| Ticker | Name | Current thesis | Research | Seen in | Total $k |
|---|---|---|---|---|---|
| ABNB | Airbnb | Airbnb — hotels check in: Q2 revenue +17% to $3.6B (beat) with GBV +16% and Nights and Seats Booked accelerating to 10% at 148 million, North America posting its strongest growth in nearly three years, and adjusted EBITDA of $1.3B at a 35% margin. The hotel expansion is becoming meaningful — thousands of boutique and independent hotels across 20+ destinations, still single-digit percent of nights but growing roughly 3x faster than core homes and bringing new travellers who later cross into home rentals: "less about competing head-on with Booking and more about widening Airbnb's top of funnel." The World Cup added 150,000+ first-time listings; customer support cost per booking fell 16%. FY26 revenue growth guidance raised again to at least mid-teens with EBITDA margin to 35.5%+. A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-08 | — |
| ADI | Analog Devices | Analog Devices — grid-to-chip breakout (2026-AUG-22): the cleanest acceleration of the week. Q3 revenue +40% Y/Y to $4.0B with adjusted EPS +68% to $3.45 (earnings growing ~1.7x revenue), a 50% adjusted operating margin and record TTM free cash flow of $4.9B. The mix disclosure is the tell: data center is now 80% of Communications revenue (from 75%+ last quarter) with optical and power each growing >100% Y/Y, Optical Circuit Switching set to roughly double this year and again in 2027, and the energy business past $500M. The $1.5B Empower Semiconductor acquisition closed in July, extending the power portfolio "directly into the processor package" — management now frames the franchise as spanning "grid to chip," the increasingly hard problem of delivering power efficiently from the data-center grid to AI accelerators. Q4 guided above consensus on both lines (~$4.3B vs $4.08B; ~$3.86 vs $3.55) with momentum expected into FY27. The second-derivative way to own the buildout: "ADI's growth story looks increasingly like an AI infrastructure cycle of its own." | QT · SA · STK · FA | 2026-AUG-22 | — |
| ADSK | Autodesk | Autodesk — "close the loop" via the $3.6B all-cash MaintainX acquisition (its largest, adds maintenance/frontline ops to design/make/operate, $40B TAM) — static design + live operational data, a moat App Economy argues LLMs can't replicate. Analyst pushback (Jefferies/Wolfe) on the premium; MaintainX dilutes margins first. | QT · SA · STK · FA | 2026-AUG-29 · 2026-MAY-30 | — |
| ADYEY | Adyen | Platform broadens — H1 net revenue +19% to €1.30B (+21% cc) on processed volume +24% to €804B at a 49% EBITDA margin, with Q2 cc growth accelerating to ~22%. Adyen made its first two acquisitions ever in July, Talon.One (loyalty and promotions) and Orb (usage-based billing), pushing toward a merchant financial operating system, and signed OpenAI as a customer — a marker for AI-native businesses and agentic commerce. FY26 cc revenue guidance rose to 21–23%. The cost is honest: ~1 point of FY26 EBITDA-margin dilution and pulled-forward data-centre capex at ~7% of revenue, against a 55%+ long-term margin ambition. A disclosed App Economy Portfolio holding. | QT · SA · STK | 2026-AUG-15 | 1.0 |
| AFRM | Affirm Holdings | Affirm — growth meets leverage: Q4 revenue +~34% to $1.17B ($90M beat) with GMV +36% to $14.1B against a $13.4B consensus and adjusted operating margin expanding 27% → 30% (ignore GAAP EPS of $4.77 — distorted by a $1.45B tax benefit, "so it isn't particularly meaningful"). Growth broadened beyond Pay-in-4 as its comparisons hardened: direct merchant integrations drove roughly half of GMV growth, direct-to-consumer and the Affirm Card (~19% penetration of active consumers) most of the rest, with merchants adopting evergreen 0% financing. Active consumers +21% to 27.8M, funding capacity $30B, credit described as stable — and the stated discipline is that Affirm "would slow originations before allowing underwriting standards to deteriorate." FY27: >$64B of GMV (from $50.2B), revenue above ~$5.4B, adjusted operating margin above 30.5%. "Less about one product carrying growth and more about building a broader payments network." | QT · SA · STK · FA | 2026-AUG-29 | — |
| ALAB | Astera Labs | Astera Labs — the connectivity bottleneck. Light Street's #1 buy of Q2 2026 and Whale Rock's #2: Astera sells the connectivity chips that move data between GPUs, CPUs, memory and networking, and “as AI clusters become larger and more complex, connectivity is becoming an increasingly important bottleneck.” The structural read is that as compute scales out, the constraint migrates from the accelerator to the interconnect. Smart-money accumulation (13F round-up), not an App Economy rating. | QT · SA · STK · FA | 2026-AUG-18 | 1.1 |
| ALC | Alcon | Alcon — one of Bill Ackman's six new Q2 2026 positions, and the odd one out of the basket: an eye-care device and contact-lens business rather than a financial toll booth, and the only healthcare name anywhere in the Q2 13F round-up. | QT · SA · STK · FA | 2026-AUG-18 | — |
| AMAT | Applied Materials | Tool bottleneck, priced-in stock — Q3 revenue +25% to a record $9.1B with adjusted EPS +41% to $3.50, Semiconductor Systems +30% to $7.0B and a record 34% non-GAAP operating margin. DRAM is now 26% of Semi Systems revenue as memory makers race to expand HBM supply and advanced packaging is guided to grow more than 70% this year; customers supply eight-quarter forecasts and push for faster delivery, so Applied has nearly doubled manufacturing space and plans to double quarterly system output by 2028. Q4 guided to $10.25B vs $9.56B consensus — yet the stock slipped after nearly doubling this year. Demand is getting stronger; high expectations are already baked in. | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-15 | — |
| AMD | Advanced Micro Devices | Disclosure-only — one of the App Economy author's portfolio holdings (not discussed in the NVDA-Gone-Parabolic body). | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-04 · 2026-JUN-26 · 2026-MAY-30 · 2026-MAY-22 | — |
| AMGN | Amgen | Amgen — growth outruns the cliff: Q2 revenue +10% to $10.1B (a $680M beat) with product sales +9% on volume and 22 products growing double digits. The six key growth drivers grew 26% collectively to nearly 70% of product sales — Repatha +37%, EVENITY +38%, UPLIZNA +90% — more than offsetting Prolia's 32% biosimilar decline. FY26 revenue guidance raised $1.0B at the midpoint to $38.2–39.4B. Two caveats: the obesity pipeline narrowed to MariTide alone after AMG 513 was discontinued (nine Phase 3 studies, three more planned), and Tavneos remains an FDA overhang. "Growth is broadening faster than legacy products are declining." Referenced recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-08 | — |
| AMZN | Amazon (AWS) | Amazon — the CapEx equation: 2026 CapEx raised $200B→$220B and Jassy says even that won't meet 2026 or 2027 demand. AWS +37% to $42.2B (fastest in 18 quarters) at a 39% margin (+520 bps ex a $600M energy gain), backlog $496B, AI and custom-chip businesses each past a $25B run rate. The bill: trailing CapEx $169B (+64%) pushing TTM FCF to −$7.6B — capital spending now exceeds operating cash flow; net profit carried a $53.4B Anthropic markup. The defence: servers break even in <3 years against ≥5-year contracts, data centres monetize ~2 years out but run 30+ years across five or six server generations, with most 2027 capacity already reserved. "If demand, pricing, or utilization disappoints, that operating leverage works in reverse." A disclosed author holding. Referenced/neutral. | QT · SA · STK · FA | 2026-AUG-18 · 2026-JUL-31 · 2026-JUL-17 · 2026-JUN-30 · 2026-JUN-23 · 2026-JUN-16 · 2026-JUN-09 · 2026-MAY-29 · 2026-MAY-26 · 2026-MAY-22 | — |
| ANET | Arista Networks | Arista Networks — supply catches up: Q2 revenue +38% to $3.0B (a $210M beat) with adjusted operating margin at 50%, above the 46–47% guided. The change is supply — Arista has secured memory for 2026, expanded manufacturing and distribution and extended visibility into 2027, letting it finally convert backlog even while expecting industry shortages through 2028. Etherlink AI fabrics went from 4–5 customers in 2024 to 100+, with purchase commitments at $9.7B. FY26 guidance raised a third time to ~$12.6B (+40%) with operating margin to 48–49%. "The remaining constraint is no longer customer demand, but how quickly Arista can secure enough components." A disclosed author holding. Referenced recap. | QT · SA · STK · FA | 2026-AUG-08 | — |
| AS | Amer Sports | Amer Sports — Wilson joins in (2026-AUG-22): the single-brand risk finally recedes. Q2 revenue +32% to $1.63B ($90M beat) with adjusted EPS of $0.22 more than doubling expectations and all three segments growing above 20% as Arc'teryx, Salomon Softgoods and Wilson Tennis 360 "increasingly operate as parallel growth engines": Outdoor Performance +37% (after 42% in Q1), Arc'teryx Technical Apparel +32%, and — the change that matters — Ball & Racquet accelerating to 24% from 13%. Margins need the tariff subtraction and survive it: adjusted operating margin jumped 730 bps to 12.8% of which 390 bps was refunds, yet "even excluding that windfall, group operating margin expanded more than three points" (Ball & Racquet's 17.2% carried a 970 bps benefit and still improved underneath). The sell-through check passes too — inventory +19% against revenue +32%. FY26 guidance raised again to ~24% growth (from 20%–22%) at a 14.2%–14.5% operating margin. "Amer is increasingly proving that its growth story is bigger than any single brand." | QT · SA · STK · FA | 2026-AUG-22 | — |
| ASML | ASML Holding | ASML Holding — referenced: a slice of SK Hynix's ~$28B raise is earmarked for ASML EUV (extreme-ultraviolet) lithography scanners, "the tools leading-edge DRAM can't be made without." A disclosed author holding. Referenced/neutral. | QT · SA · STK · FA | 2026-AUG-18 · 2026-JUL-07 | 4.9 |
| AXON | Axon Enterprise | Axon — Dedrone breaks out: Q2 revenue +35% to $904M (a $28M beat), a tenth straight quarter above 30% growth, with adjusted EBITDA $242M at a 27% margin. Counter-drone is the new leg — Dedrone surpassed $100M of quarterly revenue as Platform Solutions surged 123%, accelerated by World Cup security but expected to persist — alongside two nine-figure city agreements and record future contracted bookings of $15.1B. Software & Services +36%, ARR +39% to $1.6B, NRR 126%, AI Era revenue up nearly 700%. Costs of scaling are visible: margin pressure from professional services, inventory to $487M, and memory inflation guided to pressure Q3 margins. FY26 growth guidance raised to 32–34%. A disclosed author holding. Referenced recap. | QT · SA · STK · FA | 2026-AUG-08 | — |
| BABA | Alibaba | Alibaba — the AI payback: FQ1 revenue +9% to $39.6B with operating margin down to 6% from 14% and adjusted EBITA −30% to $4.0B, but AI Cloud & Compute +45% to $7.1B (fastest in 5+ years, AI product revenue triple-digit for a 12th straight quarter, AI now ~35% of external Cloud revenue) and real operating leverage — Cloud adjusted EBITA +133% to $830M at a ~12% margin, three times the revenue growth rate while capacity scales hardest. The bill: ~$10B of quarterly CapEx (+75%) and free cash flow a −$6.6B outflow inside an unchanged ¥380B (~$56B) three-year AI plan. The headline metric is management's disclosure that AI compute assets break even in roughly three years, "comfortably within their expected useful life," trending toward ~2.5 years as utilization, Cloud margins and in-house silicon mix improve. Full-stack: T-Head Zhenwu chips (650+ external customers), Alibaba Cloud, open-weight Qwen (3B+ downloads, 300k+ derivative models) and apps, with MaaS past ¥16B (~$2.4B) ARR — give the weights away, capture the inference. Offsets: newly broken-out AI Labs & Applications loses ~$2.0B (4x Y/Y) on $0.5B of revenue, and China E-commerce fell 8% to $16.3B — replaced by Quick Commerce +45% to $7.9B (bigger than Cloud), improving unit economics, profitability targeted FY29, potentially ~30% of platform GMV. "Broadly the same playbook we are seeing from the US hyperscalers." A disclosed author holding. Also previously named among ~10 Chinese companies cleared to buy NVIDIA's H200. | QT · SA · STK · FA | 2026-AUG-21 · 2026-MAY-22 | — |
| CBRS | Cerebras Systems | Cerebras Systems — first quarter as a public company (May-2026 IPO priced $185, closed day-one $311 +68%, then faded and plunged below IPO on its first earnings): rev +94% to $193M (clean beat-and-raise, FY26 guide $855-865M, adj EBITDA flipped positive) but FCF −$120M as the bottleneck shifts from demand to data centers (capex $132M, ~$2.3B of future leases off the balance sheet). Wafer-Scale Engine (~4T transistors vs Blackwell's ~200B) runs inference ~10× faster than GPU clusters, sidestepping scarce HBM/CoWoS/3nm. Genuine non-Nvidia demand; risks = UAE customer concentration (G42, MBZUAI), an OpenAI deal (>$20B, warrants booked as contra-revenue) and a margin guide-down from renting capacity back while data centers come online. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-14 · 2026-JUN-30 · 2026-JUN-19 | — |
| CHWY | Chewy | Necessities carry it: Q2 rev +7% to $3.33B, 22M customers, record $602/customer, Autoship 85% of revenue, adj. EBITDA margin +90 bps to 6.8% (partly tariff refunds/rebate timing/breakage, gross margin flat); treats weakening, FY27 guide nudged up yet shares −11% — Autoship, vet care (Modern Animal) and AI efficiencies are levers independent of discretionary spend. | QT · SA · STK · FA | 2026-SEP-12 · 2026-JUN-13 | — |
| CRWD | CrowdStrike | CrowdStrike — what doesn't kill it (2026-AUG-26): two years after the July-2024 outage, "the best quarter in company history." Revenue +26% to $1.47B in a fifth consecutive quarter of acceleration, non-GAAP operating income +46% to a record $372M (25% margin), Q2-record FCF $377M — but the KPI is net new ARR at an all-time record $333M, +51% Y/Y, accelerating from +32%, with record new-logo net new ARR and both gross and net retention improving ("the acceleration extends beyond existing customers buying more modules"); ending ARR +25% to $5.84B. Two engines: Falcon Flex ARR +101% to $2.29B, ~40% of total ARR (935+ new accounts, converts lifting ending ARR ~40% on average — commit the budget first, then consolidate modules onto it), and the agent-era surface area — "every agent effectively becomes another identity and another attack surface" — with AIDR ending ARR nearly tripling Q/Q (management believes the category "could eventually exceed EDR") and Next-Gen SIEM past $695M. Guidance raised again: FY27 revenue to $6.00B and, more tellingly, net new ARR growth from 22.5% to 34% in six months. The open question is entirely price: above 100x forward EBITDA, with GAAP still a 2% operating loss margin on SBC at ~26% of revenue. A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-26 · 2026-JUN-16 · 2026-JUN-05 | — |
| CSCO | Cisco Systems | Networking supercycle — Q4 revenue +18% to a record $17.3B ($0.4B beat) with product orders +35% and, critically, +25% excluding hyperscalers, so the AI-driven refresh reaches ordinary enterprises and not just cloud data centres; networking revenue +28%. $4B of Q4 hyperscaler AI orders took FY26 to $9.3B against a ~$9B target, and FY27 guidance of $72.2–$73.4B implies ~15% growth, well above consensus. The stock still fell ~4% because only $7.5B of FY27 AI revenue was guided against that backlog, while gross margin slipped 2pp to 66% on hardware mix and memory costs. The debate has moved from AI demand to conversion. | QT · SA · STK · FA | 2026-AUG-15 | — |
| DAL | Delta Air Lines | Delta Air Lines — Q2 rev +19% to $19.8B (beat), adj EPS $1.56, 9% op margin; absorbed a record fuel bill ($4.4B, +77% Y/Y) via premium (+17%), loyalty (+19%) and Amex remuneration ($2.4B/qtr → ~$9B/yr); MRO → $1.2B (+50%); new basic premium-fare tiers. Reaffirmed FY26 EPS $6.50-7.50 (vs $5.97 est) but declined FY27 guidance on geopolitical uncertainty. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-18 · 2026-JUL-11 | — |
| DELL | Dell Technologies | Dell — AI demand breaks the model: rev +88% to $43.8B, AI servers +757%, backlog a record $51.3B, FY27 guide $165-169B (vs $145B) and AI-server rev guided to $60B (+144%). Gross margin 18% on the mix; DRAM/NAND/CPU supply is the gate (customers signing 5-yr deals); watch margin recovery vs the Supermicro/HPE allocation race. | QT · SA · STK · FA | 2026-MAY-30 | — |
| DIS | Walt Disney | Streaming profitability turned repeatable (13% SVOD margin, double-digit on track for FY26) just as Experiences delivered the quarter the bears said it couldn't — record $10.0B revenue (+10%), op income +20%, attendance +3% and per-guest spend +4%. Entertainment op income +64% on Toy Story 5 past $1B, which also lifted merchandise and Disney+ engagement. ESPN is the lone drag (Sports op income −17% to $858M). Buyback raised to ≥$9B; Disney+ expands beyond video in spring 2027, aimed at churn and lifetime fan value. | QT · SA · STK · FA | 2026-AUG-11 · 2026-JUN-23 | — |
| DOCN | DigitalOcean | DigitalOcean — AI accelerates: Q2 revenue +29% to $281M with non-GAAP EPS $0.45 (a $0.19 beat) and a 40% adjusted EBITDA margin. AI customer ARR +212% to $234M, $1M+ customer ARR +214% to $259M, a record $93M of incremental ARR (nearly triple last year), and RPO up 12x to $894M; the new Inference Engine saw token volume +30x in 60 days. Capacity is the constraint — roughly 155 MW secured, most landing through 2027, with FY26 adjusted FCF margin guided down to 11–13% to fund it. FY26 revenue raised to $1.17–1.18B (+30–31%), Q3 accelerating to 32–34%, and management reiterated confidence in exceeding 50% growth in 2027. Referenced recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-08 | — |
| ESTC | Elastic | Elastic — beat the print, the guide decelerates: rev +16% with cRPO +20% and multi-year RPO at a 4-yr high, but shares −11% on a light Q1 EPS guide ($0.58 vs $0.63) and decel (Q1 FY27 rev +13%, FY27 guide +15%). The multi-year RPO + AI-feature adoption are the offset; the decel is the problem. | QT · SA · STK · FA | 2026-AUG-29 · 2026-MAY-30 | — |
| ETSY | Etsy | Etsy — back to Etsy: Q2 revenue +6% to $668M (a $22M beat) with adjusted EBITDA +15% to $195M and margin past 29%. Etsy GMS grew 8% to $2.6B, accelerating from 6%, but active buyers were roughly flat at 87M while GMS per buyer rose 3% to $124 — "the turnaround remains driven more by getting existing buyers to spend more than by expanding the audience." The simplification completed: Depop sold to eBay for $1.4B after quarter-end (following Reverb), a 12% workforce reduction (~220 roles) and a new $2B buyback. "Etsy is now essentially back to being Etsy, with one core marketplace and a leaner organization. The remaining question is whether buyer growth can follow spending higher." A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-08 | — |
