Four of America's most valuable companies are set to report earnings after the closing bell Wednesday, in what could potentially be the biggest event of this earnings season.

Amazon (AMZN) is set to report earnings after the closing bell on Wednesday, with the stock seen potentially rallying to new record highs following the report.

OpenAI models are now available in limited preview through Amazon Bedrock, a platform for building generative artificial intelligence (AI) applications and agents.

"Good on earnings is not good enough," says Jeffrey Small in previewing the string of Mag 7 earnings reporting Wednesday and Thursday. He argues guidance is the more important metric.

The e-commerce and cloud infrastructure leader is still a reliable long-term investment.

The AI race just shifted — from control to distribution. The decision by Microsoft Corp. (NASDAQ:MSFT) and OpenAI to revamp their partnership signals a clear pivot.

Almost as soon as OpenAI announced that its major investor and cloud partner, Microsoft, no longer has exclusive rights to any of its products, Amazon started gloating.

Amazon announced an expanded partnership with OpenAI on Tuesday, enabling its cloud customers to access OpenAI's models through Amazon Web Services (AWS). The move comes just a day after OpenAI and Microsoft confirmed they had ended their exclusivity agreement, allowing the AI firm to deploy its technology across multiple cloud platforms.

Tech stocks have been easy money all month. Now investors want to see hard proof that returns on big tech spending are coming.

OpenAI, Anthropic and Meta Platforms are just a few of the companies relying on Amazon for support.