Markets: US
Indexable titles and thesis summaries. Interactive reading (charts, FX) lives in the reader app.
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MS.US Morgan Stanley: latest print still Q2 — calendar set Q3 for Oct 14
Morgan Stanley Wealth + IB. No new 8-K P&L in this window; financials still Q2 SEC frames. 2025-09-11 calendar sets Q3 for **2026-10-14** (~07:30 ET print / 09:30 ET call). Watch NNA, IB wallet, GSIB capital.
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C.US Citigroup: latest print still Q2 — calendar set Q3 for Oct 13
Citigroup Cross-border wholesale reset and TTS. No new P&L in this window; financials still Q2. 2025-09-12 calendar sets 3Q26 for **2026-10-13** (~08:00 ET print / 11:00 ET call). Watch one-offs, TTS, CET1.
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BK.US BNY: latest print still Q2 — calendar set Q3 for Oct 15
BNY Custody and asset servicing. No new P&L in this window; financials still Q2. 2025-10-31 calendar sets Q3 for **2026-10-15** (~06:30 ET print / 11:00 ET call). Watch AUC/AUA, rates, fee rates.
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AXP.US American Express: latest print still Q2 — calendar set Q3 for Oct 23
American Express Closed-loop network plus bank. No new P&L in this window; financials still Q2. 2025-12-19 calendar sets Q3 for **2026-10-23** (~07:00 ET print / 08:30 ET call). Watch billed business, credit losses, premium spend.
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MU.US: FQ3'26 still latest print — IR set FQ4 for Sep 30
Micron FQ3 FY2026 revenue $41.46B (+346% YoY), GAAP EPS $24.67; HBM4 shipped >$1B. FQ4 guide **$50.0B ±$1.0B**, ~86% GM — no 8-K in this window. IR (2026-08-26) set the FQ4 call for **2026-09-30** 14:30 MT. Do not fill the P&L from the guide.
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Solid-state battery industry deep-dive: routes, industrialization & equity map | 2026
ASSB still pilot + policy-anchored: 15th FYP targets initial scale by 2030; CATL ~TRL4; Toyota×Idemitsu 2027–28. Near-term beta = sulfide materials/equipment; semi-solid ≠ all-solid. See battery competition.
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WFC.US Wells Fargo: latest print still Q2 — IR set Q3 for Oct 13
Wells Fargo Retail/commercial bank. No new P&L in this window; financials still Q2. IR quarterly page sets Q3 for **2026-10-13** 10:00 ET. Watch remaining consent orders, efficiency, CRE.
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USB.US U.S. Bancorp: latest print still Q2 — Q3 date not named on IR
U.S. Bancorp Super-regional plus payments. No new P&L and no company-IR Q3 date in this window; financials still Q2. Watch NIM, credit, payments.
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SCHW.US Charles Schwab: latest print still Q2 — Q3 date not named on IR
Charles Schwab Broker-bank and cash sweep. No new P&L and no company-IR Q3 date in this window; financials still Q2. Watch client cash, NIM, NNA.
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PNC.US: latest print still Q2 — IR set Q3 for Oct 15
PNC Financial Services Super-regional corporate bank. No new P&L in this window; financials still Q2. IR (2026-09-03) set Q3 for **2026-10-15** (~06:30 ET print / 10:00 ET call). Watch NIM, C&I credit, capital return.
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JPM.US JPMorgan: latest print still Q2 — IR set Q3 for Oct 13
JPMorgan Chase Largest US bank by mcap. No new 8-K P&L in this window; financials still Q2 SEC frames. IR (2026-09-17) set the Q3 call for **2026-10-13** 08:30 ET (~07:00 ET print). Watch NIM, credit costs, IB wallet, buybacks.
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GS.US Goldman Sachs: latest print still Q2 — calendar set Q3 for Oct 13
Goldman Sachs Wholesale IB. No new P&L in this window; financials still Q2. 2025-08-18 calendar sets Q3 for **2026-10-13** (~07:30 ET print / 09:30 ET call). Watch IB wallet, FICC, capital return.
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COF.US Capital One: latest print still Q2 — Q3 date not named on IR
Capital One Card bank and Discover integration. No new P&L and no company-IR Q3 date in this window; financials still Q2. Watch credit costs, network integration, NIM.