| EXPE | Expedia Group | Expedia — consumer catches up: Q2 revenue +14% to $4.3B (a $150M beat) with gross bookings +12% to ~$34B well ahead of expectations and adjusted EBITDA of $1.1B at a 26% margin. B2B remained the engine (bookings +21%, revenue +23% — a 20th consecutive quarter of double-digit growth) but the news is that consumer finally joined: consumer bookings +8%, including the fastest US growth in 15 quarters, with Vrbo gaining traction as 40%+ of its bookings used partner-funded offers. APAC rebounded as Middle East disruption eased while Europe stayed pressured by airfares; "the FIFA World Cup provided only a modest bookings boost, meaning the underlying strength was broader than the event itself." FY26 guidance raised across every line. "The turnaround is becoming less dependent on a single engine." | QT · SA · STK · FA | 2026-AUG-08 | — |
| GLBE | Global-E Online | Managed Markets scales — Q2 revenue +39% to $299M with GMV accelerating to +44%, adjusted EBITDA +62% to $62M (margin +3pp to 21%) and free cash flow back to $73M. The migration of Managed Markets merchants to V2 completed, the product expanded into Canada and the UK, and onboarding simplified enough that most merchants activate in one session — the first real evidence Managed Markets 2.0 could become a meaningful Shopify growth lever. The Passport acquisition (asset-light cross-border logistics) extends the addressable market beyond merchants that fit the Merchant-of-Record model; FY26 GMV and revenue guidance both raised, partly Passport but with the underlying business also ahead of plan. A disclosed App Economy Portfolio holding. | QT · SA · STK · FA | 2026-AUG-15 | — |
| HPE | Hewlett Packard Enterprise | Q2 +40%, EPS more than doubled; networking +148% to $2.7B on Juniper; AI systems orders +$1.8B (cum. AI bookings $16.4B), $5.9B backlog; raised FY26 guide and pulled long-term targets in by two years; +37% (biggest gain since the 2015 HP split). The gate: DRAM/NAND supply pressure could persist into 2027. | QT · SA · STK · FA | 2026-JUN-06 | — |
| ICE | Intercontinental Exchange | Intercontinental Exchange — one of Bill Ackman's six new Q2 2026 positions; the exchange and market-infrastructure leg of Pershing Square's financial-toll-booth basket (owner of the NYSE and the mortgage-technology stack). Smart-money accumulation, not an App Economy rating. | QT · SA · STK · FA | 2026-AUG-18 | — |
| KRC | Kilroy Realty | Kilroy Realty — betting on offices, the most contrarian name in the Q2 13F round-up. Route One's #1 buy: premium office properties concentrated in West Coast technology markets, on the thesis that “improving tech and AI leasing could help fill still-elevated vacancies, creating meaningful upside if the office recovery continues.” A landlord's fixed cost base means recovered occupancy drops through to profit — the round-up's most indirect AI trade. | QT · SA · STK · FA | 2026-AUG-18 | — |
| KVYO | Klaviyo | Klaviyo — agents gain traction: Q2 revenue +26% to $371M (an $8M beat) with $50K+ ARR customers +36% to 4,477 (roughly 40% of ARR) and NRR 109%. The agent evidence is unusually concrete this early — Composer launched broadly in June and already has 95,000+ users with nearly a quarter returning weekly; Customer Agent adoption +40% Q/Q with autonomous resolutions up nearly 80% since early June; and Klaviyo signed its largest deal ever, an eight-figure multi-product contract. Gross margin fell three points to 73% on higher text-message carrier fees now being passed through. FY26 revenue guidance raised to $1.526–1.534B. "The first meaningful evidence that agents could become a real growth lever." Referenced recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-08 | — |
| LEN | Lennar | Lennar — Berkshire added in the quarter it became a net buyer of stocks for the first time in 14 quarters, alongside DAL and a small DHI open. Part of a deliberate multi-name homebuilder tilt, consistent with the $6.8B Taylor Morrison acquisition reported with the same quarter's results. | QT · SA · STK · FA | 2026-AUG-18 | — |
| LLY | Eli Lilly | Eli Lilly — volume crushes price: Q2 revenue +48% to $23.0B (a $2.3B beat) on a 60% volume increase against a 13% decline in realized prices — Mounjaro +91% to $9.9B, Zepbound +46% to $4.9B, combined GLP-1 revenue near $15B, international Mounjaro more than doubling to $5.2B on deliberate cuts including China reimbursement. Foundayo, the new oral obesity pill, did $98M in quarter one; retatrutide (triple-hormone GLP-1/GIP/glucagon) cleared three more Phase 3 obesity trials with an FDA filing planned Q1 2027. FY26 revenue guidance +$2.5B to $85–87B, though $3.03/share of acquisition R&D charges offset the underlying EPS raise. "The GLP-1 story remains a volume machine." Referenced recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-08 | — |
| MA | Mastercard | Mastercard — the crack didn't widen: Q2 revenue +14% to $9.3B and adjusted EPS +21% to $5.04, both beats, as the feared Middle East hit moderated and cross-border held at 12%. The engine is tilting to services — value-added services +20% (accelerating, cybersecurity central after Recorded Future) — with payment network revenue +10% on $2.9T of gross dollar volume and operating margin to 61.1%. FY26 guide raised to "low teens"; $4.9B repurchased. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-01 | 7.0 |
| MDB | MongoDB | MongoDB — Atlas carries it and the Q4 sell-off looks overblown: rev +25% to $688M (beat + guide raise), Atlas +29% (~75% of rev, record +$117M dollar growth), NRR 121%, RPO +88%; MCP/Voyage AI traction. Watch: Enterprise Advanced slowed to 13%, sub gross margin −60bps. | QT · SA · STK · FA | 2026-MAY-30 | — |
| MRK | Merck & Co. | Merck — the bridge broadens: Q2 revenue +5% to $16.6B (beat) with adjusted EPS −$0.13 including a $2.31/share Terns charge. Subcutaneous Keytruda Qlex jumped to $463M from $128M and well above expectations — the cheapest defence against Keytruda's 2028 patent cliff is converting patients to a formulation with its own exclusivity. The rest of the bridge improved too (Winrevair $588M +75%, Capvaxive $184M +42%, Ohtuvayre rebounding), the $6.7B Terns deal closed adding MK-4208, and oral PCSK9 Lipfendra won FDA approval. FY26 revenue guidance +$0.4B to $66.3–67.3B; the EPS cut is acquisition charges, not operations. Referenced recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-08 | — |
| MU | Micron Technology | Micron — most extraordinary quarter in its history: revenue +346% to $41.5B, 85% gross margin, EPS $25.11, adj FCF $18.3B (vs $1.9B); Q4 guide ~$50B / ~86% GM. Almost all price, not volume (DRAM +60%/qtr on low-single-digit bit growth). Using 16 take-or-pay Strategic Customer Agreements (~$100B min, ~$22B deposits, through 2030) to set a margin floor above the prior ~60% cyclical peak — trying to break memory's boom-bust curse. Cap ~$150B → ~$1.3T in a year. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-18 · 2026-JUL-07 · 2026-JUN-26 | — |
| NET | Cloudflare | Cloudflare — agentic acceleration: Q2 revenue +36% to $696M, accelerating from 34%, with FCF +69% and shares +16% as a 20% workforce cut showed no visible impact on growth. Large customers +27% to 4,698 (73% of revenue), DBNR 120%, and Workers added nearly 2 million developers in one quarter — twice the Q1 pace, more than all of 2025. Non-human traffic exceeded human traffic on its network for the first time, and Cloudflare is building agent Wallets and payment rails — explicitly not buying GPU clusters, but supplying "the network, security, and orchestration layer around AI workloads." Gross margin rose sequentially to 73% for the first time in eight quarters; FY26 guidance raised again. "Less like a restructuring narrative and more like a growth catalyst." A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-08 | — |
| NFLX | Netflix | Netflix — the battle for attention: a solid-but-unraised Q2 FY26 (revenue +13% to $12.6B, EPS $0.80, operating margin 33%; FY guidance narrowed, not raised) sent shares down ~8% on top of a >40% twelve-month decline. Ads on track to double to ~$3B (ad tier past 250M monthly active viewers), live buying sign-ups rather than hours (just over 5% of content spend, ~1% of view hours, six of the ten largest sign-up days in five years), a record $4.7B buyback. The flags: engagement disclosure retreating (What We Watched goes annual from 2027, decoupled from earnings; churn never disclosed) and US TV-time share of 7.8% versus a 9.0% December peak while YouTube (a record 13.4%), Prime Video and Tubi all set records. "Risks becoming more complex without becoming more valuable." A disclosed author holding. Referenced/neutral. | QT · SA · STK · FA | 2026-AUG-18 · 2026-JUL-17 · 2026-JUL-10 · 2026-JUN-23 | 4.4 |
| NTES | NetEase | NetEase — evergreen games deliver (2026-AUG-22): Q2 revenue +8% to $4.4B with gross margin +6pp Y/Y to 70% and games and related services +10% to $3.7B — "NetEase did not need a major new launch to sustain momentum." The live-service back catalogue carried it: Fantasy Westward Journey, Where Winds Meet, Marvel Rivals back to #2 on Steam's global top-seller chart after a summer content update, and Eggy Party at 700M registered users with MAUs consistently above 100M. The EPADS miss ($1.78, −$0.53) was "primarily due to investment losses rather than weaker operations" — a below-the-line item, not a demand signal. A healthy base buys pipeline patience: Sea of Remnants had "a steeper-than-intended learning curve in early testing" and is being simplified rather than rushed, while Ananta stays in development. AI is described by management as an "amplifier" for content creation, deployed across development and UGC tools. Outside gaming: Youdao +4%, Cloud Music flat, Innovative Businesses −4%. "The next launches now look more like potential upside than something NetEase needs to sustain growth." A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-22 | — |
| NTNX | Nutanix | Nutanix — demand is there, supply isn't: rev +10%, ARR +15% to $2.4B, 700+ new logos — but server-hardware constraints and prices are delaying booking→revenue (could extend into FY27); mitigating via NC2 cloud clusters; IdentityAI launched (NVIDIA GPU support, AMD coming). The VMware-migration opportunity is the upside. | QT · SA · STK · FA | 2026-AUG-29 · 2026-MAY-30 | — |
| NU | Nu Holdings | Credit fears ease — the direct rebuttal to the grow-now-default-later bear case: the credit portfolio grew 37% to $39.4B while cost of credit fell 9% Q/Q, risk-adjusted NIM rebounded to 12.4% from 9.5% and early delinquencies improved to 4.8%. Q2 revenue +50% (+39% cc) to $5.5B, net income +49% through $1B quarterly for the first time, a record 33% ROE, 139M customers and ARPAC +22% cc. Mexico is the Brazil playbook on fast-forward — 15.8M customers, now a full bank, with ARPAC already $12.3 vs $5.6 for Brazil at the same stage. The clean half of the LatAm-fintech divergence against StoneCo. A disclosed App Economy Portfolio holding. | QT · SA · STK · FA | 2026-AUG-15 | — |
| OKTA | Okta | Okta — identity for the agent era: stock +28% on NRR 107% (first meaningful improvement in years), FCF 36% margin, new products ~25% of bookings; CEO calls the AI-agent pipeline "bigger than anything we have ever seen" (90%+ run agents, only 22% feel governed) — but Okta-for-AI-Agents isn't material yet and cRPO is flat (+12%). The pipeline needs a number. | QT · SA · STK · FA | 2026-AUG-29 · 2026-MAY-30 | — |
| ORCL | Oracle | 850 megawatts later (2026-SEP-11): the backlog starts converting — 850 MW delivered in Q1 FY27 (almost triple Q4), OCI growth accelerating 93% → 121% to $7.4B, revenue +30% to $19.3B, and RPO still +$26B Q/Q to $664B. $28.5B of CapEx (TTM FCF −$29B) is netted to ~$18B by $11B of customer prepayments; the $20B equity raise is done and new $30B+ contracts need no extra capital. Gross margin −6pp on OCI mix while operating margin +6pp to 35%. "Oracle no longer needs to prove that AI demand exists" — the question is whether ~$70B of net CapEx earns its return. Earlier (2026-JUN): beat + RPO/backlog +363% to $638B, yet the stock fell 12% — the market "stopped paying for backlog and started pricing the cost to deliver it" (~$70B capex, ~$40B raise, gross margins stepping down, FY26 FCF −$24B). "Now a bet on execution." | QT · SA · STK · FA | 2026-SEP-11 · 2026-AUG-04 · 2026-JUN-13 | — |
| PANW | Palo Alto Networks | Palo Alto Networks — strong quarter, messy headline: rev +31%/+14% organic to $3.0B, record $910M adj FCF, NGS ARR $8.1B (+28% organic). The $183M op loss is CyberArk/Chronosphere deal noise, not the business; bought $1B of stock at ~$148 in the SaaSpocalypse dip; CyberArk (→ "Idira") gives agent-era identity; Cortex XSIAM >$600M ARR, Prisma AIRS >300 customers; raised guide a 3rd straight quarter. Risk: ~62x fwd EBITDA after a ~50% rally. (App Economy built a larger PANW position.) | QT · SA · STK · FA | 2026-JUN-05 | — |
| PATH | UiPath | UiPath — first profitable Q1 ever (GAAP op income $28M), rev +17% to $418M; AI in 16 of top-20 deals, Maestro orchestration wins — but ARR +11% and net-new ARR ($49-70M for three quarters) needs a step change or the agentic thesis "stays a margin story vs a growth story." | QT · SA · STK · FA | 2026-MAY-30 | — |
| RACE | Ferrari | Ferrari — scarcity pays: Q2 revenue +8% to €1.94B (beat) with a 39% EBITDA margin and 31% operating margin, earnings rising even as Ferrari deliberately manages deliveries down through a model changeover — because mix skewed richer on the €3.6M F80 (799 units; Citi estimates 60–70 delivered) and personalisation past 20% of car/parts revenue, which Vigna named as the main driver of the raise. Order book full through 2027 and a rare Q2 guidance raise (FY26 revenue ~€7.6B, EBITDA ≥€2.97B, EPS €9.68). Open question: the €550,000 electric Luce, coolly received in May, carries the next three years of volume once the F80 tops out. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-01 | — |
| RBRK | Rubrik | Rubrik — Q1 +39% to $387M, subscription ARR +32% to $1.57B, NRR ~120%, 81% gross margin; Agent Cloud GA with the SAGE governance engine + "Agent Rewind"; AHA selected it as a preferred cybersecurity provider (~5,000 hospitals); joined Anthropic's Project Glasswing. Watch: subscription ARR growth decelerating (34%→32%). | QT · SA · STK · FA | 2026-AUG-29 · 2026-JUN-06 | — |
| SE | Sea Limited | Shopee monetizes — the gap between GMV +28% and Shopee revenue +49% is the whole thesis: the take rate climbed to 14.6% from 12.6% on higher seller fees and advertising up more than 70%, with core marketplace revenue +66% and the FY26 Shopee EBITDA target raised to $1B. Group revenue +48% to $7.8B (a $690M beat). Monee is the fastest engine (revenue +59%, loan book +63% to $11.1B, 90-day NPLs 1.0%) but its EBITDA rose only 13% as provisions and marketing scale, and group adjusted EBITDA rose just 11% with margin down to ~12% from 16%. Monetization is proven; operating leverage is not. A disclosed App Economy Portfolio holding. | QT · SA · STK · FA | 2026-AUG-15 | 2.7 |
| SNAP | Snap | Snap — reset starts working: Q2 revenue +19% to $1.60B (a $70M beat) with adjusted EBITDA surging more than 500% to $250M, FCF more than quadrupling to $121M and net loss narrowing 38%; shares +10%. The operating leverage is the story — the adjusted cost base grew just 4% against 19% revenue growth, adjusted gross margin reached 59%, and April's 1,000-person layoff still removes $500M+ from the annualized cost base in H2. Advertising +9% to $1.28B on better large-advertiser performance, SMB momentum and AI automation, ARPU +13%; the faster piece is direct revenue, Other +85% to $316M on Snapchat+, Memories Storage and Lens+. DAUs 493M, MAUs 971M, with US growth helped by over-35s. The $2,195 Specs AR glasses launch in September — speculative, but now funded by a much healthier core. Referenced recap. | QT · SA · STK · FA | 2026-AUG-08 | — |
| SNPS | Synopsys | Synopsys — the activist-on-the-board catalyst: rev +42% mostly on the Ansys integration (Design IP −6% China, organic below the 2022 boom, shares −2%); Elliott (Jesse Cohn) joins the board with a multi-billion stake (standstill), alongside ~10% workforce cuts and a Sept 30 investor day. | QT · SA · STK · FA | 2026-AUG-29 · 2026-MAY-30 | 2.9 |
| SONY | Sony Group | Sony Group — the catalyst: from January 2028 no new PlayStation game ships on a disc (digital already ~80% of full-game sales), killing the used-game resale market that quietly taxed every publisher. Console was gaming's slowest-growing segment in 2025 (+3% to $45B, 22% of the ~$200B market). Referenced/neutral. | QT · SA · STK · FA | 2026-AUG-08 · 2026-JUL-10 | — |
| SPGI | S&P Global | S&P Global — one of Bill Ackman's six new Q2 2026 positions (with NFLX, V, MA, ICE, ALC) in Pershing Square's “biggest portfolio overhaul in years.” The ratings/index duopoly leg of a financial-infrastructure basket of toll-booth franchises. Smart-money accumulation, not an App Economy rating. | QT · SA · STK · FA | 2026-AUG-18 | 16 |
| STX | Seagate Technology | Seagate — the storage leg of the memory rotation. A top-five Q2 buy for Lone Pine, Sands and Tiger, part of App Economy's “memory and storage moved into focus” theme: “as AI infrastructure scales, funds are increasingly looking beyond compute to the components that feed and store all that data.” With Micron's three buyers, six of the twenty tracked funds bought memory or storage in one quarter — the strongest diffusion cluster in the round-up. | QT · SA · STK · FA | 2026-AUG-18 | — |
| TCEHY | Tencent | The AI bill arrives — Q2 revenue +11% to ¥204.8B (~$30B), accelerating from +9% in Q1, with Marketing Services +22% on AI ad targeting and domestic gaming +17%; adjusted net profit +9%. But capex surged 176% Y/Y (65% Q/Q) to ¥52.8B (~$7.8B), flipping free cash flow from +¥56.7B to a ¥13.8B outflow, defended with the familiar argument that surplus AI capacity can be rented through Tencent Cloud — App Economy's aside: Sounds familiar? The offset no US hyperscaler can match is distribution: WeChat's 1.4B users, a native WeChat agent in testing, WorkBuddy as China's most-used office agent, Hy3 token usage up 20-fold since April. Monetization remains early. Also named among the ~10 Chinese companies cleared for H200. A disclosed App Economy Portfolio holding. | QT · SA | 2026-AUG-15 · 2026-JUL-10 · 2026-MAY-22 | — |
| TEAM | Atlassian | Atlassian — enterprise breakout: Q4 revenue +28% to $1.77B (a $110M beat) with Cloud accelerating again to 31%, GAAP operating margin 12% and shares +30%. Its largest enterprise deal ever, records at $1M/$3M/$5M ACV, the $3M+ ARR cohort +50% and the $5M+ cohort +70%, RPO +44% to $4.8B. AI looks like the consolidation reason: Rovo across 80%+ of the Fortune 500, a Teamwork Graph of 200B+ objects, and Rovo adopters growing ARR at more than twice the rate of non-adopters — proprietary company context beating a generic model. FY27's headline ~13% growth understates it (Data Center winding down); the real reads are 18% subscription ARR and 25.5% Cloud growth. A disclosed author holding. Referenced recap. | QT · SA · STK · FA | 2026-AUG-08 | — |
