IBM and Alphabet Inc. (Google) are set to release their first quarter 2025 earnings reports this week, with IBM reporting on Wednesday and Alphabet on Thursday after market close. Key topics expected in IBM's earnings include potential early impacts from tariffs, a new Z refresh cycle, and momentum from Red Hat and the recently acquired HashiCorp. IBM is considered relatively immune to tariffs according to industry commentary. Alphabet's earnings report is highly anticipated, with particular focus on its Google Cloud segment, including the impact of tariffs, sales expectations, and the progress of its Gemini AI project. Alphabet's stock has experienced volatility around earnings, with an average move of approximately 6% in past reports and an implied move of about 6.2% expected after this report. The company currently operates without a CEO returning from Elon Musk's Department of Government Efficiency (DOGE) initiative. Market watchers are also paying attention to forecasts from other tech companies such as ServiceNow and Intel amid concerns about infrastructure, China exposure, and recession risks. Overall, these earnings reports are seen as tests for IBM's recent rally and could be pivotal for Alphabet's future trajectory.