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BAC.US Bank of America: latest print still Q2 — calendar set Q3 for Oct 14
Bank of America Second-largest US bank. No new P&L in this window; financials still Q2. Newsroom calendar sets Q3 for **2026-10-14** (~06:45 ET print / 08:30 ET call). Watch deposit costs, NIM, consumer credit.
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ZS.US: Zero trust access + shadow-AI control
Zscaler zero-trust/SSE; FY27 ARR guide 16–17% re-rated the multiple. Includes last-6-month news tape.
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VRNS.US: Data security and the AI-feeding surface
Varonis Systems Data security/DSPM: regulation often starts with 'what data may enter a model'. $624M still growing, but the 2026 tape already de-rated the name. Solid theme fit; scale and platfor
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TENB.US: Exposure management and AI-era asset visibility
Tenable From Nessus VM to exposure management across cloud, identity, and attack paths. Revenue nearly $1.0B, but ~11% growth and a deep 1-year drawdown. AI raises asset/identity counts—a
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S.US: AI-driven endpoint/XDR challenger to CRWD
SentinelOne Cloud-native endpoint/XDR; Purple AI is the productized analyst. ~$1.0B 2025 revenue with still-above-median growth, but market cap and cash quality lag CrowdStrike—high-beta CRWD
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SAIL.US: Identity governance for humans, machines, and agents
SailPoint IGA incumbent, re-listed Feb 2025 after Thoma Bravo take-private. The AI-regulation hook: agents are identities that need grant/audit/revoke. ~$1.07B revenue still growing fast, bu
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RBRK.US: Cyber resilience + agent guardrails
Rubrik From backup/ransomware recovery to data+agent operations for the AI estate: Security Cloud for resilience, Agent Cloud for audit/guardrails/undo. FY26 revenue $1.32B (+48%) with ma
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QLYS.US: Vulnerability and cloud-scanning cash compounder
Qualys High-margin VM and cloud scanning: AI expands the attack surface, but this is not model security. 2025 revenue +10% with strong profit/cash—medium theme purity.
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OKTA.US: Q2 FY27 $805M (+11%) — 28% FCF & low-teens growth
Okta Q2 FY27 revenue $805M (+11%), subscription $793M (+12%), RPO $4.858B (+17%), FCF $227M (28% margin). FY27 $3.216–3.226B; ~1ppt professional-services-to-partner headwind.
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NTSK.US: Real-time security for cloud, SaaS, and the AI estate
Netskope Founded 2012, IPO Sep 2025: SSE/cloud platform putting people, devices, SaaS, LLMs and agents on one real-time policy. Revenue is real (FY26 $709M, +32%) but GAAP still deeply loss
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CSCO.US: AI Defense and Splunk inside a networking giant
Cisco Networking/collaboration giant: Robust Intelligence became Cisco AI Defense, plus Splunk. The capability is real, but the stock is still a networking-cycle, buyback, and Splunk-int
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CHKP.US: High-margin security platform; AI is incremental
Check Point Software High-margin firewall-era cash compounder: Infinity/AI Copilot is modernization, but 2025 revenue grew only 6.3%. A cash-flow cybersecurity benchmark, not an AI-security high-beta.
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Metals in AI infra: origins, S&D, refining & costs | 2026 deep dive
Copper ~5.2% of AI DC CapEx; tin most fragile (8.2/10 scarcity). Eight charts + five tables: origins, refining (China ~57% Cu), costs, downstream BOM, equity map. Links nonferrous / copper / AI infra notes.
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Robotaxi industry deep-dive | US–China commercialization (2026H2)
Waymo remains paid-scale anchor; China Apollo/Pony/WeRide grow fleets & overseas faster. Sleeve: GOOGL/BIDU/TSLA options + UBER/BYD shovels + PONY/WRD satellites. See freight.
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Autonomous freight industry | Line-haul × city logistics (2026H2)
Aurora (AUR) runs U.S. commercial driverless line-haul; China skews hubs/city logistics & JD/Meituan cost options. Sleeve: NVDA shovels + AUR β + logistics. See Robotaxi.