| TOST | Toast | Toast — locations reaccelerate: Q2 revenue +23% to $1.91B (a $40M beat) with adjusted EBITDA $221M (+37%) and ARR accelerating 25% to $2.4B. The standout answered Q1's worry directly — a record 9,500 net locations added versus 7,000 in Q1 and 1,000 above the previous record, taking the total to ~180,000 with GPV +22% to $61B, and most adds still coming from the core restaurant business even as enterprise, international and retail widen the TAM. AI monetization is tangible: Toast IQ Grow, its agentic marketing product, is "the fastest-growing product Toast has ever launched" and on track to be its fastest to $10M ARR, with voice, scheduling, payroll, inventory and accounting agents to follow. FY26 EBITDA guidance raised $145M. A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-08 | 0.3 |
| TSM | Taiwan Semiconductor (TSMC) | TSMC (TSM) — allocation context: while the industry fights over scarce TSMC capacity and HBM, Cerebras sidesteps the queue (no HBM, no CoWoS, mature 5nm/SRAM) and builds its systems entirely in the US. | QT · SA · STK · FA | 2026-AUG-18 · 2026-JUN-30 | — |
| TTWO | Take-Two Interactive | Take-Two Interactive — the largest standalone publisher (~$47B EV) at the group's richest 8.0x avg net bookings, pricing a huge GTA VI launch (this November, no disc, possibly 40M+ units at $80). FY27 guidance lifts bookings to ~$8.1B, pulling the forward multiple toward ~6x. Referenced/neutral. | QT · SA · STK · FA | 2026-AUG-08 · 2026-JUL-10 | — |
| V | Visa | Passing reference — Visa cited with Coca-Cola and Adidas as a tiered World Cup sponsor in FIFA's sponsorship revenue stream. | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-01 · 2026-JUN-12 | 0.8 |
| VEEV | Veeva Systems | Q1 +16% to $883M, Vault CRM crossed 150 customers, raised FY27 guide ($6B by 2030). Launched Veeva Falcon — agentic "headless" labor: AI agents built to fully replace job functions (clinical-trial docs, safety-case triage) under a models/agents/applications (MAP) architecture. Uses Claude Code internally; will hire less. | QT · SA · STK · FA | 2026-AUG-29 · 2026-JUN-06 | — |
| WMT | Walmart | Walmart — digital outruns stores (2026-AUG-22): Q2 FY27 revenue +6% to $187.9B and adjusted EPS $0.81 (both beats), but US comps slowed to 2.6%, the weakest in more than six years, sending shares sharply lower. "The headline slowdown is somewhat misleading" — new federal drug-pricing rules cost roughly 125 bps, so ex Health & Wellness comps grew 3.4%, transactions still grew 1.5%, and Walmart spent part of its tariff refunds cutting prices on 11,000+ items while gaining share in grocery and among higher-income households. The real economics compound far faster: global e-commerce +23%, advertising +38%, membership fees +17%, with US e-commerce above 20% for a 10th consecutive quarter and profitability improving "as stores increasingly function as fulfillment hubs." Q3 EPS guided $0.62–$0.64 below consensus (continued refund reinvestment, >$2B of incremental FY27 fuel cost), yet FY27 sales growth guidance was raised to 4%–5% and operating income growth to 7%–8.5%. "Walmart increasingly looks less like a retailer with digital businesses attached and more like an omnichannel platform funded by retail." (Earlier passing reference: its Vizio acquisition as a competing living-room/CTV platform behind the Roku contest.) | QT · SA · STK · FA | 2026-AUG-22 · 2026-JUN-23 | — |
| XYZ | Block (Square / Cash App) | Block — Square catches up: Q2 revenue +9% to $6.6B (beat) with gross profit +25% to $3.2B and a record 27% adjusted operating margin. The long-awaited fix landed: Square gross profit grew 13%, in line with GPV, finally closing the gap between payment volume and monetization, with US GPV accelerating to 10% — its fastest since Q2 2023 — and international +28%. Cash App gross profit +31%, primary banking actives +17%, consumer lending originations +59% to $18.9B. Neighborhoods, connecting Cash App consumers to Square sellers, crossed $1B of annualized seller GPV — early proof the two ecosystems reinforce each other. Internal AI shows in throughput: code changes per engineer +150% this year, ~3x as many features shipped in H1. FY26 guidance raised across the board. A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-08 | — |
| Ticker | Name | Current thesis | Research | Seen in | Total $k |
|---|---|---|---|---|---|
| 9684.T | Square Enix Holdings | Square Enix Holdings (Tokyo; OTC ADR SQNXF) — the cheap, troubled name (2.0x, ~$4B): Final Fantasy/Dragon Quest carry it, but ~13% op margin (half the peer average) on uneven execution and misses; an activist is pushing management. Also the yardstick — 3x'ing Ubisoft only reaches Square Enix. Referenced/neutral. | QT · SA · STK | 2026-JUL-10 | — |
| 9697.T | Capcom | Capcom (Tokyo; OTC ADR CCOEF) — the remake-strategy exemplar (~$7B, premium 7.2x, ~39% FY26 op margin): Resident Evil remakes turned nostalgia into a repeatable growth engine, with Monster Hunter/Street Fighter refreshing mature franchises. The blueprint Ubisoft says it's copying. Referenced/neutral. | QT · SA · STK | 2026-JUL-10 | — |
| AAL | American Airlines Group | American Airlines — fuel eats the record: record $16.7B revenue (+16%) and a beat, yet the worst day in a year (−9%) as back-half fuel expectations jumped ~$1.6B in three weeks (fuel +83% Y/Y with crude above $100, ~$6B full-year headwind); FY26 guide cut to −$0.65 to +$0.65 while Delta reaffirmed and United guided up. Premium +13%, corporate +26%, record AAdvantage enrollment; Isom rebuffing United's merger overtures. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUL-25 | — |
| AAPL | Apple | The $2,000 iPhone (2026-SEP-11): the foldable iPhone Duo ($1,999–$3,199) could take ~a quarter of a category that is only ~2% of shipments without becoming a growth driver (10M Duos vs 200M+ iPhones a year) — the real lever is price: ~$700 trade-up over a $1,299 Pro Max (~$7B incremental on 10M), Pro/Pro Max +$100 after the memory crunch, and no standard iPhone 18. AI as an ecosystem feature: own device, OS and personal context, borrow outside models, and monetize by selling pricier hardware rather than a $20 Siri subscription. Neutral/descriptive; AAPL absent from the author's 2026-SEP-11 disclosure. Earlier entry: disclosure-only — one of the App Economy author's portfolio holdings (not discussed in the NVDA-Gone-Parabolic body). | QT · SA · STK · FA | 2026-SEP-11 · 2026-AUG-18 · 2026-AUG-01 · 2026-JUN-26 · 2026-JUN-16 · 2026-MAY-22 | — |
| ABBV | AbbVie | AbbVie — growth engines hold: Q2 revenue +10% to $17.0B (beat), adjusted operating margin +400 bps to 48.3%. Skyrizi +24% to $5.5B and Rinvoq +25% to $2.5B keep replacing Humira (−36% to $756M) faster than expected, with Skyrizi's momentum unbroken since J&J launched oral rival Icotyde; neuroscience +20% on Vraylar past $1B and Vyalev at $256M. Adjusted EPS guidance cut to $13.87–$14.07 on $0.14 of dilution from the $10.9B Apogee Therapeutics deal. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| ACN | Accenture | Accenture — Q3 rev +6% to $18.7B ($50M miss), GAAP EPS $3.80 (+9%, beat), but new bookings −2% (first Y/Y decline since Q3 FY25); shares −18% (worst day ever), ~−50% YTD. The AI-displacement-on-IT-services thesis showing up in bookings, plus an Iran/EMEA decision-freeze ($100M rev / ~$400M sales hit); $4.2B cyber M&A (Dragos/runZero/NetRise); cut FY26 guide. Now ~6x EV/FCF (lowest ever), ~10% combined div+buyback yield. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUN-27 | 0.4 |
| ADBE | Adobe | Adoption proven, conversion not: Q3 rev +13% to $6.8B, record $2.5B OCF, creative freemium MAU >100M (+70%) and AI-first ARR >$650M (+150%) — but AI-first is only 2% of $27.5B ARR (+11%), freemium slowed net new ARR/RPO (+8%); Chakravarthy succeeds Narayen as CEO Dec 1, soft Q4 guide ("monetization rather than adoption"). | QT · SA · STK · FA | 2026-SEP-12 · 2026-JUN-13 | — |
| ADDYY | Adidas | Passing reference — Adidas (ADR) named as a World Cup sponsor example in the FIFA business explainer. | QT · SA | 2026-JUN-12 | — |
| Advent | Advent International (private) | Private-equity co-bidder for PayPal at $60.50/share — the cash-flow half of the deal: ~8x adjusted free cash flow for "a durable but unloved business, with strong cash generation, and a cost structure that can still be cut," restructurable away from quarterly scrutiny and later relistable or sellable in parts. Referenced/neutral. | — | 2026-JUL-17 | — |
| ALGN | Align Technology | Align Technology — scanners down on purpose: Q2 revenue +4% to a record $1.06B with Clear Aligner +8% to $871M on record volume of 691,800 cases (+7%), APAC/EMEA/LatAm offsetting a flat North America. Systems & Services fell 11% deliberately — pushing lower-priced iTero scanners and leasing to build the installed base and recurring treatment volume (segment guided down 6–8%). The boardroom news: Elliott is engaged — three new independent directors, a strategic and operating-model review, and the 2026 buyback raised to $400–500M. A ~$37.5M UK VAT liability booked and under appeal. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| AMC | AMC Entertainment | AMC — The Odyssey delivers: best quarter in its 106-year history (rev +14% to $1.6B, adjusted EBITDA +70% to a record $321M), shares +27% on fundamentals, not memes; 66% incremental flow-through, Europe EBITDA +337%, 2027/2030 maturities cleaned up. Still box-office-dependent: needs ~$10B annual domestic box office to stay FCF-positive and isn't there yet; "Dunesday" Dec 18. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUL-25 | — |
| Anthropic | Anthropic (private) | Private AI lab (Claude) — safety alarms ahead of a potential IPO (2026-SEP-11): researcher Jacob Coxon quit warning leading labs are "gambling with our lives," and alignment lead Evan Hubinger put the odds of AI killing all humans within the next decade above 10% ("not exactly ideal PR ahead of a potential IPO"). Earlier — the off-switch cautionary tale: $965B private valuation (past OpenAI's), most valuable standalone lab on paper, yet a US export-control directive forced it to disable Fable 5 & Mythos 5 worldwide (a pure-play lab has no business to cushion a shutdown); filed confidentially to IPO. Also Micron's most telling SCA — a memory supply deal paired with Micron's equity in its Series H. And (2026-AUG-26) the partner behind Claudeforce, Salesforce's expanded Anthropic deal letting Claude "access Salesforce customer data and execute Salesforce workflows directly from its own interface" — the concrete proof of the Headless 360 strategy, which App Economy reads as Salesforce embracing the data-layer role rather than fearing it. | — | 2026-SEP-11 · 2026-AUG-26 · 2026-AUG-04 · 2026-JUL-31 · 2026-JUL-29 · 2026-JUN-26 · 2026-JUN-23 · 2026-JUN-19 · 2026-JUN-16 · 2026-JUN-13 · 2026-JUN-06 · 2026-JUN-05 · 2026-MAY-26 | — |
| APP | AppLovin | AppLovin — model timing miss: Q2 revenue +53% to $1.92B but a $20M miss, with adjusted EBITDA +58% to $1.61B at an 84% margin yet slightly below guidance; shares plunged more than 20%. The cause was AI model cadence — fewer meaningful model improvements during the quarter, with the next major upgrade landing just after quarter-end: "because better targeting improves advertiser returns and unlocks more spend, the cadence of model releases can materially move quarterly growth." The consumer expansion is slower than June's AXON self-serve launch implied, with growth still from a small number of advertisers scaling spend and creative the biggest onboarding bottleneck (its GenAI tools can't reliably make the 30–60 second videos advertisers need). Q3 guided slightly below consensus; the SEC closed its inquiry with no enforcement action. A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-08 | 1.3 |
| ARM | Arm Holdings | Arm Holdings — data center offsets phones: Q1 FY27 revenue +22% to $1.29B with licensing +23% and royalties +22% both beating, yet shares −7-8% on the smartphone slowdown and a broad chip selloff. Data-center royalties more than doubled Y/Y for a second straight quarter (Neoverse past 1.5B cores; Nvidia, AWS, Google and Microsoft deepening adoption) and the AGI CPU pipeline now exceeds $2B through FY28 — but guidance still books only the original $1B on secured wafer supply. Watch whether Arm raises that number. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| AVGO | Broadcom | Blow-out Q2 (+48% rev, AI semis +143% to $10.8B, record 49% op margin, FCF $10.3B) with AI bookings >$30B — ~3× shipments, CEO Hock Tan: "visibility to 2028" (OpenAI 10 GW / Meta 3 GW / the $35B Anthropic-TPU financing). Yet shares −15%: the $100B FY27 AI target was reiterated not raised, and Google will diversify its TPU supply. | QT · SA · STK · FA | 2026-AUG-18 · 2026-JUN-06 | — |
| AXP | American Express | American Express — referenced inside the Delta read: co-brand card economics that help premium absorb fuel — Amex remuneration to Delta hit $2.4B in Q2 (+16% Y/Y), tracking to ~$9B/yr, a large, fast-growing high-margin stream tied to the loyalty/premium flywheel. Referenced/neutral. | QT · SA · STK · FA | 2026-JUL-25 · 2026-JUL-11 | — |
| AZN | AstraZeneca | AstraZeneca — pipeline on trial: Q2 revenue +6% to $15.4B ($50M miss) with core EPS $2.63 (big beat), the stock still down YTD after the Wainua heart drug missed its primary endpoint — a rare late-stage failure for a company claiming a 75% trial success rate. Oncology carried it (+6% cc to $7.3B; Imfinzi +27%, Enhertu +31%, Tagrisso +6%), offsetting Farxiga/Brilinta patent cliffs. Soriot insists the $80B 2030 target is risk-adjusted, assumes failures and needs no M&A; Datroway and camizestrant are the two readouts that matter. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| BA | Boeing | Boeing — cash turns positive: Q2 revenue +8% to $24.6B (beat) with a core loss of $0.76 (miss) on a fresh Air Force One charge, but free cash flow turned positive at $631M and backlog hit a record $715B across 6,200+ jets. 171 deliveries, the most since 2018; 737 output moving 42→47/month with Everett North Line activated and 52 targeted by year-end; MAX 7/MAX 10 finished certification flight testing, 777X cleared to start. Catches: the $280M fixed-price VC-25B charge (four years late, $1B+ of overruns), ~$1.5B of customer advances flattering the cash beat, and a $700M DOJ payment in Q3. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | 2.3 |
| BBY | Best Buy | Best Buy — first meaningful positive comp in several quarters (+2%, gaming/computing/mobile/services), shares +18%; domestic gross margin 23.7% lifted by the higher-margin Marketplace + Ads businesses; new categories (AI glasses, 3D printers) + OpenAI/Google partnerships. Memory shortage: customers "aren't pulling demand forward." | QT · SA · STK · FA | 2026-AUG-29 · 2026-MAY-30 | — |
| BCE | BCE (Bell Canada) | Bell Canada (BCE) — passing reference: the new 120MW Canadian data-center site Cerebras is bringing online as it races to add inference capacity across the US, Europe and Canada. | QT · SA · STK · FA | 2026-JUN-30 | — |
| BE | Bloom Energy | Bloom Energy — on-site fuel-cell power leg of the physical-buildout cluster among Q2 13F top buys, bought as a way to own the electricity constraint on the data-centre buildout. Cluster-level accumulation only. | QT · SA · STK · FA | 2026-AUG-18 | — |
| BKNG | Booking Holdings | Booking Holdings — travel holds up: Q2 revenue +8% to $7.4B (a $160M beat) with room nights +5% to 325M and gross bookings +9%, both ahead of guidance — "the feared travel slowdown from the Middle East conflict was less severe than expected." The conflict lingers indirectly: elevated airfares and reduced flight capacity keep pressuring long-haul travel through Q3, while the accommodation outlook was unchanged, so "the weakness is concentrated more in flights than hotels." Higher-tier Genius members are now 30%+ of active customers and nearly 60% of room nights; restructuring savings raised to ~$650M. Notably restrained on AI: LLM traffic is still "well below 1% of room nights" — optionality, not a driver. "The conflict interrupted the travel cycle rather than broke it." Referenced recap. | QT · SA · STK · FA | 2026-AUG-08 | — |
| BKR | Baker Hughes | Baker Hughes — energy-technology leg of the physical-buildout cluster among Q2 13F top buys; gas turbines and industrial equipment at the junction of the energy and data-centre capex cycles. Cluster-level accumulation only. | QT · SA · STK · FA | 2026-AUG-18 | — |
| BRK.B | Berkshire Hathaway | Cash starts moving in the Abel era — Q2 revenue +10% to $101.8B with $14.4B of pre-tax operating profit (manufacturing profit +24%, but insurance underwriting −13% and GEICO underwriting −45%). The story is capital allocation under new CEO Greg Abel: $23B of stocks bought against $3B sold, the first net-buyer quarter in more than three years, including ~$10B of Alphabet (after anchoring its ~$85B equity offering at a ~6–8% discount), plus $4.5B of Q2 buybacks, an estimated $3.4B more in July, and the $6.8B purchase of homebuilder Taylor Morrison — taking cash from ~$397B to $365.5B. The question is no longer when Berkshire deploys capital but whether Abel can earn Buffett-like returns on it. | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-15 · 2026-JUN-09 | — |
| ByteDance | ByteDance (private) | Private; named among the ~10 Chinese companies reportedly cleared for H200 — part of the China call-option set NVIDIA assumes contributes zero. | — | 2026-MAY-22 | — |
| CART | Instacart (Maplebear) | Instacart (Maplebear) — customers come back: Q2 revenue +14% to $1.04B, slightly ahead, though adjusted EPS missed by $0.09. GTV accelerated 14% to $10.35B with orders +9% and average order value $115, and Instacart is adding new customers at its fastest pace since 2022. Advertising and other revenue +16% to $297M, again outpacing GTV — the higher-margin engine — with adjusted EBITDA +19% to $313M, or 3.0% of GTV. AI is becoming a demand lever: the AI assistant is rolling out across North America after early users generated larger-than-average baskets, and the Arpalus acquisition adds computer vision that scans store shelves to improve inventory accuracy. Q3 guidance ahead of consensus. "The next test is whether AI and enterprise software can extend the acceleration beyond the core grocery marketplace." | QT · SA · STK · FA | 2026-AUG-08 | — |
| CCL | Carnival | Carnival — Q2 net income +20% to a record $539M, 12th straight record-net-yield quarter, customer deposits an all-time-high $9B; yet shares −5% on a token $0.01 full-year guide raise (investors wanted more from oil at ~$76). European/Mediterranean yields softened on Mideast-conflict spillover (FY net-yield growth cut to 3.2% from 4.1%); cost discipline (costs ex-fuel ~flat) absorbed the hit; net debt/EBITDA to 3.1x. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUN-27 | — |
