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Key numbers to watch in Apple, Amazon and Alphabet earnings

A-list tech earnings on deck

While Wall Street will doggedly watch technology companies' bottom lines this week, some investors have some other measures on their radar, they told CNBC's "Power Lunch" on Monday.

Apple's market share and software, and Amazon and Google's cloud businesses will be top of mind for Paul Meeks, CNBC contributor and technology investor, and John Traynor, chief investment officer at People's United Wealth Management.

Apple's flagship store in New York City
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Headline numbers: Earnings, revenue and iPhone sales

What Traynor is watching: Samsung and the software ecosystem

For Traynor, the key issue is whether defectors from Samsung's Galaxy Note 7 recall are using more of Apple's cloud and content.

"We'll keep an eye on that number, but we're hoping that Apple can differentiate between their core demand, how much is Samsung [Galaxy Note] 7 related and really, what they're doing to convert those Samsung customers over to Apple customers."

Apple grew its services revenue 19 percent last quarter, hitting App Store records on the heels of augmented reality game Pokemon Go. It has also looked more into content, including a deal with "Carpool Karaoke."

"In all of our tech holdings, we're focused on connectivity and content," Traynor said. "And we think Apple is right at the confluence of those two trends."

Amazon and Google

Headline numbers: Earnings, revenue; Google ad sales; Amazon e-commerce sales

What Meeks is watching: Cloud

"As you've seen with two other stocks that are jumping on the cloud — Microsoft and Amazon — the dialogue about the company is going to go to what kind of traction they have in the cloud space," Meeks said of Alphabet.

In addition to being a dominant force in online commerce, Amazon is also a leading provider of cloud services. It has 31 percent market share, according to Synergy Research Group, followed by Microsoft's Azure, at 9 percent. Google has about 4 percent market share, according to Synergy.

But Microsoft reported its cloud revenue grew 116 percent last quarter, with commercial cloud annual revenue run rate of more than $13 billion.

Meeks is hoping Amazon will hit at least the level of Microsoft's rate of cloud sales growth. But while Meeks sold Amazon's stock, he's not planning to buy it back just yet.

"What happens with tech stocks is they are notoriously volatile," "There will be some Amazon-related issue — a competitive issue, even macroeconomic issue — that will cause a dip in the stock, and if it gets deep enough, I will buy it then."