Markets: US
Indexable titles and thesis summaries. Interactive reading (charts, FX) lives in the reader app.
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ASML.US: Q2'26 update — EUV monopoly & advanced capacity super-cycle
ASML posted Q2 2026 total net sales of €9.3B, net income €2.9B, and 54.0% GM. System sales €6.6B (EUV €3.8B incl. 1 High-NA; non-EUV €2.8B); Logic 51% / Memory 49%. Q3 guide €11.0–12.0B; FY26 sales raised to €43–45B. ~65 Low-NA EUV shipments planned for 2026; +30% capacity planned for 2027. EUV is irreplaceable for advanced Logic/Memory expansion; China export controls are a tail risk. See TSMC, Micron, NVDA.
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META.US: Ad AI efficiency vs Reality Labs burn
Meta Family of Apps ads remain strong—FY2025 revenue ~$178B (~+22%); AI ranking efficiency offsets Reality Labs losses of ~$16–18B/yr. Pre-earnings draft for the 2026-07-29 print.
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INTC.US Investment Research
Intel operating inflection emerging, but valuation already prices the strategic narrative; Lip-Bu Tan pushes finance-first, demand-anchored ops. Versus AMD’s latest note, CPU industry deep dive, and Lisa Su’s AI-accelerator roadmap, the debate is about system delivery.
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LLY.US: Incretin leader vs capacity & valuation
Eli Lilly leads via tirzepatide; capacity, payors, and multiples constrain.
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WDC.US: Post-spin HDD / AI nearline
Western Digital focuses on HDD after flash spin to SNDK; AI nearline is the swing.
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SNDK.US: SanDisk NAND / AI SSD post-spin
SanDisk NAND pure-play post WDC spin; AI SSD and pricing cycle. See MU.
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DIS.US: Parks cash engine + streaming path
Disney parks anchor profits; DTC profitability and ESPN set the multiple.
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PLTR.US: AIP commercialization at a premium
Palantir US commercial AIP growth with gov base; rich multiple. See AI infra.
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MCD.US: Franchise model & SSS resilience
McDonald's franchise royalties + brand; track SSS, traffic, value menu.
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DDOG.US: Cloud observability + AI ops attach
Datadog rides cloud observability; AI/LLM monitoring is new attach.
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BRK.B: Float, cash, and succession
Berkshire float + cash; watch underwriting, deployment, and Abel-era allocation.
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Squeezing Silicon: Keeping GPUs from Sitting Idle | AI Infra & the Hundred-Billion Market
GPUs buy silicon; returns hinge on utilization. Collectives, HBM, schedulers, power/thermal, and inference batching decide effective output from hundred-billion AI CapEx. Hub NVIDIA; complements AVGO/ANET; constraints TSM/MU; physical layer VRT. See CPU industry.
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CPU industry deep dive · 2026 H2
Agentic AI puts CPUs back at the center of data-center orchestration. Server CPU TAM revised higher toward ~$100–120B by 2030. Watch AMD/Arm globally and Hygon in China. See also AMD stock note and GPU utilization / AI infra deep dive.
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AVGO.US: Q2'26 update — custom XPU + AI networking dual engine
Broadcom FY Q2 (ended 2026-05-03) revenue $22.2B (+48%), AI semiconductors $10.8B (+143%), adj EBITDA margin 69%. Q3 guide ~$29.4B total and ~$16B AI semi; 2027 AI semi target >$100B. Custom ASIC (XPU) + AI networking thesis is clear with Google / Meta / OpenAI as customers, but concentration and rich valuation matter. Complements NVDA rather than replacing it. See also Oracle and TSMC.
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CRDO.US: FY26 update — AI rack connectivity AEC / SerDes surge
Credo FY2026 revenue $1.335B (+206%), Q4 $437M (+157% YoY), Non-GAAP EPS $1.16, ~68% GM, ~$1.4B cash. Q1 FY27 guide $465–475M. AEC / SerDes is core to AI rack high-speed connectivity, but hyperscaler concentration (Amazon, etc.) is extreme. See AVGO, ANET, NVDA, CLS.
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CLS.US: Q2'26 update — AI server ODM + liquid-cooling racks
Celestica Q2 2026 (ended 2026-06-30) revenue $4.70B (+62%), CCS $3.81B (+84%), adj EPS $2.54, adj op margin 8.2%. FY26 outlook raised to $20.5B revenue and $11.30 adj EPS. AI server ODM / liquid cooling / OpenAI rack thesis is clear, but competition vs SMCI is intensifying. See VRT, NVDA, AVGO, CRDO.
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ANET.US: Q1'26 update — AI data center Ethernet switching leader
Arista Networks posted Q1 2026 revenue of $2.709B (+35.1% YoY) with product revenue $2.311B, diluted EPS ~$0.87 and ~47.8% operating margin. FY26 revenue growth was raised to ~27.7% (~$11.5B) and AI fabrics target to $3.5B. Q2 guide ~$2.8B with Non-GAAP OM 46–47%. The “AI DC Ethernet switching + EOS software + XPO liquid-cooled optics” thesis is intact, but valuation looks rich versus AVGO networking. See also CRDO optical interconnect and NVDA AI cluster demand.