| CDNS | Cadence Design Systems | Cadence Design Systems — AI demand compounds: Q2 revenue +24% to $1.6B with backlog to a record $8.1B ($4.2B converting within twelve months). CEO Anirudh Devgan's framing is the cleanest agentic read of the issue — autonomous agents call Cadence's underlying engines more often, so AI adoption lands as higher consumption of tools customers already license, not new seats. IP +43% (mostly organic, not the acquired Hexagon business); hardware supply-constrained. FY26 revenue raised to $6.26–6.34B, the largest single-quarter raise the company has made — yet management models no "sudden step function" and still can't isolate the agentic contribution. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| CEG | Constellation Energy | Constellation Energy — the nuclear/firm-power leg of the physical-buildout cluster among Q2 13F top buys; the purest listed expression of the power constraint on AI capex. Cluster-level accumulation only. | QT · SA · STK · FA | 2026-AUG-18 | — |
| CMCSA | Comcast | Comcast — splitting in two: NBCUniversal + Sky (Universal Studios, parks, Peacock, NBC) spun into a standalone media co while the parent keeps broadband/wireless/Business (65M+ homes); shares +17% intraday (biggest move since 2008), settled ~+5% (was −22% YTD). Tax-free separation in ~12 months, buyback suspended; second breakup step after Jan's Versant spin. Wall Street reads it as a ramp to M&A (Wells Fargo SOTP ~$25/sh — upside "requires a transaction"). Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUL-03 | — |
| CMG | Chipotle Mexican Grill | Chipotle — momentum meets a wobble: Q2 revenue +9% to $3.3B ($30M miss) with comps +2.2%, accelerating sharply from Q1's 0.5% and with transactions up 1.0% — traffic is contributing, so the recovery isn't a blip; shares +14%. HEEP equipment is in 1,000+ restaurants (~2,000 by year-end) and digital hit 38% of sales on the April Rewards relaunch. Temper: restaurant margin fell 27.4%→25.2% as Boatwright deliberately absorbs 3–3.5% inflation rather than pricing a stretched consumer, and CFO Rymer flagged trends "softened in recent weeks," guiding Q3 comps to ~1%. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| COHR | Coherent | One of NVIDIA's large publicly disclosed equity holdings behind the ~$16B of Q1 FY27 equity-investment gains. | QT · SA · STK · FA | 2026-MAY-22 | — |
| COIN | Coinbase Global | Coinbase — winning a smaller market: Q2 revenue −19% to $1.22B (miss) with a −$1.36 GAAP loss and adjusted EBITDA down to $208M; shares −14%. It still gained share — a record 10.3% of crypto trading volume (from 7.1% a year ago), derivatives near an all-time high, prediction markets more than doubling sequentially, USDC on platform to $20B, Bitcoin transactions now just 12% of revenue. But the "Everything Exchange" diversification is too small to offset the cycle: Q3 subscription/services guided to $500–580M against a $635M consensus. "It is taking share in a shrinking market." Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| COST | Costco Wholesale | Costco — record quarter (rev +12%, comps 9.8% beating Walmart/Target/Best Buy, core comps +6.6%) with gasoline-driven traffic records and AI-sourced traffic up triple digits — but shares −5% at 47x fwd earnings (execution isn't enough); renewal 92.2%, paid-member growth a "more normal" 4%. | QT · SA · STK · FA | 2026-MAY-30 | — |
| CPNG | Coupang | Coupang — customers return: Q2 revenue +4% to $8.9B (+10% cc); excluding a $410M Korean administrative fine tied to the data incident, GAAP EPS was −$0.09, with adjusted EBITDA recovering sequentially to $163M from $29M but still far below $428M a year ago. Product Commerce +8% cc with active customers 24.7M (+3%) — "most customers who left after the incident have returned, and returning customers are now spending more than before." Profitability lags: segment EBITDA margin down 3.9 points to 5.1% while Coupang carries network capacity built for pre-incident demand, with normalisation not expected until mid-2027. Developing Offerings +24% cc on Taiwan, Eats and Farfetch. "A temporary demand shock rather than permanent customer damage." A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-08 | 1.7 |
| CRCL | Circle Internet Group | Circle — Arc hits the P&L: Q2 revenue and reserve income +7% to $701M (a $12M miss). The model's rate exposure showed plainly — reserve income grew just 5% because a 25% rise in average USDC circulation was mostly offset by a 66 bp fall in reserve yields to 3.5%. USDC circulation ended at $73.3B (+19% Y/Y) but down from $77B in Q1 as crypto slowed, though on-chain transaction volume grew 151% to $14.8 trillion. Arc was the story: FY26 Other Revenue guidance roughly doubled to $310–330M on Arc token sales and milestones, with final OCC approval for a national trust bank in July and mainnet due September 16 — "although Arc-related revenue is not yet the same thing as a recurring software revenue stream." A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-08 | — |
| CRH | CRH plc | CRH plc — building-materials leg of the physical-buildout cluster among Q2 13F top buys; aggregates and cement as the ground floor of the data-centre and grid construction cycle. Cluster-level accumulation only. | QT · SA · STK · FA | 2026-AUG-18 | — |
| CRM | Salesforce | Salesforce — SaaSpocalypse pushback (2026-AUG-26): Benioff called the SaaSpocalypse "nonsense" and "for once, the numbers gave him a decent case" — but current revenue still isn't reaccelerating. Revenue +11% to $11.35B including $456M from Informatica; strip it and organic growth was only ~6%. What moved are the forward indicators: cRPO +14% cc to $33.5B (from +13%, though the Informatica share isn't disclosed), net new annual order value at a four-year high, attrition near record lows, FCF +81% to $1.1B. AI metrics finally in money rather than tokens — Agentforce ARR past $1.5B, Agentforce + Data 360 near $3.9B (+210%), bookings for Agentforce One/for Apps more than doubling Q/Q — with the caveat that Salesforce widened the Agentforce ARR definition this quarter to include Slackbot and Headless 360, "making the sequential jump from $1.2 billion less clean than it appears." The strategic turn is Claudeforce, an expanded Anthropic partnership letting Claude reach Salesforce data and run its workflows from Claude's own interface — making Headless 360 concrete and inverting the bear case: "the concern has been that Salesforce could become the data layer behind someone else's agent. Increasingly, that appears to be the strategy rather than the risk… The interface can change. Salesforce needs to make sure the meter keeps running." Guidance raised $200M to $46.1–$46.4B, but that is $200M of pending Contentful/Fin acquisitions less $100M of FX — "the actual improvement to the organic outlook is only about $100 million." cRPO at ~14% cc is the KPI to watch. A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-26 · 2026-JUN-23 · 2026-MAY-29 | 2.9 |
| CRS | Carpenter Technology | Carpenter Technology — specialty-alloy leg of the physical-buildout cluster among Q2 13F top buys, as investors “sought ways to participate in the massive data center buildout beyond GPUs.” Cluster-level accumulation only. | QT · SA · STK · FA | 2026-AUG-18 | — |
| CRWV | CoreWeave | Purest neocloud, effectively sold out: Q2 revenue +112% to $2.6B with a $104B backlog (+246%) against a $19B 2026 exit run-rate — but $640M of quarterly interest on GPU-collateralized debt and capex at 3× revenue make conversion-without-financing-drag the whole investment case. | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-14 · 2026-JUL-03 · 2026-MAY-22 | — |
| Cursor | Anysphere (Cursor) | Anysphere (maker of the Cursor AI code editor) — SpaceX holds an option to acquire it for ~$60B in stock, or pay a $10B breakup fee; an embedded AI-software call option inside the S-1. | — | 2026-JUN-23 · 2026-MAY-26 | — |
| CXMT | CXMT (ChangXin Memory) | Referenced — China's DRAM maker (ChangXin) scaling fast but still trailing at the high end (especially HBM); a long-run wildcard, "not the 2026 story." Watch whether it lands design wins at Western OEMs. | — | 2026-JUL-07 · 2026-JUN-26 | — |
| CYBR | CyberArk (→ Idira) | CyberArk — acquired by Palo Alto for $25B and rebranded "Idira" (identity for humans, machines, and AI agents); the cornerstone of PANW's agent-era stack. An M&A reference being absorbed into PANW — no standalone stance. | QT · SA | 2026-JUN-05 | — |
| DASH | DoorDash | Cited as the other half of the delivery-consolidation wave that makes Uber's Delivery Hero deal look inevitable — "DoorDash bought Deliveroo. Prosus took Just Eat Takeaway. Food delivery rewards density, and the last independents are running out of room to stay independent." Referenced/neutral. | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-08 · 2026-JUL-24 | — |
| DDOG | Datadog | Datadog — AI concentration bites: Q2 revenue +36% to $1.12B (beat), accelerating again from 32%, with a 23% operating margin and $279M of FCF — and shares fell ~17%. Underneath the platform broadened: non-AI customers accelerated into the high-20s from ~18% a year ago, 58% of customers use four or more products, and MCP calls (the standard letting AI agents drive software) are up 22x since Q4. But Datadog's largest customer — "a leading AI company" on 17 products that just signed a nine-figure renewal — has begun reducing usage, now built into the second-half outlook. FY26 guidance still raised to $4.45–4.47B. "A single AI customer can now meaningfully move the growth curve." A disclosed author holding. Referenced recap. | QT · SA · STK · FA | 2026-AUG-08 | — |
| DHER.DE | Delivery Hero | Delivery Hero — the target: the Berlin group behind foodpanda, Glovo, talabat and Baemin, being bought by Uber for ~$15B at €41.50/share in cash. The 50 retained markets generated $42B of gross bookings last year after carving out 14 overlapping ones (pre-sold to SSW Partners for ~$1.6B to ease antitrust review); FY25 carried a small operating loss on roughly $0.8B of antitrust and rider-litigation charges. Prosus irrevocably committed its 17%. Referenced/neutral. | QT · SA · STK | 2026-AUG-07 · 2026-AUG-04 · 2026-JUL-24 | — |
| DHI | D.R. Horton | D.R. Horton — Berkshire opened a small position in its first net-buying quarter in 14; a starter stake rather than a build, but the second listed homebuilder in the same filing (with LEN) and a third exposure if the $6.8B Taylor Morrison purchase is counted. | QT · SA · STK · FA | 2026-AUG-18 | — |
| DKNG | DraftKings | DraftKings — predictions get expensive: Q2 revenue fell 5% to $1.44B (an $80M miss) with adjusted EBITDA dropping to $115M from $301M. The disconnect is the lesson — sports consumer volume rose 15% to $13.1B and payers +9%, yet revenue fell, because customer-friendly outcomes plus heavier promotions cut average revenue per payer 13% to $132: "rising betting volume does not always translate cleanly into revenue." Predictions is scaling faster than management expected, with the Super App live nationwide and Robins saying prediction customers increasingly behave like sportsbook customers — funded by promotions that were "a meaningful drag on Q2 revenue and profitability." FY26 guidance was nevertheless maintained, with the core business still expected to produce ~$1B of EBITDA before Predictions investment. Referenced recap. | QT · SA · STK · FA | 2026-AUG-08 | — |
| DLO | DLocal | Volume eats take rate — TPV accelerated to +92%, its fastest in four years, to $17.7B with net revenue retention 153%, but gross profit grew only 29% because gross profit per dollar of TPV fell to 0.72% from 1.07%: lower-margin local-to-local payments surged 141% to 61% of TPV and large merchants hit cheaper volume tiers — dLocal is processing vastly more money but earning less on each dollar. The offsets are that absolute gross-profit guidance still rose (FY26 TPV growth to 60–70%, gross profit to 25–30%) and operating leverage is improving beneath it (operating profit 50% of gross profit vs 44% in Q1). Whether unit economics ever stabilize is the open question. A disclosed App Economy Portfolio holding. | QT · SA · STK · FA | 2026-AUG-15 | — |
| DOCU | DocuSign | IAM (Intelligent Agreement Management) crossed 12.6% of ARR (→18% target) on a structural shift from per-signature to credit-based, outcome-tied pricing; record $318M buyback; new Anthropic/OpenAI/Harvey/Thomson Reuters integrations. | QT · SA · STK · FA | 2026-JUN-13 | — |
| DPZ | Domino's Pizza | Domino's — the ticket miss: US comps +0.1% (weakest in five quarters) but the miss was check, not traffic — order counts rose across delivery and carryout while a premium series "missed on this one" (Weiner); #1 pizza spot on both Uber and DoorDash; full-year outlook held; a category-expanding new product lands this quarter. Down ~23% YTD. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUL-25 | — |
| DRI | Darden Restaurants | Darden — Q4 rev +14% to $3.7B, same-restaurant sales +4.6% with positive traffic; new $1.5B buyback + dividend +8% to $1.62. Brand dispersion is the story: LongHorn comps +9.5% carrying a sluggish Olive Garden +2.4% (missed; lighter-portion menu compressing checks, soft under-35 traffic). FY27 guide light — SRS decelerating to 2.5-3.5% (from 4.5%), adj EPS $11.10-$11.35 (vs $11.39 consensus). Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUN-27 | — |
| DUOL | Duolingo | Duolingo — streak revival: Q2 revenue +18% to $298M (beat) but bookings grew just 8% to $289M, the forward-looking number. DAUs grew 23% to 59 million, accelerating from 21%, with management guiding above 20% for the rest of the year — but flattered by a one-time Streak Revival campaign that brought millions of lapsed users back by restoring lost streaks. "The company still needs sustained new-user acquisition, not just better retention and reactivation." On costs, Video Call has fallen below one cent per session as workloads shift to open-source models, letting the feature expand from Max into the far larger Super base. FY26 bookings growth held at ~11%; Q3 revenue slightly light and shares fell more than 10% despite the DAU acceleration. A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-08 | 6.3 |
| EA | Electronic Arts | Electronic Arts — taken private by a Saudi PIF-led consortium at a $55B EV (7.2x avg net bookings); live-service sports franchises give it the group's most predictable revenue base, "what a private buyer pays up for." The private-buyout benchmark in the peer screen. Referenced/neutral. | QT · SA · STK · FA | 2026-JUL-10 | — |
| EADSY | Airbus | Airbus — the ramp finally shows: H1 revenue +12% to €33.2B with Q2 +28% and Q2 adjusted EBIT +54% to €2.43B; 351 commercial aircraft delivered in H1 (from 306) after a dismal 114-plane Q1, making the ~870 full-year goal look attainable instead of the fourth late-year cut in five years. Defense and Space nearly doubled EBIT on €9.3B of order intake. Catches: FCF −€1.2B on planned inventory build, the Pratt & Whitney engine shortage still gating 70–75 A320s/month by end-2027, and ~519 aircraft that must ship in H2. Referenced/neutral recap, not a stance call. | SA · STK | 2026-AUG-01 | — |
| EBAY | eBay | eBay — referenced as the buyer on the other side of Etsy's simplification: it completed the acquisition of Depop for $1.4B (including adjustments and interest) after quarter-end, the second Etsy disposal after Reverb and the transaction that leaves Etsy "essentially back to being Etsy" with one core marketplace. Adds a scaled Gen-Z resale/fashion marketplace to eBay's own recommerce push. Referenced/neutral. | QT · SA · STK · FA | 2026-AUG-08 | — |
| EQT | EQT Corporation | EQT Corporation — natural-gas leg of the physical-buildout cluster among Q2 13F top buys, the fuel side of the AI power trade alongside CEG, BE and GEV. Cluster-level accumulation only. | QT · SA · STK · FA | 2026-AUG-18 | 6.4 |
| F | Ford Motor | Passing benchmark — Ford named as the established automaker Rivian briefly passed in market value at its post-IPO peak (before falling 80%+). | QT · SA · STK · FA | 2026-AUG-01 · 2026-JUN-19 | — |
| FDX | FedEx | FedEx — Q4 rev +13% to $25.0B (beat), adj EPS $6.31 (beat), $4.7B adj FCF; shares −6% on Q4 operating-margin compression to 8.4% (from 9.1%) + a soft CY26 guide. Freight spin-off closed Jun 1; fiscal year shifting to the calendar year (a 7-month stub). Efficiency-over-expansion — beat its $1B transformation-savings target; premium B2B (healthcare/aerospace/auto/AI-data-center logistics) the growth engine, Network 2.0 at 45% of eligible volume. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUN-27 | — |
| FIFA | FIFA (Fédération Internationale de Football Association) | Business-explainer subject (private non-profit, no ticker) — runs the men's World Cup on a four-year cycle, expects ~$13B for 2023–2026 (+72% vs Qatar's $7.6B); TV 40% / Hospitality & Ticketing 28% / Sponsorship 25% / Licensing 3%. First-ever dynamic ticket pricing (avg ~$1,300 vs $25–$475 in 1994). Increasingly a portfolio of scarce global sports rights, not a one-event business. | — | 2026-JUN-12 | — |
| FIG | Figma | Figma — AI credits scale: Q2 revenue +48% to $370M (a $19M beat), its third straight quarter of accelerating growth, with NDR at 136% — and shares still fell ~15%. This was the first full quarter of AI credit monetization, with ~20% of paid-plan credit consumption from Figma Agent, and the Q1 margin worry was answered: adjusted gross margin rebounded 2.5 points sequentially to 85% despite higher inference spending. Code Layers and its agent are in open beta but consume no paid credits, so neither is in guidance. FY26 revenue guidance +$40M to $1.463–1.467B (39% growth) with operating income held at $125–135M. CEO Dylan Field voluntarily forfeited ~$46M of future stock awards to reduce dilution. Referenced recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-08 | — |
| Fin | Fin (formerly Intercom) | The agent layer Salesforce is buying — Fin (formerly Intercom), an AI customer-service agent across chat/email/WhatsApp/SMS/phone/Slack; 30,000+ customers, $400M+ ARR (AI agent ~$100M). Acquired for $3.6B — the cheapest deal of the M&A wave with the clearest near-term ROI (support is a clean enterprise AI use case). Risk: integration. | — | 2026-JUN-23 | — |
| FOXA | Fox Corporation | Buying the living room — acquiring Roku at ~$22B EV (funded partly with $12B of new debt) for its biggest push into ad-supported streaming; shares −17% (price, leverage, timing). The market's verdict: overpaid for a contested asset with borrowed money, while still paying for sports rights. Referenced/neutral. | QT · SA · STK · FA | 2026-AUG-08 · 2026-JUL-17 · 2026-JUN-23 | — |