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Are Open Models Catching Up? Three eras | SemiAnalysis note
SemiAnalysis: scaling / reasoning / agentic eras; open weights close gap in ~half the time each era (Kimi K2.6 vs Opus 4.5 ~4.8 mo), but benchmarks ≠ product. See AgentX v3, CUDA moat, NVDA.
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AgentX InferenceX v3: CUDA moat in agentic inference? | SemiAnalysis note
Apache 2.0 AgentX: $3M dataset, 1M+ context, 393 Claude Code traces, 95%+ KV reuse; ~2MW/1000+ chips full-stack test. DCP/PCP composability favors NVDA; post Aug 21 B200 perf/$ passed MI355X. See TileRT, open models note, AMD.
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ExxonMobil (XOM) · Largest US integrated oil major
XOM FY2025 NI ~$32B; Permian/Guyana growth. vs CVX, COP.
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VST.US: Nuclear PPAs + merchant power at AI-load prices
Vistra Q2'26 revenue $4.02B, ongoing Adj. EBITDA $1.77B (+31%), EPS $0.76. Nuclear PPAs with Meta/AWS; Lotus gas fleet (~8.1 GW). Peers: CEG, NRG. Cross-link VRT.
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SLB (Schlumberger) · Oilfield services & digital
SLB FY2025 rev ~$36B, NI ~$4.8B; intl upstream CapEx cycle. vs HAL, BKR.
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Rio Tinto (RIO) · Pilbara iron ore & copper
Rio Tinto H1'26 rev $31.0B (+15%), net earnings $6.66B (+47%). Peers BHP, VALE, FCX.
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Quanta Services (PWR) · Grid & power infrastructure EPC
Quanta Q2'26 rev $9.56B (+41%), backlog $53.4B; FY26 guide $39.3–39.7B. See ETN.
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Newmont (NEM) · World's largest gold miner
NEM Q2'26 gold ~$2,450/oz drives earnings; ~$62.5 / ~$70B mkt. Sector nonferrous.
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NextEra Energy (NEE) · Regulated utility & renewables leader
NextEra FY2025 rev ~$25.5B; FPL regulated utility + NEER renewables ~30%. Div yield ~2.8%; vs DUK/SO/CEG.
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KMI.US: Record Q2 midstream cash flows + LNG-linked growth
Kinder Morgan Q2'26 revenue $4.48B (+11%), NI $867M (+21%), Adj. EBITDA $2.20B (+12%); H1 OCF $3.45B. Dividend $1.19/sh (+2%). Peers: WMB, EPD, ET.
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Freeport-McMoRan (FCX) · Leading listed copper miner
FCX Q2'26 copper price + Grasberg volume; ~$54 / ~$78B mkt. Sector nonferrous, copper S/D.
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ETN.US: AI data-center power + grid backlog at a premium
Eaton Q2'26 revenue $8.53B (+21%), adj. EPS $3.15, Electrical Americas +18% organic (DC +65%). FY26 organic guide raised ~12%. Peers: HUBB, VRT. Cross-link NVDA AI power theme.
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DUK.US: Regulated utility compounding + data-center load
Duke Energy Q2'26 revenue $7.59B, adj. EPS $1.43 (+14%), guide reaffirmed $6.55–$6.80. $80B+ capex plan for grid + generation. Peers: NEE, SO, AEP.
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Chevron (CVX) · Integrated oil & gas capital return
Chevron FY2025 rev ~$198B, NI ~$17.5B; Permian/Hess integration. vs XOM, COP.
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ConocoPhillips (COP) · Pure-play E&P capital discipline
ConocoPhillips FY2025 rev ~$58B, NI ~$9.2B; Lower 48 + LNG. vs XOM, CVX, EOG.
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Constellation Energy (CEG) · US nuclear + AI power
CEG AI data-center PPAs + nuclear baseload; ~$338. Power chain VRT; vs VST, NEE.
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BHP Group (BHP) · Diversified mining major
BHP FY26 rev $58.8B (+15%), OCF $21.8B, div 172 USc. Sector nonferrous deep-dive.
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Albemarle (ALB) · Lithium & specialties
Albemarle Q2'26 rev $1.74B (+31%), Li $19.53/kg, 65 kt LCE. Battery competition.
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Strategy Inc (MSTR) · Bitcoin treasury equity
Strategy holds ~840k BTC; Q2'26 software ~$122M but large BTC FV loss. Lens: mNAV / BTC-per-share. Sector crypto; vs COIN.
