January 28th is a day that technology investors should pay extra attention to. Once Microsoft's earnings call begins, the market will hear the true answers from major companies regarding whether the AI spending is worth it—what the investment returns look like, how fierce the industry competition is, and where the bottlenecks in data center supply are. The answers to these questions are crucial. If the earnings report reveals troubling signals, those inflated valuations in the AI sector could collapse instantly, causing the entire market to shake. For those holding technology stocks, the risks on this day should not be underestimated.