| FTNT | Fortinet | Fortinet — the surge extends: Q2 revenue +26% to $2.05B and non-GAAP EPS +41% to $0.90, with billings +33%, product revenue +52%, a Q2-record 38% operating margin and FCF more than tripled to $966M — every line accelerating from an already-strong Q1 without pull-forward. "SASE Firewall" grew 34% past $2B and FortiSASE adoption reached 90% of large enterprise customers, from 18% a quarter ago. The catch is mix: services grew just 14% versus product's 52%, so the beat was front-loaded hardware, with a pricing benefit baked into 2H billings. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| G42 | G42 (private) | G42 (private) — the Abu Dhabi AI group Cerebras was, until recently, almost entirely dependent on; two Abu Dhabi entities drove the bulk of 2025 revenue. The concentration risk the bull case needs OpenAI & AWS to dilute into broader Western demand. | — | 2026-JUN-30 | — |
| GE | GE Aerospace | GE Aerospace — one of ten physical-buildout names among Q2 13F top buys (with CRS, LIN, BE, CEG, EQT, UNP, CRH, GEV, BKR): “the AI capex cycle continues to spill into power, industrials, materials, and infrastructure.” Cluster-level accumulation, no per-fund attribution and no company-level App Economy view. | QT · SA · STK · FA | 2026-AUG-18 | — |
| GEV | GE Vernova | GE Vernova — the capacity bet: Q2 rev +22% to $11.1B (beat) but EPS missed by $0.71; orders $24.2B (+88% organic, book-to-bill >2x), backlog $176B (nearly half slated 2029+), gas GW under contract 100→116 in a quarter, electrification +68% on $2.7B of data-center orders; lifting gas-turbine capacity to 30 GW/yr by 2030. Caveat: ~$10B of the doubled $11.5-12.5B FCF guide was already banked in H1 on a $6.4B working-capital prepay that won't repeat. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-18 · 2026-JUL-25 | — |
| GIS | General Mills | General Mills — Q4 EPS $0.95 (beat), +10% intraday (biggest move since 2020) as the price-reinvestment phase ends and the pivot turns to functional-nutrition premiumization; a $2.01B GAAP loss was non-cash charges + a Brazil write-down. But COO McNabb expects no consumer recovery in FY27 (buying on promotion, trading down on pack size); weak FY27 guide (organic −1.5% to +0.5%, adj EPS $3.00-3.20 vs $3.12 est). Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUL-11 | — |
| GM | General Motors | General Motors — pricing over volume (Jul-25 E05 read): Q2 beat with EBIT margin up even as H1 deliveries fell 7%; >42% full-size-pickup share on 55 days of tight supply, ~$500M of H1 warranty relief, software deferred revenue $6.3B→$7.5B; second FY26 raise ($14-16B EBIT), share count below 900M. EV unwind charges now $10.9B cumulative; NA margin's 8.6% leaned on tailwinds that won't repeat at size. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUL-25 · 2026-JUN-19 | — |
| GME | GameStop | GameStop — passing reference: the structural loser of the disc-free future; a model that "stops leaking resale value to GameStop" (the used-game market that paid publishers nothing) is the fix a stagnant industry needs. Referenced/neutral. | QT · SA · STK · FA | 2026-JUL-10 | — |
| GOOGL | Alphabet (Google) | Sold ~$85B of new stock in two days despite $120B+ cash & ~$165B operating CF (vs ~$190B 2026 capex) — choosing equity over its cash pile is the article's central AI-capex-strain signal; Berkshire anchored at a ~6–8% discount. | QT · SA · STK · FA | 2026-SEP-15 · 2026-AUG-18 · 2026-AUG-15 · 2026-AUG-04 · 2026-JUL-31 · 2026-JUL-29 · 2026-JUL-24 · 2026-JUL-17 · 2026-JUN-30 · 2026-JUN-23 · 2026-JUN-16 · 2026-JUN-09 · 2026-JUN-06 · 2026-MAY-26 · 2026-MAY-22 | — |
| GRAB | Grab Holdings | The overhang shrinks. Southeast Asia's ride-hailing/delivery/fintech superapp: Q2 revenue +22% to $997M and adjusted EBITDA +54% to $168M (18th straight quarter of growth, margin 13% → 17%), on-demand GMV $6.5B (+22% cc) and a record 54M MTUs — though GMV per user rose only 4%, so growth is still user additions. The feared Indonesian commission cut (GrabBike 20% → 8% from July 1) binds only two-wheel passenger transport, not GrabFood/GrabExpress/four-wheel, and guidance was raised with the rule already live. Quality caveat: the $234M net profit carried a $307M one-time Superbank consolidation gain, so $19M operating profit and $168M adjusted EBITDA are the clean reads, and part of the FY26 raise ($4.10–4.15B revenue, $720–740M EBITDA) is inorganic (Superbank + the $425M Stash deal). Financial Services is the accelerator (revenue +59%, disbursements +72% to $1.2B, loan book $2.3B); $750M more buyback authorized on $5.4B of net cash. Risks: H2 is the first full Indonesia quarter and Taiwan pushed the $600M Foodpanda review to Oct 27 on duopoly concerns. A disclosed author holding. Referenced/neutral. | QT · SA · STK · FA | 2026-AUG-04 | — |
| GTLB | GitLab | GitLab — Q1 +23% to $264M, but a 14% workforce cut (350 staff, exiting 22 countries, footprint −37%) alongside an "AI era" repositioning; Duo Agent Platform early (no material FY27 revenue); AI-code-generation displacement risk keeps the multiple compressed. | QT · SA · STK · FA | 2026-JUN-06 | — |
| HIMS | Hims & Hers Health | The GLP-1 trade-off — Q2 revenue +38% to $753M on branded weight-loss volume, but gross margin fell from 76% to 64% and management expects that lower profile to persist, while free cash flow swung to −$68M and GAAP EPS missed by $0.32. Subscribers +19% to 2.9M with monthly revenue per subscriber back to $92. International is now material after Eucalyptus closed in June ($131M, ~$40M from Eucalyptus, at least $600M expected this year) and testosterone scales fastest outside weight loss; FY26 revenue guidance raised to $3.1–$3.3B while adjusted EBITDA narrowed. The company is becoming a lower-gross-margin global healthcare platform rather than the high-margin telehealth model investors bought. A disclosed App Economy Portfolio holding. | QT · SA · STK · FA | 2026-AUG-15 | — |
| HLT | Hilton Worldwide | Hilton — mid-scale rebounds on data centers: Q2 revenue +7% to $3.34B (beat) with system-wide RevPAR +3.9% (US +5%), though Q3 EPS guidance fell short. The standout read: CEO Chris Nassetta tied the biggest flip — US mid-scale and upper mid-scale, from negative last year to strong growth — directly to the AI data-center buildout, because the contractors and engineers doing that work stay in mid-range hotels, not luxury. Drags: Middle East/Africa RevPAR −30% on the Iran conflict, China −2.2% on group-travel restrictions. FY26 RevPAR guidance raised to 3%–3.5%. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| HOOD | Robinhood Markets | Robinhood — firing on all cylinders, stock still falling: Q2 revenue +32% to $1.31B and GAAP EPS $0.62 ($0.48 ex a one-time fund-deconsolidation gain, still a beat), yet HOOD is down >20% in 2026. The crypto-dependence worry got answered — transaction revenue +44% with event contracts up >10x to $156M, equities +95% and options +29%, more than covering crypto's 38% decline; record $22B net deposits, ARPU $157→$187. Trump Accounts drew ~$1.5B from 7M children; prediction markets moved to the Susquehanna JV Rothera (top-3 US DCM within a month); 13 lines above $100M annualized. Opex guidance lowered. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| HPQ | HP Inc | HP Inc (PCs/printers — distinct from HPE) — the AI-PC mix shift: shares +10%, Personal Systems +13%, AI-PC mix 44% (from 35%, guiding 60-70% next FY). But the memory/storage cost surge is biting margins (PS margins below range, Q4 the low point) — secured supply, raised prices; CEO search open. | QT · SA · STK · FA | 2026-JUN-26 · 2026-MAY-30 | — |
| HQY | HealthEquity | HealthEquity — margins keep climbing while the float cools: Q2 revenue +8% to $351M with adjusted EBITDA +11% to $167M, pushing margin to a record 48% from 46% — and shares fell sharply anyway. The margin is cost removed rather than revenue added: AI now resolves 85% of routine chat inquiries and handles 55% of card-related phone contacts without an employee, with mobile monthly active users +62% to 1.4M. What slowed is the compounding engine — HSA assets +14% to $37.9B, moderating from 19% — though accounts reached a record 10.7M with record Q2 new-account sales and custodial revenue +10% to $176M; Marketplace active members rose to 14,000 with revenue "immaterial." FY27 guidance nudged up to $1.411–$1.421B with EBITDA $628–$636M. "The next test is whether these efficiency gains can keep earnings compounding faster than the high-single-digit top line." A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-29 | — |
| HSY | The Hershey Company | Hershey — price over volume: Q2 revenue +7% to $2.8B (beat) and adjusted EPS +57% to $1.90, with gross margin from 30.5% to 45.3% — but growth came almost entirely from 12 points of price against an 8-point volume/mix decline, with double-digit confectionery volume declines underneath a 4.2% North American gain. Salty snacks +23% on LesserEvil, though less profitable than expected. FY26 raised (sales +4.5–5%, EPS $8.36–8.52) on falling cocoa and an early Halloween. "Pricing this far ahead of volume isn't durable growth… the 12-point price lever becomes a ceiling rather than an engine." Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| HUBS | HubSpot | HubSpot — pricing pivot bites: Q2 revenue +20% to $912M (beat) with operating margin +3 points to 20% and customers +14% to 306,000 — but the shift to free trials and outcome-based pricing for AI agents (charging for qualified leads or resolved tickets rather than consumption) lengthened sales cycles as buyers demanded proof of value, with billings growth of 17% cc trailing revenue. Adoption is fine — Prospecting Agent ~17,000 activated customers, Data Agent 16,000+, monthly agentic actions more than tripled. HubSpot nevertheless cut FY26 revenue guidance $22M to $3.678–3.686B (cc growth 17%→16%) with Q3 well below consensus. "The question is whether that friction produces stronger conversion and reacceleration rather than becoming the new normal." A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-08 | — |
| Hugging Face | Hugging Face (private — being acquired by NVIDIA) | Hugging Face (private) — the "GitHub of AI," the main hub where developers discover, share and deploy open models. Per The Information, NVIDIA has agreed to acquire it for $12.9B, nearly triple its 2023 valuation, against only ~$150M of annual revenue — so "NVIDIA is clearly buying strategic positioning rather than near-term profits." The logic follows Jensen's own argument: "NVIDIA benefits whenever AI models proliferate. Open models are particularly attractive because startups and enterprises generally don't build custom chips and overwhelmingly rely on existing compute infrastructure," so owning the hub "would move NVIDIA one layer closer to developers and tighten the link between open-model adoption and its broader computing platform." The stated risk sits in the same paragraph: "NVIDIA ownership could weaken the neutrality that helped make Hugging Face so valuable in the first place." Referenced/neutral — the acquisition target, no standalone stance. | — | 2026-AUG-28 | — |
| IBM | International Business Machines | IBM — the mainframe air pocket: preannounced Jul 14 (only the second time since 2008), −25% in a day (~$70B), worst session ever; IBM Z −42% after +51% in Q1 as clients redirected budget to lock in AI infrastructure ahead of price hikes. Management calls it timing (a third of slipped deals already closed in Q3); FY26 cc growth cut to 4-5%; $10B+ to quantum over five years + HRL Laboratories acquisition. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUL-29 · 2026-JUL-25 | — |
| INTC | Intel | One of NVIDIA's large disclosed equity holdings — likely the biggest contributor to the ~$16B of equity-investment gains that flattered NVIDIA's Q1 FY27 net profit. | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-04 · 2026-JUL-25 · 2026-MAY-26 · 2026-MAY-22 | — |
| INTU | Intuit | Intuit — the DIY price reset: Q4 beat (+14% to $4.35B, adjusted EPS $4.03) but shares fell sharply on FY27 growth guided to just 9%–10%, down from 14%. Management named the problem out loud — "price has become the #1 reason DIY customers leave, particularly among filers earning around $50,000" — and now plans to accept lower revenue per customer to win them back, possibly with more free offerings, so TurboTax revenue grows just 2%–3% in FY27; the same acquire-cheap/monetize-later playbook is extending to QuickBooks Free (20,000+ customers already using or converting). Mailchimp stays the weak spot (flat to −1%). Part of the FY27 EPS shortfall is a redefinition — non-GAAP will now include stock-based compensation, making the new guide incomparable with prior estimates. "A deliberate reset before reacceleration, or evidence that competition is structurally weakening Intuit's pricing power." A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-29 | 2.1 |
| IOT | Samsara | Samsara — Q1 +31% to $479M, ARR crossed $2B (+30%), third consecutive GAAP-profitable quarter; "operational AI" / "bits to atoms" (Connected Asset Maintenance, Waste/Ground Intelligence). But shares −3% AH as the Q2 guide implied a decel to 23–24% growth (from 31%). | QT · SA · STK · FA | 2026-JUN-06 | — |
| IREN | IREN Limited | NVIDIA's "AI factories go physical" partner — up to 5GW of DSX-aligned infrastructure, plus a 5-yr right to buy 30M IREN shares at $70 (stock below → an upside kicker, not a near-term investment). | QT · SA · STK · FA | 2026-MAY-22 | — |
| JD | JD.com | Profit inflects while revenue contracts — Q2 revenue fell 3% to $51.1B, the first quarterly decline since its IPO, against tough government-appliance-subsidy comparisons and soft Chinese consumption, yet it still beat, with adjusted net income +21%. Mix is doing the work: product revenue −5% while higher-margin service revenue +7%, JD Retail operating margin a peak-season record 4.6% and gross margin expanding for a 17th consecutive quarter. Food-delivery losses narrowed more than 50% as subsidies were pulled, more than doubling adjusted EBITDA (margin 2.3% from 0.8%). Retail growth is expected to reaccelerate in H2 as comparisons ease. Also named among the ~10 Chinese companies cleared to buy H200. A disclosed App Economy Portfolio holding. | QT · SA · STK · FA | 2026-AUG-15 · 2026-MAY-22 | — |
| KHC | Kraft Heinz | Kraft Heinz — green shoots: Q2 revenue −1% to $6.3B (a $140M beat) with adjusted EPS $0.56 (beat), though GAAP was distorted by a $7.4B non-cash impairment — another goodwill and brand write-down. Organic sales fell 1.3%, with 1.3 points of pricing offset by a 2.6% volume/mix decline. The trajectory is the encouraging part: US consumption improved from roughly −2.5% in Q2 to around −1% in July, and market-share losses narrowed to ~20 bps from 90 bps in 2025, with early traction in Capri Sun, Mac & Cheese and Taste Elevation. The price is profitability — adjusted operating income −18% to $1.0B as advertising, manufacturing inflation and volume pressure outweighed pricing, with another $100M of marketing taking FY26 incremental spend to ~$700M. FY26 organic guidance raised to −0.5% to −2.0%. Referenced recap. | QT · SA · STK · FA | 2026-AUG-08 | — |
| KLAC | KLA Corporation | KLA — 2027 gets bigger: Q4 revenue +15% to a record $3.7B (beat-and-raise, though the stock sold off after a pre-earnings run; per-share figures reflect the June 11 10-for-1 split). KLA lifted its 2026 wafer-equipment market view to the low $150B range from "$140B plus," with CEO Rick Wallace saying AI demand signals strengthened materially since March across logic, DRAM, HBM, NAND and packaging; advanced-packaging process control raised to ~$1.1B (+70% Y/Y). Memory costs are a ~100 bps gross-margin drag locked in through 2027 on orders already priced. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| KLAR | Klarna Group | Klarna — GMV reset (2026-AUG-22): better economics on a smaller base. Q2 revenue +27% to $1.04B ($44M beat) but GMV grew only 15% like-for-like to $36.6B, slowing sharply from 33% in Q1 — while transaction margin dollars (revenue minus transaction costs) surged 42% to $446M and adjusted operating income more than tripled to $91M. "The economics are improving faster than volume": revenue per active consumer +24% (Fair Financing, the Klarna Card, 2M paying subscribers), provisions down to 0.52% of GMV from 0.79% with improving delinquency cohorts, US GMV +27% and US transaction margin dollars more than doubling. Germany is the main weak spot — FY26 GMV guidance cut to $149–$151B from >$155B on soft discretionary spending in its largest market — yet the transaction-margin outlook was raised, "meaning it expects to earn more from a smaller volume base," with the caveat that "a new accounting treatment for Fair Financing also contributes to the increase." Q3 is guided soft by design ($5–$15M of adjusted operating income) ahead of a peak Q4; CFO Niclas Neglén and CMO David Sandström both step down in early 2027. "The next test is whether those stronger unit economics can survive a materially slower growth environment." | QT · SA · STK · FA | 2026-AUG-22 | — |
| KO | Coca-Cola | Passing reference — Coca-Cola named as an example of a tiered World Cup sponsor inside FIFA's ~$3.3B (25%) Marketing & Sponsorship stream. Author owns none. | QT · SA · STK · FA | 2026-AUG-01 · 2026-JUN-12 | — |
| LIN | Linde | Linde — industrial-gases leg of the physical-buildout cluster among Q2 13F top buys; the materials input to semiconductor fabs and the wider industrial capex cycle. Cluster-level accumulation only. | QT · SA · STK · FA | 2026-AUG-18 | — |
| LMT | Lockheed Martin | Lockheed Martin — the missile surge: Q2 beat with shares +11%; $65B of orders (3.2:1 book-to-bill), record $230B backlog on the multi-year THAAD award (~$35B preliminary Pentagon commitment), Missiles & Fire Control +19%; FY26 guidance up across every line; Ultra Maritime deal + Rheinmetall ATACMS MOU. Caveat: the FCF swing came from a CapEx cut, not operations — watch whether revenue accelerates or backlog just swells. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUL-25 | 1.6 |
