Weekly Insights
The election repriced the AI build-out, the model's BUY list went empty for the first time — and payments and pharma quietly compounded through the storm.
Weekly Insights
The AI bill came due this week — and the market stopped paying it for everyone equally.
Research
Every earnings season produces one print that punishes investors for reading the headline number. VICI's third quarter is that print.
Research
Every portfolio has a product so ordinary it hides in plain sight. This month it is on your feet.
Research
Some earnings prints answer the question investors brought into the quarter. GE Vernova's third quarter changed the question.
Research
KLA printed the kind of quarter that is supposed to settle an argument. Revenue accelerated to $4,136.0M, up 28.9% year over year after a long run of single-digit sequential steps, gross margin widened to 61.85%, and operating margin reached 45.01%.
Research
Vertiv opened its call with a rebuttal.
Research
Microsoft did the thing the market had stopped expecting: it made Azure bigger and faster at the same time. For the first time, Azure has a dollar figure — $33,170M in the quarter, up 48.2% year over year, after +42% in the June quarter on the restated basis.
Research
ASML beats Applied Materials on growth, quality and momentum in our KPI-scored head-to-head — Total 61.3 vs 43.5 — but with no fair value on file for either name, valuation, income and risk go unjudged and confidence is low.
Research
The quarter in one line: Alphabet's operating engine posted its strongest verified quarter in this series — Search revenue +12% to $63,300M with query growth at a five-year high, and Google Cloud +103% to $30,700M at a 36.2% operating margin with a $561B backlog
Research
Visa beat on both lines — revenue $12,139M vs $12,091M expected (+0.4%), adjusted EPS $3.48 vs $3.44 expected (+1.2%) — expanded every margin, converted 114.8% of net income into free cash flow and returned $5,281M to shareholders in a single quarter.
Research
The quarter in one line: Waste Management beat on revenue ($6,846M vs $6,813M, +0.5%) and grew operating income to $1,279M, but adjusted EPS of $2.15 missed the $2.18 estimate by 1.4%