Big Tech earnings-palooza arrives as Alphabet reports quarterly sales

• "Over a year into the pandemic, digital adoption curves aren’t slowing down. They’re accelerating, and it’s just the beginning," Microsoft CEO Satya Nadella said in conjunction with a better-than-expected earnings report.
• Up next: Earnings for Facebook and Apple (both tomorrow), along with Amazon (Thursday).

Flashback: Lockdown was a boon for technology companies — leading to a surge of new devices, streaming, cloud hosting, online shopping and a digital advertising bonanza.

What they're saying: "The pandemic accelerated the movement of advertising dollars away from traditional media. It should continue post-pandemic. I don't think we go back to where we were before," says Craig Huber, analyst at Huber Research Partners.

• Snap, for one, expects a revenue surge next quarter on the back of the continued ad boom, though it warned that Apple newly asking users to opt in to an app’s tracking could crimp that.
• The reopening could also help Google's search business, as travel and physical store visits pick up.

The other side: "We're right now in the best of all possible worlds for companies serving a consumer who's online more than ever before," Barton Crockett, a tech analyst at DCFstocks, tells Axios.

• "This is really the last hurrah, and then we'll get back down to real business in a couple of quarters," says Crockett, referring to the economic reopening and return to normal.

• Just ask Netflix. The company came back down to post-pandemic reality: It expects to add just 1 million subscribers this quarter — after a pandemic surge that pulled in millions of new watchers.

What to watch: The antitrust clouds around the world hanging over some Big Tech companies. U.S. lawmakers are also taking a bigger interest in privacy and algorithms.