Asian markets traded mixed on Monday, November 2, 2026, as investors braced for Apple’s quarterly earnings and weighed the sustainability of artificial intelligence spending. While technology stocks remained volatile following a sharp selloff, easing crude oil prices provided some relief as diplomatic efforts to address tensions in the Middle East continued.
Investors Anticipate Apple Earnings to Assess Tech Health
Global investor confidence in the technology sector remains under pressure, with the Nasdaq suffering its sharpest monthly decline in over a year during October, down nearly 7 percent. Market participants are now looking to Apple’s quarterly results, scheduled for release after the market close, to gauge the health of the industry.
Analysts project quarterly earnings per share of $2 on revenue of $113 billion, up from $1.85 in the same period last year. Morningstar research forecasts annual revenue growth of 10 percent through fiscal 2030, with gross margins projected to exceed 50 percent by that time, compared to 47 percent in fiscal 2025. Investors are particularly focused on management commentary regarding the financial impact of recent product launches, including the iPhone Duo. Price increases implemented in 2026 to offset memory-cost inflation remain a key consideration for investors, as Morningstar expects some margin pressure to persist through 2027.
Rising Infrastructure Spending Concerns Tech Investors
The recent market turbulence follows disappointing capital expenditure projections from major tech firms, which have prompted investors to question the pace and profitability of AI-related investments. Goldman Sachs analysts estimate that capital expenditure by hyperscalers will nearly double to $800 billion this year before climbing to $1.2 trillion in 2027. Despite this growth, earnings-per-share growth for S&P 500 companies is expected to moderate from nearly 30 percent in 2026 to 18 percent next year.
The tech selloff has reached beyond U.S. markets. Japanese memory chipmaker Kioxia Holdings fell roughly 14 percent after its earnings forecasts disappointed investors, and SoftBank Group shares dropped 1.8 percent. In contrast, some semiconductor names showed resilience, with South Korea’s Samsung Electronics adding 1.7 percent and rival SK Hynix jumping 4.2 percent.