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Coinbase (COIN) · Q2 miss & S&S mix shift
Coinbase Q2'26 rev ~$1.22B (−19% YoY); S&S ~$555M; GAAP loss ~$359M; Adj. EBITDA ~$208M. Spot share 10.3%. See crypto, Circle.
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Circle (CRCL) · USDC issuer equity research
Circle Q2'26 rev $701M (+7%), USDC $73.3B; reserve yield ~3.5%. Sharp post-IPO drawdown from peak. Sector: crypto; peer COIN.
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Crypto industry deep dive · US policy + Circle / Hyperliquid (2026 H2)
GENIUS/CLARITY push compliant dollars and on-chain venues; Circle (USDC/CRCL) and Hyperliquid (perps+USDC) as flagship maps. Stack: BTC/ETH beta → compliant rails → protocol satellites. Equities: CRCL, COIN, MSTR.
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TileRT: ultra-high interactivity on NVIDIA GPUs? | SemiAnalysis note
Fast modes show users pay for latency. TileRT statically compiles decode into a persistent kernel; on InferenceX B200 can reach hundreds of tok/s/user—materially faster interactivity iso-cost vs classic engines. See CS-4, Rubin TCO, AgentX v3.
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SpaceX ~10GW by 2027: why real, MSFT as largest offtaker | SemiAnalysis note
SA sees SpaceX ~10GW cumulative by YE2027 as credible: speed-first builds + pricey short contracts. MSFT signed 10GW+ YTD with a near-term gap; ~$100B/GW/yr inference economics → likely largest offtaker. See MSFT, NeoCloud.
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Market chatter: Google–AMD on TPU & AVGO cuts | SemiAnalysis-related note
From ~2026-08-14, markets cited SemiAnalysis: possible Google–AMD on future TPU and CoWoS-driven cuts to Broadcom-related TPU/packaging (e.g. 2026 TPU v7 ~3.2M→2.7M units). **Unconfirmed by GOOGL/AMD.** See AMD, AVGO, GCP notes.
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Gemini cooked, GCP cooking: DeepMind shake-up & cloud financialization | SemiAnalysis note
2026-08-05 DeepMind leadership overhaul; SA sees frontier odds collapsing as compute tilts to GCP/external TPU sales. Gemini ARR ~$12B in 2Q26 vs ~$200B YE2027 GCP external AI+TPU systems narrative. See GOOGL.
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Cerebras CS-4: same wafer, 2× clock, disagg rack | SemiAnalysis note
CS-4 keeps 5nm WSE-3; power/clock + 3-wafer backpack rack ~2× tok/s/user at similar BOM/wafer. 44GB SRAM unchanged—long-context needs disagg + HBM partners. See TileRT, AgentX v3, AMZN/Trainium.
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TGT.US: Q2 $26.5B (comps +3.8%) — traffic +3.6% & guide raise
Target printed Q2 on 2026-08-19: net sales $26.54B (+5.3%), comps +3.8% (traffic +3.6%), digital comps +8.7%. GAAP/adj. EPS $4.11 (incl. ~$1.65 tariff refunds). FY sales ~+5%, EPS $9.90–$10.90. See WMT, TJX.
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TJX.US: Q2 FY27 $15.2B — comps +4% & FY EPS raise
TJX printed Q2 FY27 on 2026-08-19: net sales $15.18B (+5%), comps +4% (above plan); GAAP EPS $1.36 / adj. $1.22 (ex $0.14 net tariff refunds). FY adj. EPS raised to $5.15–$5.20; long-term store target 7,500. See TGT, WMT.
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HD.US: FY26 Q2 official print — comps +1.7%, small projects beat
Home Depot FY2026 Q2: net sales $47.86B (+5.7%), comps +1.7% (U.S. +1.3%), traffic −1.0% / ticket +2.8%; GAAP EPS $4.79, adj. EPS $4.92. FY sales +2.5–4.5% reaffirmed. Guide includes IEEPA refunds. CEO Decker on medical leave. See TJX, TGT, WMT.
