'Fast Money' traders talk what's ahead for Big Tech earnings on deck

Watch on YouTube ↗  |  January 23, 2026 at 22:52  |  5:17  |  CNBC
Speakers
Melissa Lee — Host, Fast Money
Bonawyn Eison — Fast Money trader
Mike Khouw — Chief Market Strategist, Fundstrat Global Advisors
Dan Nathan — Panelist, Fast Money

Summary

The Fast Money panel previews upcoming Big Tech earnings, focusing on Microsoft, Meta, Apple, and Tesla. One trader favors Microsoft into the print and sees Russell 2000 as a valuation alternative to the Mag 7. The options expert flags Meta as the most uncertain earnings setup and Apple and Tesla as having the most dubious options sentiment.

  • Fast Money panel discusses Big Tech earnings on deck.
  • Microsoft is pitched as a defensive Mag 7 name with a low bar and attractive valuation.
  • Russell 2000 is viewed as cheap versus Mag 7 on relative valuation.
  • Options market expects a more than 6% move in Meta.
  • Apple and Tesla show dubious options sentiment into earnings.
  • Microsoft options flow is described as bullish, with growth exceeding the S&P 500.
Ideas
Melissa Lee Host, Fast Money 0:13
Big Tech sideways setup looks good.
The group had a tepid start to the year but has gone nowhere sideways since October, which arguably creates a good setup into Big Tech earnings.
XLK LOW
Bonawyn Eison Fast Money trader 0:19
Microsoft low bar, own into earnings.
Microsoft has been the biggest disappointment and its price action has been weak, but it was a major AI trade winner with margin accretion, Azure is central to the story, and numbers should be good. Valuation has reset to about 26-27x forward, downside is protected, the bar is low, and Copilot dynamics are mixed but the stock is the most defensive of the Mag 7. He owns it into the print and would likely add into earnings.
MSFT HIGH
Bonawyn Eison Fast Money trader 1:37
Russell cheap versus Mag-7, rotation likely.
Russell 2000 outperformance reflects perceived overvaluation of Mag-7 names. Russell trades around 15x versus Mag-7 at 30-35x, so people may rotate toward Russell; if Russell runs out of gas, the Mag-7 could gain, but valuation favors Russell.
IWM MED
Mike Khouw Chief Market Strategist, Fundstrat Global Advisors 4:11
Meta options imply uncertain 6% move.
Among the four Big Tech stocks, Meta is where the options market is least certain and expects the biggest earnings move, more than 6%.
META MED
Mike Khouw Chief Market Strategist, Fundstrat Global Advisors 4:32
Apple Tesla options sentiment most dubious.
Options market sentiment is most dubious for Apple and Tesla into next week's earnings, based on call/put buyer-seller flows.
AAPL TSLA MED
Mike Khouw Chief Market Strategist, Fundstrat Global Advisors 4:39
Microsoft flow bullish, premium deserved.
Microsoft's options flow on balance was bullish, and it deserves its premium to the market because top-line, bottom-line, and free-cash-flow growth all exceed the S&P 500 overall.
MSFT MED
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This CNBC video, published January 23, 2026, features Melissa Lee, Bonawyn Eison, Mike Khouw discussing XLK, MSFT, IWM, META, AAPL, TSLA. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Melissa Lee, Bonawyn Eison, Mike Khouw  · Tickers: XLK, MSFT, IWM, META, AAPL, TSLA