| LRCX | Lam Research | Lam Research — the ramp steepens: Q4 revenue +30% to $6.7B with a 20-year-high 52% gross margin and record 38% operating margin, and it rallied while peers sold off because the September-quarter guide was $8.1B vs ~$7.1B consensus (+20% sequential). NAND revenue doubled sequentially on 200+ layer architectures; advanced-packaging growth guided past 70% Y/Y; margin framework raised to mid-50s gross / mid-40s operating with a high-30s WFE share ahead of plan. The constraint is now whether customers can absorb tools at this pace. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| LYV | Live Nation Entertainment | Live Nation — world tour expands: Q2 revenue +9% to $7.7B (beat) and GAAP EPS $1.05 (big beat), with a record 49M fans (+10%), concerts +8%, Ticketmaster +15% and sponsorship +12%. International did the work — 70% of Ticketmaster's profit growth and 80% of Sponsorship's, with overseas stadium/arena/festival attendance +20%+ while US stadium attendance fell on a 2H-weighted schedule. The secondary-ticketing pullback was absorbed (resale now ~5% of global transaction value). Record $6.4B of event-related deferred revenue, cancellations 1.1%; FY26 guided to double-digit growth across attendance, revenue and adjusted operating income. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| MAR | Marriott International | Marriott — US momentum holds: Q2 revenue +5% to $7.1B (a $120M miss) with adjusted EPS +20% to $3.19 (beat). Global RevPAR +3.4% with US & Canada accelerating to 5.0% from 4.0%, broad-based across segments and tiers (luxury +9.1%) on summer travel, the World Cup and higher rates — while Middle East RevPAR plunged 43%, pulling EMEA down more than 5%. The structural development is Bonvoy: new long-term co-brand card agreements with JPMorgan Chase and American Express, where high-margin card fees and brand royalties were already set to grow ~35% this year before any renegotiation benefit. 17,900 net rooms added; record 629,000-room pipeline, 44% under construction. FY26 RevPAR guidance raised to 3.0–3.5%, though Q3 EPS guidance came in light. "The main risk ahead is Marriott's outsized Middle East exposure." | QT · SA · STK · FA | 2026-AUG-08 | — |
| MBZUAI | MBZUAI University (private) | MBZUAI (private) — the Mohamed bin Zayed University of Artificial Intelligence (Abu Dhabi), named with OpenAI, G42 and AWS among Cerebras's four significant customers in its risk disclosures; part of the UAE-heavy concentration. | — | 2026-JUN-30 | — |
| MCD | McDonald's | McDonald's — value misfires: Q2 revenue +4% to $7.1B (a $40M miss) with global comps slowing to 1.3% from 3.8% and US comps at just 0.8% — "higher checks kept sales positive, but US traffic declined." The weakness was largely self-inflicted: McDonald's replaced popular digital deals and Buy One, Add One offers with an under-$3 value menu that was inconsistently executed, and management said those changes explained roughly two-thirds of the US traffic underperformance, with too many simultaneous launches also hurting service times. The response is Skye Anderson as US president and simplification under a "McDonald's > NEXT" strategy; beverages beat expectations and loyalty sales passed $40B TTM (+20%). The 50,000-restaurant target slipped from 2027 to 2028. "More like an execution stumble than a demand collapse." Referenced recap. | QT · SA · STK · FA | 2026-AUG-08 | — |
| MCO | Moody's | Moody's — volume over mix: Q2 rev +15%, EPS +31%, 55% adjusted op margin; $2T+ of debt rated a second straight quarter (MIS transaction rev +34%, 68% segment margin), MA ARR +9% with 95% retention. Management framed it as a record-June pull-forward, raised the issuance outlook but left MIS revenue guidance unchanged — volume and revenue have decoupled as thin-yield IG mega-deals dominate. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUL-25 | 1.0 |
| MDLZ | Mondelez International | Mondelez — North America turns: Q2 revenue +4% to $9.4B (beat) with organic sales +2.2% vs ~0.9% consensus, and North America organic +3.4% after Q1's 0.5% crawl (share gains claimed in every category). Emerging markets still lead — AMEA +7.1%, LatAm +8.4% on distribution (100,000 stores added in India; Brazil at 1M). Margin flipped from Q1's cocoa hangover (+20 bps to 34.0%) with cocoa now "a very different place" on a 0.5M-ton surplus; Europe is the new soft spot at −3.5%. FY26 organic raised to at least 2% while EPS growth was held flat-to-5% to reinvest and protect 2027. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| MELI | MercadoLibre | MercadoLibre — Brazil bet pays off: Q2 revenue +50% to $10.2B, its fastest in four years, with GMV +44% and Mercado Pago TPV crossing $100B (+56%). The deliberate experiment worked — cutting Brazil's free-shipping minimum to BRL 19 a year ago has produced items per buyer +19% and conversion +1.1 points, with dual-app active users +37%. Mercado Pago revenue +49% and the credit portfolio +75% to $16.4B with card delinquencies near historical lows. The bill is margin: operating margin just 7% and adjusted FCF only $214M after $2.1B of credit expansion and $441M of CapEx. "Management is trading margins for long-term growth a la Amazon." A disclosed author holding. Referenced recap. | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-08 | 24 |
| META | Meta Platforms | Muse (2026-SEP-11): a personal AI agent that emails, shops and books travel, #3 in the US App Store within two days, pushing Meta into the race to own the consumer agent (distribution now, AI glasses later) — with $20 and $100 monthly tiers as one of its clearest paths yet to monetizing AI beyond advertising. A disclosed author holding. Earlier: like Microsoft, still self-funds the majority of its AI capex — the conservative end of the cash/debt/equity spectrum. | QT · SA · STK · FA | 2026-SEP-11 · 2026-AUG-18 · 2026-AUG-14 · 2026-AUG-04 · 2026-AUG-01 · 2026-JUL-31 · 2026-JUL-29 · 2026-JUL-03 · 2026-JUN-30 · 2026-JUN-16 · 2026-JUN-09 · 2026-JUN-06 · 2026-MAY-22 | 3.0 |
| Mistral | Mistral AI (private) | The French open-weight AI lab at the centre of Microsoft's sovereignty play — a several-billion-dollar partnership expansion putting Medium 3.5 and OCR 4 into Microsoft Foundry (Medium 3.5 also in Copilot Studio), with Azure supporting cloud, cloud-connected and fully disconnected deployments and Microsoft committing multibillion-dollar spend on Mistral's expanding European GPU capacity. "Open weights with an enterprise wrapper" for banks, governments, healthcare and defence. Referenced/neutral. | — | 2026-JUL-29 | — |
| MNDY | Monday.com | AI mix jumps as growth decelerates — Q2 revenue +22% to $365M with adjusted EPS $1.48 (a $0.37 beat), operating margin 17% despite a ~210bps FX headwind and RPO +34%. ARR from AI products doubled Q/Q to 17% of net-new ARR (from 10%), with customers consuming beyond their bundled credits under the new seats-plus-credits model, and $500K+ customers +68%. But Monday cut roughly 20% of its workforce to concentrate on the AI Work Platform, left FY26 guidance unchanged despite the beat, and guided Q3 to 16–17% growth — slightly below consensus. The AI lever is real; it is not yet big enough to offset the core deceleration. A disclosed App Economy Portfolio holding. | QT · SA · STK · FA | 2026-AUG-15 | — |
| Modern Animal | Modern Animal (private) | Private vet-care chain Chewy acquired (targeting ~60 clinics by end FY26; ~40% of Chewy Vet Care customers net-new) — Chewy's push deeper into recurring pet-health spend. | — | 2026-JUN-13 | — |
| Moonshot AI | Moonshot AI (private) | The distillation flashpoint — the Chinese lab accused by the US of using a leading American model's outputs to improve Kimi. Closed-model providers call unrestricted model distillation intellectual-property theft; open-weight supporters call it competition that lowers costs and broadens access. The regulatory outcome bears directly on Microsoft: a narrow crackdown on industrial-scale distillation is manageable, but broader restrictions on open weights or Chinese models "would weaken Foundry's breadth and the sovereignty pitch." Referenced/neutral. | — | 2026-JUL-29 | — |
| MRVL | Marvell Technology | Marvell — referenced as the destination for Adobe's departing CFO (Dan Durn leaves June 15 to be Marvell's CFO), the leadership-turnover detail behind Adobe's read. | QT · SA · STK · FA | 2026-AUG-29 · 2026-JUN-13 | — |
| MSFT | Microsoft | Microsoft — the open-weight hedge: a multibillion-dollar closed-model alliance with OpenAI while Azure becomes the platform for open-weight rivals (Foundry 11,000+ models; the several-billion-dollar Mistral sovereignty deal; MAI-Cyber-1-Flash routing ~90% of tasks in-house at ~50% lower cost — "the harness is the moat," built on 100T daily security signals across 1.6M customers). Q4 FY26: revenue +18% to $90.0B, Azure +43% (above the 39-40% guide, still behind Google Cloud's 82%), Copilot past 30M seats, commercial RPO +84% to $678B (+25% ex-OpenAI, all sequential growth from non-frontier customers). The cost: FY26 CapEx $115.9B (+80%) cutting FCF 23% to $19.6B; adjusted EPS still carried a $3.2B Anthropic gain. Flag: from FY27 useful life goes 15→25 years and more leases shift finance→operating, moving real spend outside reported CapEx. A disclosed author holding. Referenced/neutral. | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-14 · 2026-AUG-04 · 2026-JUL-31 · 2026-JUL-29 · 2026-JUL-10 · 2026-JUN-30 · 2026-JUN-23 · 2026-JUN-16 · 2026-JUN-09 · 2026-MAY-29 · 2026-MAY-22 | — |
| MTCH | Match Group | Match Group — Tinder stabilizes: Q2 revenue −1% to $853M (a small miss) with adjusted EBITDA +14% to $331M despite the revenue decline. Tinder revenue fell 1% but engagement improved again — DAUs declined just 4%, the best in 10 quarters, with management saying daily users are close to turning positive for the first time in more than three years on new recommendation algorithms, Double Date, Music Mode and Tinder's first major rebrand in years. The gap is monetization: Match Group payers still fell 6%, and Tinder revenue is now only expected to return to growth in 2027. Hinge is the engine at +22% to $204M with MAUs +13% and European direct revenue +86%. "The next hurdle: converting better engagement into payers and revenue." A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-08 | — |
| NBIS | Nebius Group | The capital-efficient neocloud: Q2 revenue +454% to $582M at a 77% gross margin, new deals at $20–25M/MW (short-term capacity $40–50M/MW), payback compressed to ~22 months, and >$9B of 2026 customer prepayments covering 50–60% of capex — each new megawatt getting more attractive. | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-14 · 2026-JUL-03 | — |
| NKE | Nike | Nike — Q4 EPS jumped 5x to $0.72, but ~$986M one-time tariff recovery (IEEPA) added ~900bps of gross margin; adjusted EPS ~$0.20 (vs $0.13 est) and revenue −1% (−4% cc) — a "margin mirage" (underlying GM ~40%, near reset lows). North America +3% (wholesale +10%) and Nike Running (5th straight double-digit qtr) are the first real proof the "Sport Offense" reorg works; China −12%, Converse −32%. ~28x fwd, −30% YTD (5th straight annual decline). Still a "show me" story. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUL-03 | — |
| NOW | ServiceNow | ServiceNow — growth without credit: Q2 rev +24% (beat), cRPO +21%, 123 $1M+ deals (+40%), AI ACV past $1B, renewal 98% — but the market discounts seat-based durability in an agent era; a rare Q3 subscription guide miss, hybrid seat-plus-consumption pricing diluting gross margin, and the $7.75B Armis deal ($4B short-term loan) dragging into Q3. The author's one disclosed holding in this issue. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-18 · 2026-JUL-25 | 17 |
| NTDOY | Nintendo | Nintendo — software cushion: Q1 revenue −10% to ¥518B still beat and operating profit +151% to ¥143B, but ~$300M of refunded US tariffs cut cost of sales, so the 22-point gross-margin jump to 54% overstates the quarter. Switch 2 sold 3.8M consoles (−34% vs the prior launch quarter) yet the 23.7M installed base leads the original Switch's 17.8M at the same point — and original-Switch software rose 39% to 34M units against just 9.5M Switch 2 games, so backward compatibility keeps the 150M+ ecosystem monetising through the changeover. Digital hit 62% of software revenue; IP revenue doubled on the $1B-grossing Super Mario Galaxy Movie. FY27 guidance unchanged; the real test is September's price rise to $500 into the holiday quarter. Referenced/neutral recap, not a stance call. | QT · SA · STK | 2026-AUG-07 | — |
| NVDA | NVIDIA | NVIDIA — can't build fast enough (2026-AUG-28): Q2 FY27 revenue accelerated 106% Y/Y to $96.2B (Data Center +117% to $89.0B) at a 75% gross and 66% operating margin, with Q3 guided to $108.0B (+89%) assuming zero China Data Center compute — "at this scale, that should sound almost implausible. Yet even that outlook is supply-constrained," and FY28 is guided to ~70% growth (>$200B of added annual revenue). Rubin arrives without a digestion pause (Blackwell Ultra still ramping) and raises the take per AI factory: revenue opportunity per gigawatt ~$18B (Hopper) → ~$25B (Blackwell) → ~$40B (Vera Rubin), at 30x throughput per megawatt and 35x lower token cost. Two complications now define the debate: NVIDIA as financier — ~$50B invested in frontier AI labs, >$500B of third-party capital arranged, credit support and take-or-pay commitments, with labs on balance-sheet support possibly ~one-quarter of next year's business ("critics call this circular financing") — and customer silicon, with OpenAI's Jalapeño claiming 1.5x–1.9x more throughput per watt. Costs are rising too: gross margin bends to ~71%–72% in Q4 on memory, and supply/capacity commitments jumped $119B → $279B in three months — "a huge vote of confidence in future demand—and a much larger commitment if the cycle eventually slows." Also agreed to buy Hugging Face for $12.9B. At ~20x forward earnings, below the rest of US Big Tech: "in semiconductors, a low P/E can sometimes signal peak earnings rather than a bargain… So far, that skepticism has been repeatedly proven wrong." Bear: spending outruns the profits it generates while custom silicon takes inference share. Bull: agentic AI expands compute demand faster than efficiency and competition can reduce it. A disclosed author holding. | QT · SA · STK · FA | 2026-SEP-15 · 2026-AUG-28 · 2026-AUG-18 · 2026-AUG-14 · 2026-AUG-04 · 2026-JUL-29 · 2026-JUL-07 · 2026-JUN-30 · 2026-JUN-26 · 2026-JUN-16 · 2026-JUN-05 · 2026-MAY-30 · 2026-MAY-26 · 2026-MAY-22 | — |
| NVO | Novo Nordisk | Novo Nordisk — pill holds up: Q2 sales +2% (+3% cc) to DKK 78.5B with underlying operating profit +11%. Oral Wegovy did DKK 3.2B (~$500M), +40% sequentially and past 5M prescriptions — the format Novo needed — but injectable Wegovy grew just 1% cc and Ozempic 5%, and Novo still expects US sales to decline this year on lower realized prices, reduced Medicaid obesity coverage and Lilly competition; CagriSema failed its head-to-head obesity endpoint against tirzepatide. FY26 guidance nevertheless raised sharply to flat-to-−6% cc from −4% to −12%. "Lilly still has the stronger growth profile and next-generation pipeline, leaving Novo increasingly dependent on the pill." Referenced recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-08 | 5.7 |
| ONON | On Holding | Premium discipline against the top line — shares fell nearly 20% as FY26 constant-currency growth guidance was cut from at least 23% to the low 20s on a Q2 revenue miss (CHF 850M vs CHF 878M). But the slowdown is partly chosen: DTC +26% (+34% cc) and now 46% of sales, while wholesale was deliberately restrained in the Americas rather than push inventory into a promotional retail market — CFO Frank Sluis said On was willing to sacrifice volume to protect full-price selling and retailer inventory health. It shows in a record 65% gross margin, EBITDA +24% to CHF 168M and apparel +56% cc. Temporary inventory discipline or a durable slowdown is the open question. | QT · SA · STK · FA | 2026-AUG-15 | — |
| OpenAI | OpenAI (private) | Private AI lab (ChatGPT) — the foil for Apple's AI pitch (2026-SEP-11): Ternus' "the perfect AI device already exists — it's the iPhone" read as an early rebuttal to OpenAI and Jony Ive's new AI device; Apple competes on device + OS + personal context rather than a chatbot. Earlier — filed confidentially to IPO, could list above $1T; same pure-play exposure as Anthropic (the model is the whole business). Watch-list-not-impulse-buy framing on the 2026 IPO wave; Codex named among AI-coding rivals to Cursor. Now also NVIDIA's sharpest named competitive threat (2026-AUG-28): OpenAI published first results for Jalapeño, its custom inference chip, claiming 1.5x–1.9x more throughput per watt and materially lower latency than the NVIDIA systems tested — "OpenAI still plans to use NVIDIA broadly, but Jalapeño shows that NVIDIA's largest customers have a growing incentive to move specialized inference workloads onto their own silicon." Jensen's rebuttal is breadth over benchmarks: those XPUs are "inference-specific chips for one cloud or one service," while NVIDIA sells a fungible whole-lifecycle platform. | — | 2026-SEP-15 · 2026-SEP-11 · 2026-AUG-28 · 2026-AUG-15 · 2026-AUG-14 · 2026-AUG-04 · 2026-JUL-29 · 2026-JUN-30 · 2026-JUN-23 · 2026-JUN-19 · 2026-JUN-16 · 2026-JUN-13 · 2026-JUN-06 · 2026-MAY-26 | — |
| PAYC | Paycom Software | Paycom — margins do the work: Q2 revenue +10% to $531M (an $18M beat) with adjusted EBITDA margin expanding 320 bps to 44.2% and net income +20%. The improvement was broad-based rather than a product launch, with automation via Project Arc (its largest platform overhaul) and July's Asset Management product still contributing little. Capital return is doing much of the EPS work: $346M repurchased in Q2 and nearly 11M shares for $1.4B across H1, cutting shares outstanding roughly 20%, with FY26 FCF now above $650M. FY26 EBITDA guidance jumped to $1.007–1.022B, taking the midpoint margin from ~44% to ~46%. "The next step is proving newer products can reaccelerate the top line rather than relying primarily on efficiency." A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-08 | — |
| PEP | PepsiCo | PepsiCo — Q2 rev +6% to $24.2B (beat) but EPS $2.20 ($0.01 miss), shares −3%; CEO Laguarta: "the consumer is worse than we anticipated, driven mainly by gas prices" (US gas >$4/gal on the Iran conflict, hitting convenience/impulse), Frito-Lay volume flat. International the engine; "permissible portfolio" $3B growing double digits; FY26 reaffirmed but flagged the low EPS end; Elliott pressing. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUL-11 | — |
| PG | Procter & Gamble | Procter & Gamble — Iran cost bites: Q4 revenue +2% to $21.2B ($180M miss) with organic sales flat against ~1.9% consensus and every segment except beauty short. The FY27 guide carries a ~$1B after-tax headwind from raw materials, energy and transportation tied to the Iran war (a $0.56/share drag, 8% of core EPS growth, assuming Brent near $90), on organic growth of just 1%–3%. One bright spot: first Greater China share gain in 15 quarters. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| PINS | Pinterest — growth speed bump: Q2 revenue +18% to $1.18B (a $30M beat) with adjusted EBITDA +24% to $311M and FCF $270M, and MAUs at a record 640 million (+11%), an 11th straight quarter of double-digit user growth. But the advertiser headwind rotated — from large US retailers last quarter to Asia-based cross-border retailers pulling back after European regulatory actions, pressure that emerged mid-quarter and continues into Q3. AI is central (Performance+ automating bidding, targeting and creative) and Pinterest committed $4 billion to AWS through 2031 for AI infrastructure; Gen Z is more than half of users. Q3 guided to 13–15% growth and shares fell as much as 9% despite the beat. "Advertiser concentration keeps creating volatility." A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-08 | 0.9 | |
