational and journalistic purposes and does not constitute formal financial, investment, or legal advice. All market investments carry inherent risks of capital loss. Earnings estimates cited are third-party consensus figures and do not guarantee actual results. The FOMC rate decision and Powell press conference occur after publication — market reactions may differ significantly from expectations. Always complete independent due diligence prior to executing equity trades.

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Kasia Davis

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