Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning, today is Thursday, August 3rd, and I'm your host Julie Morgan.

Apple and Amazon are set to report earnings today.

For Apple, it's all about the iPhone, India, and AI.

And analysts are upbeat on Amazon

with an interest in the company's full year outlook.

And J.P. Morgan's Jamie Diamond says the Fitch downgrade of the U.S.'s long-term credit rating is

ridiculous.

Here's what's making headlines today.

Apple is slated to report fiscal third quarter results after the close of trading today,

and investors will be looking for the U.S. tech giant to give updates on the iPhone, its status in India, and any news related

to artificial intelligence. Wed Bush securities analyst Dan Ives, who has an outperformed rating on Apple said that recent supply chain checks from Asia

should show at least in line results with potential for revenue from the iPhone to top estimates,

citing a clear uptick in demand in China along with higher average selling

prices. A consensus of analysts are forecasting Apple to earn $1.19 per share on 81.82 billion dollars in revenue.

The company has opened its first two official stores in India,

one in Mumbai and the other in New Delhi,

and Apple's manufacturing partners have been

building out capabilities in the country. Amazon.com is also said to report

second quarter earnings today with most analysts optimistic that results will beat

estimates. The e-commerce retailer is expected to report EPS of 35 cents and revenue of $131.6 billion for the second quarter.

Operating income is expected at $4.7 billion in a gross margin of 46.5%.

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