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COST.US: Q4 FY26 net sales $93.87B — EPS $6.75 & 89.8% renewal
Costco printed Q4 FY26 on 2026-09-24 (16 weeks ended 8/30): net sales $93.873B (+11.2%), total revenue $95.723B, operating income $3.801B, NI $2.998B / diluted EPS $6.75 (incl. $0.15/sh IEEPA refunds). Comps +9.4% (+6.7% ex-gas/FX); worldwide renewal 89.8%. See WMT, AMZN.
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WMT.US: Q2 FY27 $187.9B — eComm +23% & FY raise
Walmart printed Q2 FY27 on 2026-08-20: revenue $187.9B (+5.9% / +5.1% cc), global eComm +23%, ads +38%, membership fees +17%; US comps +2.6% ex-fuel. Adj. EPS $0.81. FY27 net sales raised to +4–5% cc. See AMZN, COST.
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6160.HK / 688235.SH BeOne: BRUKINSA $1.2B quarter
BeOne Q2'26 revenue $1.705B (+30%), BRUKINSA $1.2B; FY26 guide $6.6–6.8B. See Hengrui, Innovent.
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SMCI.US: Q4/FY26 formal print — $65–72B guide & conversion risk
Super Micro formal Q4/FY26 (2026-08-11): Q4 net sales $11.1B, GAAP GM 17.5%, diluted EPS $1.62; FY26 sales $39.1B, NI $2.2B. Q1 FY27 guide $14.5–15.5B; FY27 $65–72B; >$60B new orders and record backlog. See CLS, NVDA, Vertiv.
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MSFT.US: FY26 Q4 formal print — Azure +43% & CapEx optics
Microsoft FY26 Q4: revenue $90.0B (+18%), Azure +43%, Microsoft Cloud $59.3B (+27%), RPO $678B (+84%). FY26 revenue $331.8B, OI $155.2B, diluted EPS $17.95. CY2026 CapEx ~$175B. See Amazon, NVDA.
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META.US: Q2 ad strength vs CapEx/EPS miss
Meta Q2: revenue $60.801B (+28%), ads $59.363B (+27%); EPS $6.18 missed ~$7.22, OM 31%, FCF compressed. Q3 guide $61–64B; FY26 CapEx $130–145B. See Alphabet, Amazon.
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AMZN.US: Q2 AWS +37% — read ops ex-Anthropic noise
Amazon Q2: net sales $200.6B (+20%), OI $27.5B (+43%); AWS $42.2B (+37%), ARR ~$169B; ads ~$19.81B (+26%). GAAP NI includes ~$53.4B pre-tax Anthropic MTM; CapEx outlook ~$220B; Q3 guide $197–202B. See Microsoft, NVDA.
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AAPL.US: Q3 FY26 formal print — iPhone +22%, watch tariff refunds
Apple Q3 FY26: revenue $109.4B (+16%), GM 50.1% (incl. ~2ppt tariff refunds), EPS $2.02 (+29%). iPhone $54.25B (+22%); Services $30.74B (+12%); growth in all geos. See MSFT.
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NBIS.US: Nebius — AI cloud ARR ramp & concentration
Nebius Q2'26 rev $582M (+454%), ARR ~$3.0B; FY26 $3.0–3.4B; 5GW power target; Meta up to ~$27B. See CRWV.
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IREN.US: power-first miner→AI Cloud
IREN targets YE2026 AI Cloud ARR >$4B with MSFT/NVIDIA/AI labs. Watch Childress. See CRWV, APLD.
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CRWV.US: CoreWeave — backlog giant vs leverage
CoreWeave Q2'26 rev $2.58B (+112%), ~$104B backlog; FY26 guide $12.4–13.2B. Contract depth vs leverage. See NBIS, IREN, APLD.
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APLD.US: Applied Digital — AI campus landlord
Applied Digital FY26 rev $611M; 1.41GW contracted; ~$36B base leases; ~175MW live. See CRWV.
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x86 vs Arm vs RISC-V: status, competition & investable map | 2026
Q1’26 server rev ~52% x86 / ~46% Arm; AI hosts ~60% Arm. Scenario-layered ISA map + investable names. See CPU industry.
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Copper S/D deep-dive & international price/mine outlook | 2026
ICSG sees refined surplus 2026–27 while LME prints near $14k; US stockpiling distorts regional balances. See #references. Also nonferrous.
