New York, January 24, 2026, 12:41 EST — The market has closed.
Data center stocks enter a crucial week for U.S. tech earnings and the Federal Reserve’s announcement with no clear trend after Friday’s close. Vertiv gained 0.8%, finishing at $182.49. Equinix dipped 0.1% to $791.27, and Digital Realty inched up 0.3% to $159.16. The Pacer Data & Infrastructure Real Estate ETF rose 0.5%.
About 20% of the S&P 500 is set to report earnings this week, including Microsoft, Meta, Apple, and Tesla. Investors are watching closely for signs that heavy AI-related investments—particularly in data centers—are translating into profits. “It’s been a little bit of a short but steep roller-coaster ride,” said Yung-Yu Ma, chief investment strategist at PNC Financial Services Group, as focus moves past this week’s geopolitical turmoil. With valuations running high, Chris Galipeau, senior market strategist at Franklin Templeton, warned, “the earnings bar had better be met.” 1
Friday saw the Dow drop 0.58%, while the S&P 500 finished unchanged and the Nasdaq climbed 0.28%, Reuters reported. Julian McManus, portfolio manager on Janus Henderson’s Global Alpha Equity team, described the market as entering a “show-me” phase, where firms must prove revenue growth to back significant gains in AI-related stocks. 2
Intel intensified the discussion Thursday, revealing it fell short of meeting demand for AI data center server chips and projected quarterly sales and profits below expectations. CEO Lip-Bu Tan expressed his “disappointment” in not being able to fully satisfy orders, while CFO David Zinsner noted that cloud giants were blindsided by the rapid surge in data-center demand. 3
That message works both ways for data center stocks. It signals ongoing buildouts but also highlights the risk of timing hiccups—a delay in one part of the stack can ripple through, pushing back everything from cooling upgrades to new rack installations.
Amazon has returned to the spotlight as a major data-center client. Reuters revealed the company is gearing up for a second wave of corporate layoffs next week, targeting Amazon Web Services along with other divisions. CEO Andy Jassy insists the cuts focus on trimming “culture” issues and excess bureaucracy—not cost-saving measures. 4
Interest rates are also in focus. The Fed’s two-day meeting kicks off Jan. 27 and wraps up Jan. 28, with the policy decision set for 2:00 p.m. ET that day. A press conference follows at 2:30 p.m. ET—an important moment for rate-sensitive sectors like REITs, especially data-center landlords. 5
Microsoft announced it will release fiscal second-quarter results after the market closes on Jan. 28, the very day Meta plans to share its fourth-quarter and full-year figures. Alphabet is scheduled to hold its earnings call on Feb. 4. According to Nasdaq data, Amazon is expected to report on Feb. 5. This stretch will shine a spotlight on cloud growth and capital expenditures. 6
For Equinix and Digital Realty, the key question is whether hyperscalers—the largest cloud operators—will continue leasing space and power as aggressively as their AI strategies suggest. Vertiv’s investors, meanwhile, will be watching closely for changes in order flow and supply-chain expenses if server shipments start to lag.
The trade is crowded and fragile. If megacaps hype AI but scale back spending soon, or if the Fed hints at fewer rate cuts this year, expect rate-sensitive REITs and pricey equipment stocks to tumble quickly.
Markets reopen Monday, Jan. 26, setting the stage for the Fed’s statement on Wednesday, Jan. 28, followed by earnings from Microsoft and Meta after the bell. Shifts in the data-center buildout narrative usually surface first in capex discussions.