| PLTR | Palantir Technologies | Named among the 25 initial signatories (with Microsoft and Meta) of the open-weight letter Jensen Huang amplified in his first-ever X post — putting the defence/government data platform on the side of keeping downloadable, inspectable model weights legal, which is the precondition for the disconnected and sovereign deployments its customer base requires. A disclosed author holding. Referenced/neutral. | QT · SA · STK · FA | 2026-AUG-04 · 2026-JUL-29 | — |
| PRX.AS | Prosus | Prosus — the seller who made the deal possible: irrevocably committed its remaining 17% of Delivery Hero, taking Uber to ~53% economic interest before other shareholders tender. Also a consolidator in its own right (it took Just Eat Takeaway), one of the two precedents behind the "density wins" framing. Referenced/neutral. | QT · SA · STK | 2026-JUL-24 | — |
| PSKY | Paramount Skydance | Paramount Skydance — stronger before the storm: revenue only +1% to $6.9B but adjusted EBITDA +27% to $1.1B, FY26 EBITDA guidance raised to $3.8–$3.9B and the free-cash-flow conversion target doubled to at least 10%, with run-rate efficiencies now above $2.7B (toward $3B-plus from Skydance) "starting to show up in EBITDA and cash flow rather than just offsetting revenue pressure." Streaming is maturing on quality: Paramount+ revenue +16%, 2M adds to 81.6M, ARPU ~+12%, churn at its lowest level ever, advertising +30%; TV Media −9% but segment EBITDA held near $1.1B on cost cuts; Studios +16% with every marketing dollar generating 11% more box office. The offset is the WBD deal clock — $8–$9M of monthly bridge fees, roughly $650M owed to WBD shareholders per quarter of delay, a $7B reverse termination fee if regulators block it, against a March 2027 federal trial. "Every quarter spent waiting for WBD adds to the eventual acquisition bill." Referenced/neutral. | QT · SA · STK · FA | 2026-AUG-11 | — |
| PYPL | PayPal Holdings | PayPal — in play: Stripe and PE firm Advent International have made an unsolicited $60.50/share (>$53B) offer backed by ~$50B of committed financing — roughly 8x adjusted free cash flow for 439M active accounts, ~$1.8T of annual payment volume and Venmo. Goldman Sachs and Evercore already engaged on a sale-or-breakup review; Michael Burry, a holder, calls the price too low. "The first offer may establish only that PayPal is in play, not the price that ultimately gets it sold." Referenced/neutral. | QT · SA · STK · FA | 2026-AUG-01 · 2026-JUL-17 | — |
| QCOM | Qualcomm | Qualcomm — diversification on trial: Q3 FY26 revenue −4% to $9.9B (beat) but adjusted EPS $2.21 (slight miss) and a Q4 EPS guide well under consensus as QCT margins compress on memory costs (double-digit price increases start Sept 1). Modem share on the new iPhone now expected "materially lower" than the prior 20%, with the step-down accelerating from Q4; handset revenue −20% to $5.1B. The offset: automotive +61% to $1.6B (~$7B FY26 exit run-rate) and two data-center custom-silicon wins starting revenue in December, feeding a raised FY29 non-handset target of $40B. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-01 | — |
| QSR | Restaurant Brands International | Restaurant Brands International — Burger King breaks out: Q2 revenue +5% to $2.5B (in line) with system-wide sales +6.4% and comparable sales accelerating to 3.8%. Burger King US comps surged 8.5% versus 5.8% in Q1 and ~3.5% expected, outperforming the broader US burger category by more than 9 points as four years of remodels, kitchen upgrades, marketing and value under "Reclaim the Flame" finally show up in traffic. The rest was mixed: international comps +5.5% with system sales +10.7%, but Tim Hortons Canada slowed to 0.1% and Popeyes stayed at −5.2% (improved from −6.5%, still guided to turn positive in H2). $435M returned; FY26 target of 8% organic adjusted operating income growth maintained despite beef inflation. "Burger King and International are increasingly responsible for carrying the portfolio." | QT · SA · STK · FA | 2026-AUG-08 | — |
| RBLX | Roblox | Roblox — monetization trade-off: Q2 revenue +36% to $1.47B but bookings grew only 8% to $1.56B (a $40M miss), DAUs +10% to 123M yet sequentially down, and shares −14%. Roblox changed its discovery algorithm to prioritise 28-day retention over near-term monetization while users (especially under-13s in the US/Canada) drifted from highly monetized viral games to evergreen experiences that spend less per hour. Management won't date the promised crossover. Q3 bookings guided to decline 14%–18%, full-year guidance withdrawn, and Q3 FCF possibly $(60)M–$5M as AI-infrastructure spend rises. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| RDDT | Reddit — monetization outruns users: Q2 revenue +61% to $805M (a $74M beat) with adjusted EBITDA more than doubling to $343M at a 43% margin, advertising +64% and ARPU +36% to a record $6.18 (Reddit Max adoption +60% Q/Q, its revenue +150%). The concern is the denominator: global DAUs +18% to 130M but US users slipped sequentially to 53.2M, as Google AI Overviews and chatbots summarise Reddit content instead of sending click-throughs. Reddit argues app users are worth several times search traffic; Q2 is the last quarter separating logged-in and logged-out users. Q3 revenue guided well above consensus. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-01 | 0.5 | |
| RIVN | Rivian | The IPO pop-mirage poster child — priced $78, closed day one at $101, peaked $172 (+70%, briefly above Ford & GM) — that was the top; down 80%+ from the first-day close, ~$16 today. Referenced/neutral illustration, not a recommendation. | QT · SA · STK · FA | 2026-AUG-01 · 2026-JUN-19 | — |
| ROKU | Roku | The distribution asset Fox is buying — a scaled connected-TV platform (100M+ households, ~25% of US CTV) monetizing the interface; platform segment $4.1B (~88% of 2025 revenue) from ads, rev-share, distribution fees, home-screen placements. Contested by Amazon, Google, Samsung, Walmart/Vizio. Referenced/neutral. | QT · SA · STK · FA | 2026-AUG-08 · 2026-JUN-23 | — |
| Samsung | Samsung Electronics | Referenced — the foldable pioneer (Galaxy Fold, 2019) whose category is still only ~2% of smartphone shipments, into which Apple's iPhone Duo could take ~a quarter on arrival (2026-SEP-11); also one of the three remaining memory makers (with Micron & SK Hynix) whose shared supply discipline keeps the market tight; also named among the living-room/CTV contenders that make Roku a contested asset. | — | 2026-SEP-11 · 2026-AUG-01 · 2026-JUL-07 · 2026-JUN-26 · 2026-JUN-23 | — |
| SAP | SAP SE | Named as one of the enterprise application data sources Snowflake's Cortex Code / Snowflake Intelligence now reach (alongside Microsoft and Salesforce apps) — part of the "wider moat" of governed access to data wherever it lives. | QT · SA · STK · FA | 2026-MAY-29 | — |
| SATS | EchoStar | EchoStar — the Sept-2025 spectrum sale to SpaceX (FCC-approved May 2026) that turns Starlink Mobile vertically integrated (owning direct-to-cell spectrum rather than leasing it). | QT · SA · STK · FA | 2026-MAY-26 | — |
| SB Energy | SB Energy (private; S-1 filed for a Nasdaq IPO, SoftBank-controlled) | SoftBank's renewable developer turned AI data-center landlord, pre-IPO (2026-SEP-15): "stops below the GPU" — powered land + white-space shells on 15–20-year triple-net, yield-on-cost leases (OpenAI 8 GW PORTS-Pike, 1.2 GW Milam). H1 FY26 revenue +66% to $139M against $439B of backlog — but $357B (81%) lands after year 8 and it needs ~$178B of CapEx; the $3.2B loss is mostly OpenAI-warrant revaluation + SBC. Equity value = an 8–11% yield on cost vs 6–7% debt; at a reported >$50B, wait for the first campuses to operate. Neutral. | — | 2026-SEP-15 | — |
| SBUX | Starbucks | Starbucks — measurable momentum: Q3 revenue −1% to $9.3B (beat; the decline is entirely the China deconsolidation) and adjusted EPS +70% to $0.85. Global and US comparable sales both +8% against ~6% consensus — a fourth straight positive comp after seven negative quarters, accelerating from 6%, with US transactions +4%. Store "uplifts" passed 1,000 (full-year goal, hit early), Rewards members 35.8M. Caveat: the 430 bp margin expansion leaned on tariff refunds and a favourable tax comparison — North America's own margin moved only 13.3%→13.6%. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| SCHW | Charles Schwab | Schwab — the volatility dividend: Q2 rev +21%, EPS +42%, record 12M daily trades (+57%), core net new assets +49% to $119.8B, $13.08T client assets; margin loans surged 30% in a quarter to $165.1B (earns interest, unwinds fast in a drawdown). FY26 revenue-growth guide lifted to 17.5-18.5% — the market treats it as cyclical earnings it won't re-rate. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUL-25 | — |
| SFTBY | SoftBank Group (ADR; TSE: 9984) | SoftBank Group — SB Energy's founder, >50% vote controller (Nasdaq controlled-company exemptions) and a major data-center customer (2026-SEP-15): the sponsor corner of the SoftBank–OpenAI–NVIDIA closed loop; minority holders get limited influence. Referenced/neutral. | QT · SA · STK | 2026-SEP-15 | — |
| SHOP | Shopify | Shopify — deceleration dodged: Q2 revenue +34% to $3.6B (a $140M beat) with GMV +32% to $115.6B and free cash flow $654M at an 18% margin (from 15%), Payments at 68% of GMV and Shop Pay past $400B cumulative. The AI-commerce read is the most concrete yet — AI-driven traffic and orders both tripled Y/Y, AI-attributed orders convert at roughly 2x when agents read Shopify's structured Catalog rather than scraped web data, and 75% of them came from outside the top-100 categories, so AI discovery disproportionately benefits the long-tail merchants that are Shopify's base. Q3 guided to low-30s% growth against ~27% consensus. "Q2 answered it decisively… AI is increasingly looking like a distribution tailwind rather than the disruption risk investors feared." A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-15 · 2026-AUG-07 | 0.7 |
| SKHY | SK Hynix (Nasdaq ADR, pending ~Jul 10) | SK Hynix (Nasdaq ADR, ~Jul 10) — the largest ADR listing in history (~$28B), world #1 in HBM (~57% share), sold out through 2028, ~$24B net cash; Q1 FY26 records (rev +198% to $35.5B, 72% op margin, net margin 77%). Comes to market at parity with Micron (~7x fwd, ~18x trailing EV/EBIT) — the Korea discount already closed. Author's take: belongs on every watchlist, but don't pay peak-cycle margins as a new baseline at the IPO ("IPO = It's Probably Overpriced"). Referenced/neutral recap, not a stance call. (Distinct row from the pre-ADR "SKHynix" reference.) | QT · SA · STK · FA | 2026-JUL-07 | — |
| SK Hynix | SK Hynix | Referenced — leads in HBM, just filed for a ~$29B US listing, and is adding supply (some read early 2H26 memory-price softening as a result); one of the three-player memory oligopoly. | — | 2026-JUN-26 | — |
| SNDK | Sandisk | Sandisk — AI eats NAND: Q4 revenue +372% to $9.0B at an extraordinary 85% non-GAAP gross margin, with adjusted FCF $5.0B (56% margin) — and $4.5B of buybacks after an 1,800% run, "a questionable decision." Datacenter went from 12% of bits a year ago to 38% exiting FY26, with NAND expected to stay on allocation beyond 2027. The durability attempt is the story: eight multi-year "New Business Model" agreements averaging 4+ years, backed by $16.5B of financial guarantees, locking in over half of FY27 and ~two-thirds of FY28 bits. Q1 FY27 guided to $10.3–10.8B at 83–85% margin. "The question is how much of today's extraordinary 80%+ gross margin survives once supply eventually catches demand." Referenced recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-08 | — |
| SNOW | Snowflake | Snowflake — the consumption winner: product rev +34% to $1.33B (accelerating, +38% AH erasing the YTD drawdown), a 5-yr $6B AWS commitment (Graviton + accelerators) supporting a 75% product gross margin, NRR 126%; Natoma (MCP) acquired to govern what agents DO; Cortex Code/Snowflake Intelligence reach data in MSFT/CRM/SAP apps. "Agents increase the need for governed data — exactly where Snowflake sits." | QT · SA · STK · FA | 2026-AUG-18 · 2026-MAY-29 | — |
| SOFI | SoFi Technologies | SoFi — records meet a shrug: Q2 revenue +41% to $1.2B (an $80M beat) and adjusted EBITDA $358M, with records across originations ($14.8B, +69%, student loans +170%), members, products and tangible book value — and shares fell nearly 10%, down >40% YTD with the Muddy Waters short report still overhead. The best number is engagement: cross-buy at 51% of new products opened by existing members (from 35% a year ago), and twice as many products added as members for the first time. Drags: Tech Platform −23% still lapping the Chime exit, and a raise-and-hold guide (revenue up, EBITDA/EPS flat). Default rates fell, cutting against the short thesis. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| SPCX | SpaceX (SPCX, Nasdaq) | Referenced as a private comparable around a ~$75B IPO valuation in the broader AI/infra-financing framing. | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-14 · 2026-AUG-04 · 2026-JUL-29 · 2026-JUL-24 · 2026-JUL-07 · 2026-JUN-23 · 2026-JUN-19 · 2026-JUN-16 · 2026-JUN-09 · 2026-MAY-26 | — |
| SPOT | Spotify Technology | Spotify — 300 million paid: Q2 revenue +14% to €4.8B (in line) with adjusted operating income +61% to €655M, a record 33.4% gross margin and FCF +14% to €797M. MAUs 777M (+12%) and Premium subscribers crossed 300 million for the first time (+9%, 7M net adds); automated channels reached nearly 40% of ad-supported revenue. On AI, management frames cost as controllable — building its own model-routing infrastructure to lower inference costs while developing higher-priced AI features — and reserved concert tickets with Live Nation drew nearly 100,000 claims since June. The weak spot is guidance: Q3 MAUs below consensus on purpose, as Spotify raises ad load and adjusts the free product in some emerging markets to push conversion to paid. "The near-term tradeoff is deliberate." A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-08 | 1.1 |
| Stripe | Stripe (private) | The strategic bidder for PayPal (with Advent, at $60.50/share) — private payments infrastructure that owns the merchant side of digital commerce, with PayPal supplying the missing consumer half (439M accounts, Venmo, brand) to put Stripe on both ends of a transaction. Braintree adds merchant processing and PayPal's stablecoin/crypto assets complement Stripe's Bridge and Privy deals. The catch: overlapping products, aging technology and businesses PayPal never integrated. Referenced/neutral. | — | 2026-JUL-17 | — |
| T | AT&T | AT&T — volume over price: 432k postpaid phone net adds (vs ~325k expected) after months of SpaceX-entering-wireless fear, 1M+ Advanced Connectivity adds, FCF $4.7B above its own guide; buyback raised to ~$10B on Stankey's undervaluation call. The cost: fiber ARPU −1% (convergence discounts) and legacy EBITDA −46% — if ARPU still falls after Lumen laps, it's buying subscribers with price cuts. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUL-25 | — |
| TDOC | Teladoc Health | Teladoc Health — the BetterHelp pivot: Q2 revenue −4% to $607M ($9M miss) and shares collapsed ~29%. BetterHelp revenue fell 12% to $213M as it switches from cash-pay to insurance-covered therapy — 70–80% of prospective users prefer insurance — but demand outran the provider network, so Teladoc cut advertising to match capacity, accelerating the cash-pay decline. Insurance hit a national footprint early with >20,000 sessions in a week (a >$110M annualized run rate). FY26 revenue guidance cut ~5% to $2.36–2.45B while EBITDA was reaffirmed on lower ad spend — "the ad cuts protecting EBITDA are the same thing starving the cash-pay funnel." Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| TGT | Target | Target — traffic holds up (2026-AUG-22): Q2 revenue +5% to $26.5B ($400M beat) with comps +3.8% "driven almost entirely by a 3.6% increase in traffic" — the honest half of a comp, and achieved while lapping last year's Switch 2 launch, with sales up across all six merchandise categories (hardlines +10%). But the profit headline needs stripping: adjusted EPS of $4.11 included $1.65 of tariff refunds, and $994M of refunds added roughly 370 bps to Q2 operating margin — ex-refund EPS of ~$2.46 still beat, and the FY26 margin target of ~5.1% excluding refunds is ~50 bps above last year while ~$5B goes into stores, technology and supply chain. Guidance raised on both bases (FY26 sales ~5%; adjusted EPS $9.90–$10.90 inclusive, midpoint up $0.75 exclusive). What keeps it neutral rather than positive: apparel and home were roughly flat, "some of Target's historically important discretionary categories still need work." "The turnaround is gaining credibility, but home and apparel still need to participate before Target can claim a truly broad-based recovery." | QT · SA · STK · FA | 2026-AUG-22 | — |
| TMHC | Taylor Morrison Home | Taylor Morrison — named as the target of Berkshire's $6.8B acquisition, cited as evidence that the Abel-era cash pile is finally being deployed through whole-company purchases alongside $23B of equity buying and $4.5B of buybacks. Referenced/neutral; no view on the homebuilder itself. | QT · SA · STK · FA | 2026-AUG-15 | — |
| TMUS | T-Mobile US | T-Mobile US — momentum cools: Q2 rev +8% ($150M miss), the first quarter in a while guidance didn't rise across the board; ARPA growth halved to 2% (the metric that justified retiring phone net adds), Q3 guided to ~250k account adds with churn elevated by retiring legacy rate plans; stock −10% post-print. Postpaid service rev +13% and core EBITDA +12% still industry-leading. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUL-25 | 0.4 |
| TRI | Thomson Reuters | Thomson Reuters — named as one of DocuSign's new IAM integration partners (alongside Anthropic's Claude, OpenAI, and Harvey) in the platform-vs-point-product positioning. | QT · SA · STK · FA | 2026-JUN-13 | 0.6 |
| TSLA | Tesla | Tesla — cash burn begins: a record 480K Q2 deliveries (+25%) and revenue +26% to $28.2B, yet shares fell ~14% (worst post-earnings drop since 2013) as operating profit fell 57% to $398M and free cash flow swung to −$1.1B on CapEx +142% to $5.8B. The newsletter's prior-quarter flags both landed (Q1's margin beat leaned on a $230M warranty benefit + tariff relief; the $25B+ CapEx cycle turned FCF negative). Only $8.3B of CapEx spent in H1 → ≥$16.7B in H2, with up to $30B of debt facilities being arranged against $43.5B of cash. Robotaxi 380K unsupervised miles vs Waymo's ~220M; Optimus "flat and long." A disclosed author holding. Referenced/neutral. | QT · SA · STK · FA | 2026-AUG-18 · 2026-JUL-24 · 2026-MAY-26 | — |