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LEGO datacenters: labor bottleneck & vendor map | SemiAnalysis note
SemiAnalysis: 60GW+ modular capacity; labor bottleneck. https://newsletter.semianalysis.com/p/the-wild-wild-west-of-lego-datacenters
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Can AMD break the CUDA moat? Advancing AI 2026 | SemiAnalysis note
SemiAnalysis: ROCm/CI/MI455 vs CUDA gates; AgentX v3 (2026-08-24) quantifies DCP/PCP composability on agentic workloads. https://newsletter.semianalysis.com/p/can-amd-break-the-cuda-moat-amd-advancing
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Vera Rubin NVL72 vs GB200: inference TCO & architecture | SemiAnalysis note
SemiAnalysis: Rubin inference tokens/MW & TCO. https://newsletter.semianalysis.com/p/vera-rubin-nvl72-vs-gb200-nvl72-inference
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Meta’s infrastructure team needs a culture reset | SemiAnalysis note
SemiAnalysis: Meta infra culture risk. https://newsletter.semianalysis.com/p/metas-infrastructure-team-needs-a
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Meta Superintelligence: 1-year progress update | SemiAnalysis note
SemiAnalysis: MSL 1y update. https://newsletter.semianalysis.com/p/the-future-of-meta-superintelligence
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VOYG.US: Defense space capabilities + commercial station narrative
Voyager space systems + station narrative.
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TDG.US: Proprietary aero parts pricing power + leverage compounder
TransDigm proprietary aero parts.
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RKLB.US: Small/medium launch + end-to-end space systems
Rocket Lab launch + space systems.
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PL.US: Daily global imaging constellation + data subscriptions
Planet Labs Earth observation data.
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HON.US: Avionics/space content inside a diversified industrial
Honeywell diversified industrial with avionics.
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HEI.US: Aerospace aftermarket + electronics compounder
HEICO aero aftermarket + electronics.
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FLY.US: Responsive launch + lunar landing capability
Firefly launch + lunar missions.
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SNOW.US: Q2 FY27 product $1.49B (+37%) — NRR 126% & raise
Snowflake Q2 FY27 (ended 2026-07-31) revenue $1.55B (+35%), product $1.49B (+37%), NRR 126%, RPO $9.00B. FY27 product guide $6.070B (+36%). GAAP op. loss 17%, non-GAAP OM 15.3%.
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SHOP: Commerce OS + payments attach
Shopify commerce OS + payments.
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SU.PA: Electrification, data centers, industrial software
Schneider electrification + data centers.
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SAP: ERP cloud transition + AI copilots
SAP ERP cloud + AI.
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PANW.US: FY26 Q4 $3.41B (+34%) — NGS ARR $9.10B & FY27 guide
Palo Alto Q4 FY26 revenue $3.41B (+34%), NGS ARR $9.10B (+63%), RPO $21.2B; GAAP NI −$282M, non-GAAP NI $853M. FY26 revenue $11.48B (+24%). FY27 guide $14.1–14.2B / NGS ARR $11.075–11.175B.
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NOW.US: Q2'26 sub $3.88B — AI ACV tops $1B
ServiceNow Q2 subscription $3.877B (+24.5%), total $3.987B; cRPO $13.20B (+21%). AI ACV crossed $1B. FY subscription guide $15.76–15.78B.
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NET.US: Edge network, security, developer platform
Cloudflare edge + AI gateway; Q2 +36%. Includes last-6-month news tape.
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IBM.US: Hybrid cloud software + consulting + genAI
IBM hybrid cloud + consulting; watsonx.governance / Lightwell. Includes last-6-month news tape.
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FTNT.US: Q2'26 $2.05B (+26%) — product +52% & $2.37B billings
Fortinet Q2 2026 revenue $2.05B (+26%), product $773M (+52%), billings $2.37B (+33%); 34% GAAP OM, $966M FCF. FY26 revenue $8.020–8.180B. See PANW.
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CRWD.US: Q1 FY27 $1.39B — record NNARR & 4-for-1 split
CrowdStrike Q1 FY27 revenue $1.39B (+26%), ARR $5.51B, NNARR $256M. OCF $591M / FCF $468M. 4-for-1 split 2026-07-02. Billings previously missed.
