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Photo: Omar Marques/SOPA Images/LightRocket via Getty Images

This week will be busy on the corporate earnings front, with more than 30% of the S&P 500 reporting.

What to watch: Tech will consume most of the conversation surrounding earnings with reports from two "FANG" companies — Google parent Alphabet and Amazon — plus Microsoft, Twitter and Snap.

The big themes

Advertising: Analysts expect Google's total paid clicks to grow from the year-ago period, but drop from last quarter. Its key "cost per clicks" metric is expected to continue to sliding, which could hurt margins.

  • Michael Pachter, an analyst at Wedbush Securities, expects Facebook's and Amazon's dominance in search to "continue to pressure the rate of Google's growth," per a recent note.

Cloud: The momentum of Microsoft’s Azure and Amazon’s Amazon Web Services will be front and center.

  • One example of how some are considering the stakes: Dan Ives, an analyst at Wedbush, wrote in a note this week that Microsoft could become the next $1 trillion company, thanks to a boost from its cloud offerings. (Microsoft’s current market cap stands at $834 billion, as of Friday.)
  • As for Amazon's cloud business, Amazon Web Services could notch its fourth consecutive quarter of accelerating growth.

Prime time: Last quarter, Amazon reported its biggest quarterly profit in company history, thanks to its cloud and advertising business. It's safe to say the bar is high.

  • This week's results will include revenue from its Prime Day event in July, which might give Amazon a bump.
  • Expect Amazon executives to field questions about the recent wage hike for employees.

User growth: This is critical for Snap amid broad concerns about declining usage, but in a recent note, Pivotal Research's Brian Wieser said "it's not too late for the company to reverse recent usage trends."

  • Meantime, Twitter is rapidly shutting down fake accounts, and that might weigh on its user metrics — as it did last quarter.

What else to watch: Intel is also set to release quarterly results. Other non-tech names reporting include Hasbro (and rival Mattel), construction equipment company Caterpillar, AT&T and Verizon.

Go deeper

Updated 6 hours ago - Sports

Olympics dashboard

Silver medalist Lilly King of Team USA (left) embraces gold medalist Tatjana Schoenmaker of Team South Africa on the podium during the medal ceremony for the Women's 200m breaststroke final on July 30. Photo: Clive Rose/Getty Images

🥇 : U.S. gymnast Suni Lee wins gold in the women's individual all-around

🚣‍♀️: Team USA women's eight rowing fails to reach the podium

🤸🏾‍♀️: Simone Biles reacts to "love and support" after withdrawing from all-around gymnastics and team finals, citing her mental health

🏊: Olympic swimmer Ryan Murphy wins Silver in 200m

📷: In photos: Tokyo Olympics day 6 highlights

🗓: The Olympic events to watch today

🏃‍: Female Olympians push back against double standard in uniforms

Go deeper: Full Axios coverage

Former Michigan Sen. Carl Levin dies at 87

Sen. Carl Levin (D-MI) in 2014. He died Thursday. Photo: Win McNamee/Getty Images

Former U.S. Sen. Carl Levin (D-Mich.) died Thursday, his family and the Levin Center at Wayne Law — which bore his name — confirmed. He was 87.

Why it matters: The Detroit native served for 36 years in the U.S. Senate, serving twice as chairman of the Armed Services Committee and is credited with helping overturn the military's “Don’t Ask, Don’t Tell” rule.

Updated 7 hours ago - Politics & Policy

Military members will be included in Biden's new COVID guidance

Joe Biden. Photo: Anna Moneymaker/Getty Images

Members of the military will be required to get vaccinations or face regular testing, social distancing, mask mandates and restrictions on travel for work, the the Pentagon said on Thursday evening.

Why it matters: The policy was announced for federal workers and onsite contractors earlier on Thursday, part of several new Biden initiatives to get more Americans vaccinated and slow the spread of the Delta variant.