| TWLO | Twilio | Twilio — voice AI reaccelerates: Q2 revenue +22% to a record $1.5B (a $70M beat) with organic growth accelerating to 17%, record adjusted operating income ($285M) and record FCF ($353M). Dollar-based net expansion improved from 108% a year ago to 116%, with growth from both messaging and voice as AI-native companies build communication into agents — including an eight-figure deal with "a leading AI company" — and Twilio positions itself as model-agnostic infrastructure connecting agents to customers. A redesigned Console converts developers 90%+ above the legacy experience; the new Conversations Layer adds persistent memory. FY26 organic growth guidance raised to 13–13.5% from 9.5–10.5%. "Less like a turnaround and more like a renewed growth story." A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-08 | — |
| TXN | Texas Instruments | Texas Instruments — Q2 record $5.5B (+23%, beat) and 42% op margin (from 35%) on volume/utilization alone — pricing hasn't contributed yet (customer-by-customer hikes step up in Q4); automotive finally inflected on China EVs. Caveats: trailing FCF flattered by $1.6B of CHIPS Act money; personal electronics squeezed by component shortages; shares −4% anyway after a 70% run. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUL-25 | — |
| UBER | Uber Technologies | Uber — the $15B order: acquiring Delivery Hero at €41.50/share (up from €33 in May), taking its economic interest to ~53% with Prosus's irrevocable 17%. It buys 50 markets worth $42B of gross bookings, lifting the platform from 79 to 99 markets ($236B combined 2025 bookings) and near-doubling dual rides-plus-delivery markets from 34 to 58. ~14x EBITDA pre-synergies falls to ~8x 2027 adjusted EBITDA if the $1.2B run-rate synergy target lands; 14 overlapping markets pre-sold to SSW Partners for ~$1.6B, close targeted 2H 2027. Cross-platform users generate ~3x the bookings at >50% lower acquisition cost — and the deal doubles as an AV hedge. A disclosed author holding. Referenced/neutral. | QT · SA · STK · FA | 2026-AUG-18 · 2026-AUG-07 · 2026-JUL-24 | 2.0 |
| UBI.PA | Ubisoft Entertainment | Ubisoft (Euronext Paris; author personally owns the UBSFY ADR) — the deep-dive: EV collapsed from €12B (2018) to ~€1.2B on ~€2B avg net bookings (0.6x, ~14% short), priced as if bankruptcy is near. But the back catalog throws off €1.3B/yr (84% of the business), Tencent's €1.2B stake in Vantage (€3.8B pre-money) repaired the balance sheet, and fixed costs are falling (€1.75B→€1.25B). Against ~€0.5B (Nov) + ~€0.7B (late-2027) debt maturities and 4-of-5-years negative FCF — "asymmetric upside if FCF rebounds" vs a live solvency risk. Referenced/neutral, not a stance call. | QT · SA · STK | 2026-JUL-10 | — |
| UNP | Union Pacific | Union Pacific — rail/logistics leg of the physical-buildout cluster among Q2 13F top buys: the freight that moves the transformers, turbines, steel and cement of the buildout. Cluster-level accumulation only. | QT · SA · STK · FA | 2026-AUG-18 | — |
| UPS | United Parcel Service | UPS — the reset lands: Q2 revenue +8% to $22.8B (a $960M beat) and adjusted EPS +14% to $1.76 — the first quarter in years with both top-line and adjusted operating-profit growth. Tomé's 18-month Amazon glide-down is essentially done (Amazon 9% of revenue, from >13%), with ~2M daily pieces and $4.5B of expense removed; healthcare cleared $3B a second straight quarter on refrigerated GLP-1 volume and automation handles 68.5% of US volume at ~28% lower cost/piece. GAAP profit still fell on an $891M workforce-cut charge. FY26 guidance raised across the board. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| VSNT | Versant Media Group | Versant Media Group — Comcast's Jan-2026 cable-networks spin (CNBC, USA, MS NOW, Golf Channel) that fell 13% on its Nasdaq debut and has traded sideways since; "the channels were the appetizer" ahead of the NBCUniversal + Sky separation. Referenced/neutral. | QT · SA · STK · FA | 2026-JUL-03 | — |
| VZ | Verizon Communications | Verizon — subsidy pullback: rev −1% ($860M miss) because Schulman cut device subsidies (equipment −20%, upgrades −27%), yet the best consumer Q2 phone adds in five years (184k), 348k broadband adds, record $13.7B EBITDA and FCF +24%; guidance up a second straight quarter. Catch: H2 must deliver ~3x the H1 phone net adds to hit the full-year guide. $1B+ Google dark-fiber deal disclosed. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-JUL-25 | — |
| WBD | Warner Bros. Discovery | Two businesses inside one deal: HBO Max crossed $3B of quarterly revenue with EBITDA +75% to $512M at a ~17% margin (best of the three streamers, 2027 its strongest content year), while Studios fell 39%/EBITDA −89% on a weak slate and Global Networks fell 17% with advertising −27% on the lost NBA (EBITDA only −4% — the rights costs left too). But "none of that is the primary driver of the stock": 66 jurisdictions cleared, 12 US states suing, federal trial March 2027, $7B breakup fee on Paramount. | QT · SA · STK · FA | 2026-AUG-11 · 2026-JUL-17 | — |
| WDAY | Workday | Workday — AI mix jumps, the meter isn't running: Q2 revenue +13% to $2.65B (subscription +14% to $2.47B) with AI products at >$100M of new ACV — over 25% of all new ACV — 5,500+ customers running at least one agent (+35% Q/Q) and AI SKUs approaching $600M of ARR (+200%+ Y/Y). The catch is monetization: only a little over 200 customers have signed up for Flex Credits, the consumption meter built to answer seat compression, because Workday is deliberately prioritizing adoption first — a "delayed gratification" model whose revenue impact "may take months to appear." Underneath, total subscription backlog grew only 8% to $27.4B and FY28 subscription growth is guided to roughly 11%, offset by margin (FY27 raised to 31%, at least 2 points more promised for FY28). "The next test is whether today's AI adoption turns into enough consumption revenue to offset that deceleration." | QT · SA · STK · FA | 2026-AUG-29 | — |
| WLTH | Wealthfront | Wealthfront — assets outrun revenue: platform assets +12% to $99B (>$100B after quarter) and advisory +30%, but revenue +1% to $92M because cash still earns ~70% of revenue and lower rates squeeze the spread (cash rev −10%, advisory +31%); diversifying via Home Lending, custodial accounts and self-directed brokerage. | QT · SA · STK · FA | 2026-SEP-12 | — |
| xAI | xAI (Grok / X) | Private; folded into SpaceX via the Feb-2026 merger (~$250B pre-merger). The AI segment — Colossus (~1.0 GW), Grok trained on X's ~350M daily posts — $3.2B 2025 revenue losing $6.4B from operations, where most of SpaceX's >$1T premium sits. | — | 2026-JUN-23 · 2026-MAY-26 | — |
| Yangtze Memory | Yangtze Memory (YMTC) | Referenced — China's NAND maker (YMTC), with CXMT scaling quickly but still behind at the high end; part of the long-run China-supply wildcard rather than a 2026 factor. | — | 2026-JUL-07 · 2026-JUN-26 | — |
| YUM | Yum! Brands | Yum! Brands — Pizza Hut heads out: Q2 revenue +12% to $2.2B with same-store sales +3% led by Taco Bell (+7%); KFC +2%, Pizza Hut −1%. Yum agreed to sell Pizza Hut for $2.7B across two transactions — ex-Pizza Hut, system sales +7%, units +6% and comps +4%, a visibly better portfolio — but the concentration risk arrived immediately: a post-quarter cyclospora outbreak from supplier lettuce pushed Taco Bell US comps −2% through July 27 (management says the last ten days improved sharply). Pre-outbreak Taco Bell was exceptional: system sales +9%, margins +170 bps to 26.2%, digital mix 47%. Referenced/neutral recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-01 | — |
| Z | Zillow Group | Zillow — growth without traffic: Q2 revenue +18% to $772M (beat) with adjusted EBITDA $176M ahead of consensus despite $36M of restructuring and impairment. Rentals +31% to $209M, Residential +7% despite a weak housing market, Mortgages +75% — but monthly unique users fell 2% to 239M and visits fell 2%. Management's defence: ~80% of traffic still arrives directly, AI experiences get users viewing more homes and contacting agents more, and Zillow is extending into ChatGPT and Gemini, treating AI platforms as another acquisition channel rather than purely a threat. Another cost reset (~500 roles) and an expanded CFO/COO remit. Q3 revenue guided below consensus as mortgage originations are now expected to decline. "Can this revenue growth sustain without requiring audience growth?" A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-08 | — |
| ZM | Zoom Communications | Zoom — enterprise momentum returns, on a 5% grower: Q2 revenue +5% to $1.28B with Enterprise accelerating to 8%, its fastest pace in three years and now 62% of revenue (Online +1%, monthly churn 2.9%). AI is driving the expansion — licensed AI monthly active users +125%, Zoom Virtual Agent customers +256%, AI in 9 of the 10 largest CX deals, and all 10 largest Zoom Phone deals won as competitive replacements; Workvivo crossed $100M of ARR and the Common Room acquisition adds buyer intelligence to Revenue Accelerator. FY27 guidance raised $23M to $5.090B with adjusted EPS ~$5.98 → ~$6.10, though Q3 was less exciting. "But Zoom is still a roughly 5% grower overall" — the newer AI and CX products have to become large enough to meaningfully accelerate the top line. A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-29 | — |
| Ticker | Name | Current thesis | Research | Seen in | Total $k |
|---|---|---|---|---|---|
| CELH | Celsius Holdings | Celsius — Alani carries the portfolio: Q2 revenue +11% to $818M (a $52M miss) with adjusted EPS missing and adjusted EBITDA −12% to $184M. The acquired brands did the work — Alani Nu +21% to $364M with retail sales +56% and Rockstar adding $66M — while the core Celsius brand fell 12%, versus +6% in Q1 (retail sales down a milder 2%, the gap being inventory rebalancing, promotions and shipment timing). Management conceded the SKU cleanup went too far, removing weaker flavors and slowing launches, "creating shelf and inventory disruption just as competition intensified," with Costco's private-label energy drink pressuring the club channel; the brand is expected to stay soft through Q3 before returning to growth exiting 2026. Gross margin flat at 48% (from 52%) and now guided to stay in the high 40s. A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-08 | — |
| FI | Fiserv | Fiserv — reset gets deeper: Q2 revenue −4% to $5.3B (an $80M miss) with adjusted EPS missing, organic revenue −5%, Merchant Solutions −1% and Financial Solutions worsening to −8%; operating margin fell to 19%. Financial Solutions is the core problem as client implementations run long, while Clover faces weak hardware sales after two strong replacement years; management insists it is timing, not lost business. New CEO Takis Georgakopoulos is adding $100M of technology and cybersecurity spend in H2 and running a portfolio review — student-loan servicing, managed ATMs and unprofitable India businesses already exiting, "larger divestitures on the table." FY26 organic guidance cut to −1%-to-flat (from +1–3%) and margin to 31–31.5% (from ~34%). "The burden of proof is now much higher." Referenced recap. | QT · SA · STK | 2026-AUG-08 | — |
| FLUT | Flutter Entertainment (FanDuel) | Flutter Entertainment — FanDuel needs a reset: Q2 revenue grew just 3% to $4.3B while adjusted EBITDA plunged 45% to $508M, hit by customer-friendly sports results, higher UK gaming taxes, prediction-market investment and World Cup marketing. The US is the problem — FanDuel revenue fell 6%, sportsbook revenue −15% — with the market subdued after last year's unfavorable NFL season and elevated churn, and Flutter responding by "increasing customer generosity and product investment rather than protecting near-term margins." The leadership reset escalated: after FanDuel CEO Amy Howe's departure, group CEO Peter Jackson steps down September 30 with Dan Taylor taking over. FY26 guidance cut ~$400M of revenue and ~$210M of EBITDA. "Q2 confirmed the reset will take longer and cost more." A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-08 | — |
| GURU | Global X Guru ETF | Global X Guru ETF — the mechanical version of copy-trading 13Fs, and App Economy's counter-evidence to the whole exercise: “designed to track top hedge fund holdings, has underperformed the S&P 500 since its inception in 2012. And that comparison still leaves out the classic hedge fund fee drag” (the “2 and 20” model). The missing ingredient, per Ian Cassel: “you can borrow someone else's stock ideas but you can't borrow their conviction.” | QT · SA · STK | 2026-AUG-18 | — |
| LULU | Lululemon Athletica | Lululemon — turnaround stalled: rev +4% but op income −37%, op margin 11% (from 18%); −11% post-earnings, −40% YTD (one of the worst in the S&P 500). Americas comps −6% (the problem) while China +30%; cut FY26 guide. New CEO Heidi O'Neill (ex-Nike) in September; Chip Wilson proxy fight settled. | QT · SA · STK · FA | 2026-JUN-06 | — |
| MTN | Vail Resorts | Vail Resorts (trades as MTN) — its worst season on record (Rockies snowfall 55% below the 30-yr average), skier visits −16%, 2026/27 pass sales −10% units; outlook cut a second time, Resort EBITDA guide to ~$745M, leaning on a $106M cost-savings plan. | QT · SA · STK · FA | 2026-JUN-13 | — |
| NYT | The New York Times Company | The New York Times — subscriber growth slows: Q2 revenue +11% to $762M (beat) with adjusted operating profit +16%, digital subscription revenue +16% and digital advertising +21%. The weak spot is the funnel: 280,000 net digital-only subscriber adds, down from 310,000 in Q1 and below the ~295,000 expected, for 13.35M total, with digital ARPU +3% to $9.94. Management acknowledged that declining search and referral traffic from big tech platforms is making acquisition harder — the clearest statement in the issue of AI search eroding publisher distribution — reinforcing the push to direct relationships. Video is the big bet (thousands of videos a quarter, a dedicated Shows tab) but monetization is early while costs rose 11%. Q3 digital subscription growth guided down to 12–15%; shares fell more than 15%. Referenced recap. | QT · SA · STK · FA | 2026-AUG-08 | — |
| PDD | PDD Holdings | PDD Holdings (Temu/Pinduoduo) — a deliberate margin sacrifice: rev miss, net income −15%, shares −11%; domestic Pinduoduo marketing only +2%; a dual-track pivot to a first-party brand (Pinmu, 15B of a planned 100B yuan) + heavy merchant subsidies into Alibaba/JD price wars and a weak consumer; a 1.5B yuan fine. "Start of deep transformations" — ecosystem health over short-term financials. | QT · SA · STK · FA | 2026-AUG-29 · 2026-MAY-30 | — |
| PFE | Pfizer | Pfizer — pipeline questions: Q2 revenue +3% to $15.0B (a $640M beat) with the non-COVID portfolio outperforming ~$1.5B as Paxlovid fell 95% (FY26 COVID revenue cut to ~$4B). But the beat came from the old book — Eliquis +19%, Vyndaqel strong — against a $3.8B impairment after an experimental Seagen lung-cancer drug failed a pivotal trial. Another $2.5B of savings takes the restructuring target to ~$9.7B through 2029, protecting margins against an estimated $35B of revenue facing patent expiry by decade-end; $650M upfront to Innovent buys 12 early-stage cancer programs. "Much of the upside still comes from older drugs, while expensive bets in oncology and obesity have yet to prove they can replace the looming patent cliff." Referenced recap, not a stance call. | QT · SA · STK · FA | 2026-AUG-08 | 2.9 |
| PTON | Peloton Interactive | Peloton — profit without growth: Q4 revenue flat at $608M (small beat) and FY26 closed with Peloton's first full year of GAAP profitability — $63M of net income, $378M of FCF, net debt down to $123M from ~$500M. The base keeps shrinking: paid Connected Fitness subscriptions −9% to 2.55M, App subscriptions also −9%, and monthly churn jumped to 2.2% from 1.2% in Q3; subscription revenue grew 7% only because prior price increases lifted ARPU, while hardware fell 14%. Peloton is broadening off the stronger base (Commercial up double digits, Spotify distribution beyond its hardware, the Skōp connected-Pilates acquisition). FY27 makes the trade explicit: revenue guided down ~4% with EBITDA rising to ~$500M. "Higher margins still being asked to outrun a shrinking subscriber base." A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-08 | — |
| STNE | StoneCo | Credit risk rises — the loan book more than doubled Y/Y to R$3.75B and credit revenue +153% to R$349M as Stone pushes to be Brazilian merchants' primary bank, but provisions jumped 128% to R$188M and 90+ day delinquencies climbed to 8.6% from 4.7%, blamed on weaker H2-2025/early-2026 vintages plus specific troubled borrowers. The payments core is barely moving (revenue +3% to R$3.6B, TPV +4%) and adjusted EPS rose 9% only because buybacks retired 40M shares. Cost of risk 21.5%; FY26 guidance maintained but steered to the lower end as Brazil's high rates persist. The deteriorating half of the LatAm-fintech divergence against Nu. | QT · SA · STK · FA | 2026-AUG-15 | — |
| STZ | Constellation Brands | Constellation Brands — Berkshire exited in Q2 2026, the one outright exit named on the buy-side sheet, in the same quarter it turned net buyer of stocks for the first time in 14 quarters: capital rotated out of a staples/beverage position into Alphabet, airlines and homebuilders. App Economy's standing caveat applies — a top sell “doesn't always mean a bearish turn.” | QT · SA · STK · FA | 2026-AUG-18 | — |
| TTD | The Trade Desk | The Trade Desk — growth stalls: Q2 revenue grew just 3% to $715M (a $36M miss), its slowest since 2020, with adjusted EBITDA −11% and margin compressing to 34% from 39%; shares plunged more than 20%. Macro and execution: CPG and auto advertisers (roughly a quarter of the business) remain pressured by tariffs and weak consumers, while "some brands are shifting budgets toward cheaper fixed-price advertising rather than TTD's targeting" — a challenge to the core value proposition. CEO Jeff Green conceded the company "underperformed our own expectations." Underneath: 217 Joint Business Plans (+38%) growing ~6x faster than the company, EMEA/APAC +30% YTD, Publicis dispute resolved. But Q3 is guided to at least $650M vs ~$805M consensus — at the floor, revenue would decline ~12% Y/Y — while a new CFO, CMO and CCO rebuild the team and Kokai is simplified into Zuma. A disclosed author holding. | QT · SA · STK · FA | 2026-AUG-08 | 0.3 |
| ZS | Zscaler | Zscaler — beat-but-guide-spooks: rev +25%, ARR +25% to $3.5B, AI Protect bookings >$100M — yet shares −21% AH as the Q4 guide missed, FCF margin was cut ~27%→~23% on capex, and FY27 ARR/rev growth was previewed at just 16-17% (sharp decel); two sales leaders departed → a "prudent" guide; Symmetry Systems acquired. | QT · SA · STK · FA | 2026-MAY-30 | — |
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