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CRM.US: Q2 FY27 $11.3B — Agentforce ARR >$1.5B & FY raise
Salesforce Q2 FY27 revenue $11.3B (+11%, incl. $456M Informatica), cRPO $33.5B (+14%), Agentforce ARR >$1.5B (+240%, now includes Slackbot/Headless 360). FY27 revenue $46.1–46.4B (incl. pending Contentful/Fin).
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CDNS.US: EDA + system analysis
Cadence EDA + system analysis.
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APP.US: Mobile ads + AXON engine
AppLovin mobile ads + AXON.
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ADSK.US: Design & make software cloud transition
Autodesk design & make software.
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ADP.US: Payroll outsourcing + HCM recurring revenue
ADP payroll + HCM.
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ADBE.US: FY26 Q3 $6.76B — $27.5B ARR & Dec CEO handoff
Adobe Q3 FY26 revenue $6.76B (+13%), ending ARR $27.50B, GAAP EPS $4.62 / non-GAAP $6.13, OCF $2.52B. FY revenue $26.576–26.626B. Anil Chakravarthy becomes president & CEO on 2026-12-01; Narayen to executive chair.
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WDC.US: FY26 Q4 $3.75B — pure-play HDD & AI nearline
Western Digital FY26 Q4 revenue $3.75B (+44%), GAAP GM 54.1%, FCF $1.28B; FY $12.92B. Q1 FY27 midpoint $4.1B. Flash is SNDK.
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SNDK.US: FY26 Q4 $8.97B — NAND supercycle & conservative guide
Sandisk FY26 Q4 revenue $8.97B (+51% QoQ), GM 84.6%, datacenter ~$2.98B. FY $20.25B. Q1 FY27 guide $10.3–10.8B below some estimates — watch cycle-top signals.
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PLTR.US: Q2'26 $1.94B (+93%) — US commercial +149% & Rule of 40
Palantir Q2 revenue $1.935B (+93%), US commercial $764M (+149%), 47% GAAP op. margin, Rule of 40 ~155%. FY26 revenue guide ~$8.15B midpoint. Multiple still rich.
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MCD.US: Q2'26 $7.1B — comps slow & new US president
McDonald's Q2 revenue $7.10B (+4%), global comps +1.3%, US +0.8% (traffic still negative). EPS $3.32 / adj $3.38. Skye Anderson named US president. Defensive cash cow; near-term is execution.
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LLY.US: Q2'26 $23.0B (+48%) — tirzepatide ramp & FY guide raise
Eli Lilly Q2 2026 revenue $23.0B (+48%), Mounjaro $9.94B, Zepbound $4.93B; GAAP EPS $7.94; FY26 revenue guide $85–87B. Volume +60%, realized price −13%. Price context ~$820.
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DIS.US: FY26 Q2 $25.2B — record parks & SVOD margin inflection
Disney FY26 Q2 revenue $25.17B (+7%), Experiences $9.49B / OI $2.62B; Entertainment SVOD OI $582M (10.6% margin). Adj EPS $1.57. First print under CEO D'Amaro.
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DDOG.US: Q2'26 $1.12B (+36%) — AI observability & FY raise
Datadog Q2 revenue $1.12B (+36%), 23% non-GAAP OM, $279M FCF. FY26 guide $4.45–4.47B. ~33.4k customers; 4,720 $100k+ ARR. Multiple needs growth to hold.
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BRK.B: Q2'26 operating earnings $13.0B — Abel deploys cash
Berkshire Q2 operating earnings $12.98B (+16%), net earnings $25.7B; cash $365.5B, ~$4.5B buybacks, net equity buyer. Insurance underwriting softer. Succession in progress.
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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, AgentX v3 (agentic KV/routing).
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VRT.US: Q2'26 — AI rack power & liquid cooling
Vertiv Q2 2026 net sales $3.274B (+24% YoY), adj EPS $1.52 (+60%). FY26 guide raised: sales $13.8–14.2B, adj EPS $6.65–6.75. AI rack power + liquid cooling + PurgeRite integration.
