Blog
Opinion and analysis on how public companies generate revenue, with interactive Sankey diagrams in every post.
Intel's Q1 2026: DCAI +22%, Non-GAAP Margin at a 4-Year High, and Why the 'AI CPU' Narrative Finally Has a Number Behind It
Intel beat on revenue, margin and guidance in Q1 2026 — but the single datapoint that changed the narrative was a DCAI operating margin that more than doubled year-over-year, from 13.9% to 30.5%. This is what's different about this print.
Tesla's Q1 2026 Margin Rebound Is Real — But the $25B CapEx Bill Is the Real Story
Tesla's Q1 2026 gross margin hit 21.1%, a 478 bps YoY jump and a five-quarter high. Yet the stock finished the day down 2%. Here is why the market looked past the beat.
ServiceNow's Q1 2026 Was a Clean Beat. Armis, Iran, and a Federal Shutdown Took the Stock Down 15%
ServiceNow beat every topline and profitability guide in Q1 2026, raised FY26 subscription revenue guidance by $205M, and reported cRPO of $12.64B. The stock still fell 15%. Here is the reason the AI control tower narrative could not save the quarter.
GE Vernova's Q1 2026: Orders +71%, Backlog $163B, and the $200B Target Just Moved Forward a Year
GE Vernova beat Q1 2026 on every segment, raised full-year guidance, and pulled its $200B backlog milestone forward from 2028 to 2027. Data-center electrification orders in Q1 alone exceeded the entire 2025 total. Here is why the AI power trade is not slowing down.