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VRT.US: Q2'26 update — AI rack power & liquid cooling infrastructure
Vertiv posted Q2 2026 net sales of $3.274B (+24% YoY) with adjusted OM 22.6% (+410bps), diluted EPS $1.27 (+53%) and adjusted EPS $1.52 (+60%). FY26 guide raised: sales $13.8–14.2B, adjusted EPS $6.65–6.75, adjusted FCF $2.4–2.6B. Q2 revenue was slightly soft versus expectations (timing/supply), driving volatile trading. The “AI rack power + liquid cooling + PurgeRite acquisition” thesis is intact. See CLS cooling chain and SMCI server integration; NVDA GPU clusters anchor demand.
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MU.US: FQ3'26 update — HBM super-cycle & AI memory tight cycle
Micron posted FQ3 FY2026 revenue of $41.46B (+346% YoY), GAAP EPS $24.67 / Non-GAAP EPS $25.11, and operating cash flow $25.39B; data center revenue >$25B. HBM4 already shipped >$1B revenue; FQ4 guide revenue $50.0B ±$1.0B, GM ~86%, Non-GAAP EPS $31.00 ±$1.00. FY26 CapEx ~$27B. The “HBM / DRAM tight cycle for AI GPUs” thesis is intact, but cyclicality and China risk remain core variables. See NVDA demand, TSM / ASML capacity chain, and AMD GPU paths.
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TSM.US: Q2'26 update — advanced foundry monopoly & AI capacity pricing
TSMC posted Q2 2026 revenue of US$40.20B (+33.7% YoY, +12% QoQ), net income NT$706.56B (+77.4%), 67.7% GM and 60.3% OM. Advanced nodes (≤7nm) are 77% of wafer revenue; HPC 66%. Q3 guide US$44.6–45.8B; FY26 revenue growth slightly above +40% USD; CapEx raised to $60–64B. The advanced foundry monopoly for AI GPUs/ASICs is intact, but CoWoS packaging bottlenecks and Taiwan geopolitics remain structural discount factors. See also NVDA, ASML, AMD, INTC.
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SMCI.US: Q4 FY26 preliminary — order explosion & conversion risk
Super Micro issued a preliminary Q4 FY2026 update on 2026-07-21: revenue estimated near the low end of guide ~$11B (prior $11–12.5B), GM estimated 15–17% (well above prior 8.2–8.4% guide). Q4 new orders >$60B with record backlog, but deliveries span future quarters. Market cap ~$19–20B vs a massive order book → conversion and execution risk. AI server / liquid-cooling building blocks thesis is clear, but historical accounting/governance overhang remains. Formal Q4 print on 2026-08-11. See CLS, NVDA, Vertiv, AVGO.
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NVDA.US: Q1 FY2027 update — AI infra leader at a premium
NVIDIA posted Q1 FY2027 revenue of $81.6B (+85%) and Data Center $75.2B (+92%), with ~75% gross margin and ~$48.55B FCF. Q2 guide $91.0B ±2% excludes China DC compute. Price ~$203; Hold / premium valuation. Versus AMD and the CPU industry narrative, the CUDA full stack remains the moat.
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GOOGL.US: Q2'26 Cloud +82% & Capex ceiling
Alphabet Q2 2026 revenue $119.8B (+24%), Google Cloud $24.8B (+82%); 2026 Capex outlook up to ~$205B. GAAP EPS $9.11 includes ~$99B unrealized equity gains (incl. SpaceX)—do not extrapolate linearly.
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MSFT.US: Azure + Copilot AI monetization
Microsoft is among the few with hyperscale cloud, enterprise AI apps, and office-suite dominance; FY2025 Intelligent Cloud ~$106B (~+22%). Pre-earnings draft for the 2026-07-29 print—watch Azure growth and FY2027 Capex.
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AAPL.US: Services compounding & AI upgrade cycle
Apple's valuation anchor has shifted from unit shipments to installed base × ARPU; FY2025 Services ~$109B (~+12%), gross margin ~46.5%. Pre-earnings draft ahead of the 2026-07-30 print—treat official releases as authoritative.
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AMZN.US: AWS re-acceleration & ads growth
Amazon runs a retail + cloud + ads trilogy; FY2025 AWS ~$108B (~+18%), ads ~$56B (~+22%). Pre-earnings draft ahead of 2026-07-30—core trade-off is heavy Capex versus near-term FCF.
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ORCL.US: FY2026 update — RPO surge vs negative FCF re-pricing
Oracle FY2026 revenue $67.4B (+17%), Cloud $34.0B (+39%); RPO jumped to $638B (+363%) while FY26 FCF was about −$23.7B. Price ~$120 / mkt ~$346B reflects a re-pricing of large backlog vs financing, dilution, and execution. Company guides ~$90B FY27 revenue.
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SPCX.US: SpaceX post-IPO — Starlink cash engine in a controlled company
SpaceX IPO'd ~$135 in Jun 2026; now ~$115 / ~$1.5T (~80x P/S). Starlink 2025 revenue $11.4B with ~$4.4B operating profit and 12M+ users; Falcon ~165 launches. Consolidated net loss ~$5B; Musk ~82% of votes. GOOGL holds SpaceX equity as a cross-asset reference.
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AMD.US: Q1'26 update — #2 AI supplier + EPYC dual engine
AMD posted Q1 2026 revenue of $10.3B with Data Center ~$5.78B (+57%), Non-GAAP EPS $1.37 and 55% GM. Q2 guide ~$11.2B ±$0.3B (~+46% YoY). The “#2 AI accelerator + server CPU share” thesis is clear, but training share and ROCm vs CUDA still lag NVDA; valuation looks rich ahead of the 2026-08-04 print. See also INTC and the CPU industry deep dive.
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ACME 2026Q2 Earnings Note
Revenue grew steadily YoY; gross margin softened while operating cash flow improved.