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TSM.US: Q2'26 — advanced foundry monopoly
TSMC Q2 2026 revenue US$40.20B (+33.7% YoY, +12% QoQ), **67.7%** GM. Advanced nodes 77%, HPC 66%. Q3 guide US$44.6–45.8B; FY26 CapEx $60–64B. CoWoS and geopolitics remain discount facto
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CRDO.US: Q1 FY27 — Print beat, price miss (GM step-down)
Credo Q1 FY27 rev $479M (+115% YoY) and Non-GAAP EPS $1.20 both beat, yet shares fell ~8–12%. The real “miss” is GAAP GM at 64.5% (−370bps) and Q2 GAAP GM guide 62.9–64.9%, plus a skinnier QoQ slope into a rich multiple. Root cause: optical mix + DustPhotonics amort.—not AI demand collapse.
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CLS.US: Q2'26 — AI server ODM
Celestica Q2 2026 revenue $4.70B (+62%), CCS $3.81B (+84%), adj EPS $2.54. FY26 outlook raised to $20.5B revenue, $11.30 adj EPS. AI server ODM / liquid cooling / OpenAI rack thesis intact.
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AVGO.US: Q3'26 — AI semis $16.7B, FY27 $115B target
Broadcom FY Q3 (to 2026-08-02) revenue $29.6B (+86%), AI semis $16.7B (+221%), delivering the Q3 step-up. Q4 guide ~$34.8B / AI ~$21.7B; FY26 AI raised to $58B, FY27/28 ~$115B/~$230B. Print beat, tape cool. See NVDA.
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ASML.US: Q2'26 — EUV monopoly
ASML Q2 2026 net sales €9.3B, net income €2.9B, 54.0% GM. EUV €3.8B (incl. 1 High-NA). Q3 guide €11.0–12.0B; FY26 sales €43–45B. China export controls are tail risk.
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ANET.US: Q2'26 update — AI Ethernet $2.87B / EPS $0.93
Arista Q2 2026 revenue ~$2.87B, diluted EPS ~$0.93; FY26 AI fabrics target $3.5B. AI DC Ethernet + EOS + XPO thesis intact. See CRDO, AVGO.
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SPCX.US: SpaceX post-IPO — Starlink cash engine
SpaceX Jun 2026 IPO ~$135; now ~**$115** / ~**$1.5T** (~80x P/S). Starlink 2025 revenue $11.4B, ~$4.4B op profit; Musk ~82% votes. Controlled company + rich multiple + launch/satellite Ca
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ORCL.US: Q1 FY27 $19.3B (+30%) — IaaS +121% & RPO $664B
Oracle printed Q1 FY27 on 2026-09-10: revenue $19.3B (+30%), Cloud $11.6B (+62%), IaaS $7.4B (+121%), RPO $664B; OCF $23B, FCF −$5B, ~$20B ATM equity. FY27 revenue at least $90B. Price context ~$125.
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NVDA.US: Q2 FY2027 update — Blackwell ramp & Q3 $98.5B guide
NVIDIA Q2 FY2027 revenue $92.1B (+13% QoQ), Data Center $85.6B, ~74.8% GM, GAAP EPS $2.98, ~$52B FCF. Q3 guide $98.5B ±2%. Price ~$218; Hold / premium. See AMD, TSMC.
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GOOGL.US: Q2'26 Cloud +82% & Capex ceiling
Alphabet Q2 2026 revenue $119.8B (+24%), Google Cloud $24.8B (+82%), op income $40.8B. ~$205B CapEx ceiling is the near-term focus; price ~$334. Separate GAAP EPS (SpaceX mark-to-market) from operating EPS ~$2.85.
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AMD.US: Q2’26 update — DC doubled, Helios ramping
AMD Q2 revenue $11.54B (+50%), Data Center $6.72B (+107%, 58% of sales), Non-GAAP EPS $1.66 / GM 56%. Q3 guide ~$13.0B ±$0.3B. Helios/MI400 and large-customer deals enter ramp verification. See NVDA, CPU industry, CUDA moat, AgentX v3.
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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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INTC.US: Q2 revenue surge & foundry rebuild | full §A pack
Intel Q2 2026 revenue $16.1B (+25%), non-GAAP EPS $0.42; GAAP loss driven by ~$12.5B CHIPS escrow non-cash charge. DCAI +59%, Foundry +31%; Q3 guide $15.8–16.8B. Price ~$92.80 (2026-08-19). See AMD, CPU industry.