Blog

Opinion and analysis on how public companies generate revenue, with interactive Sankey diagrams in every post.

Infographic in Wiwynn red. Large type on the left reads gross margin 9.26 percent; large type on the right reads operating cash flow (45,414) NT$ million; a caption below explains the NT$50.74 billion funding gap created by agent-basis memory procurement

Wiwynn Q2 2026: Best Margin Ever, Worst Cash Flow Ever

Wiwynn (6669.TW) posted a 9.26% gross margin in Q2 2026, its best in eight quarters, and minus NT$45.41 billion of operating cash flow, its worst ever.

·12 min read
Near-white cover reading Capital spending overtook revenue in Oracle red, above a bar chart of trailing capex as a share of revenue rising from 46% to 105%

Oracle Now Spends More on Capex Than It Earns in Sales

Oracle's revenue grew 30% and OCI 121%, but trailing capital spending hit 105% of revenue. The stock opened up 7.5% and closed down 1.7% on nearly 4x volume.

·8 min read
Data-forward cover in Broadcom red on near-white reading "AI is now the majority of what Broadcom sells", with $16.7B as the headline figure, a stacked bar splitting the quarter into 56.4% AI semiconductors, 14.0% non-AI semiconductors and 29.6% software against a marked 50% line, and three dashed boxes reading FY2026 $58B, FY2027 $115B and FY2028 $230B labelled as targets, not results.

Broadcom Q3 FY26: AI is now most of what it sells

Broadcom AI chip revenue hit $16.7B, 56% of the company. Revenue rose 85.5% to $29.6B, management put FY2028 AI revenue near $230B, and the stock still fell.

·12 min read
A data-forward cover graphic in NVIDIA green reading "NVIDIA Q2 FY27 EARNINGS — THE MARGIN TRADE FOR 70% GROWTH", with "$96.2B REVENUE, +106% YoY" as the headline number, a rising bar chart tagged "Q3 GUIDE $108.0B", and three boxes reading "GROSS MARGIN 75.0%", "FY28 GROWTH ~70%" and "FREE CASH FLOW $21.3B".

NVIDIA Q2 FY27: a margin reset to buy 70% growth

NVIDIA printed $96.2B revenue, up 106% YoY, and guided Q3 to $108B. Then it traded gross margin down toward 71% to buy an unprecedented 70% FY28 growth guide.

·11 min read
A data-forward cover graphic in Marvell navy and teal reading "MARVELL Q2 FY27 EARNINGS — MARGIN PLATEAU TRADED FOR SCALE", with "$2,739.3M REVENUE, +36.5% YoY" as the headline number, a rising bar chart labelled "REVENUE, EIGHT QUARTERS PLUS Q3 GUIDE", a declining line labelled "NON-GAAP GROSS MARGIN 58.9% TO 57.5-58.5%", and three boxes reading "79.3% DATA CENTER SHARE", "36.6% NON-GAAP OPERATING MARGIN" and "~$18B FY28 REVENUE TARGET".

Marvell Q2 FY27: margin plateau traded for scale

Marvell printed a record $2.74B quarter and raised its FY28 target to $18B. Then its new CFO said gross margin stays at the lower range through fiscal 2028.

·9 min read
A data-forward cover graphic in CrowdStrike red on a near-white background reading "CROWDSTRIKE Q2 FY27 EARNINGS — NET NEW ARR RE-ACCELERATES", with "$332.8M" as the headline number, the line "NET NEW ARR, +51% YoY", a bar chart of eight quarters of net new ARR that climbs unevenly, dips in the seventh quarter and peaks in the eighth, and three boxes reading "ARR $5.84B +25% YoY", "FALCON FLEX ARR $2.29B +101% YoY" and "GAAP OPERATING LOSS -$33.2M".

CrowdStrike Q2 FY27: net new ARR re-accelerates to 51%

CrowdStrike printed record net new ARR of $332.8M, up 51% YoY, and raised its full-year outlook by 630 basis points. GAAP operations still lost $33.2M.

·10 min read
A data-forward cover graphic in Salesforce blue headed "SALESFORCE Q2 FY27: THE EPS THAT WASN'T", showing a tall bar of $5.90 reported non-GAAP EPS with a $2.53 investment gain shaded off the top, next to a shorter $3.37 bar labelled "excluding investment gains", plus three boxes reading revenue $11.35B +11% YoY, operating income +0.0% YoY and cRPO $33.5B +14% YoY.

Salesforce Q2 FY27: EPS doubled, operations didn't

Salesforce non-GAAP EPS rose 103% to $5.90 and the stock jumped 22.6%. Strip out the investment gain the company itself discloses, and EPS grew 15.8%, not 103%.

·9 min read
Cover in Alchip brand blue and warm amber, headlining revenue up 82.6% QoQ, gross margin easing from 50.2% to 34.9%, and a record EPS of NT$20.02, over a recovering revenue trend line, labeled Alchip 3661.TW Q2 2026

Alchip Q2 2026: N3 Ramp Lifts Revenue 82.6%, EPS Hits Record

Alchip (3661.TW) posted Q2 revenue of US$241.7M, up 82.6% QoQ, as N3 production lifted the 3nm/2nm mix to 47%. Margin fell to 34.9%, EPS hit a record NT$20.02.

·8 min read
A white cover with dark green #7CB342 as the accent color. Small type at top left reads 'Quanta 2382.TW — Q2 2026'; below it, in the largest size, dark green 'REV NT$1.04tn' with the subhead 'first quarter over NT$1 trillion'. The middle band shows, on the left, black 'EPS NT$7.43 record' and gray '+28.1% QoQ +105.6% YoY'; on the right, dark green 'GM 5.02%' and 'first up in six quarters'. A row of green bars along the bottom charts quarterly revenue from 4Q24 to 2Q26, with 2Q26 highlighted in dark green as it breaks through a dashed line labeled 'NT$1tn milestone'.

Quanta Q2 2026: Revenue Tops NT$1tn, Record NT$7.43 EPS

Quanta (2382.TW) Q2 revenue hit NT$1.04tn, up 28.1% QoQ and 105.6% YoY, a first for Taiwan. EPS set a record NT$7.43 as gross margin rose to 5.02%.

·9 min read
Cover graphic in Cisco cyan-blue on a near-white background with the headline "$9.3B in AI orders — and the stock still fell" above three stat cards: Q4 revenue $17.25B (+18% YoY), non-GAAP EPS $1.22 (+23% YoY), and non-GAAP gross margin 66.3% (-210 bps YoY).

Cisco's $9.3B AI order year — and why the stock fell

Cisco closed FY26 with record $17.25B Q4 revenue and $9.3B in hyperscaler AI orders, and guided FY27 above the Street. Yet the stock fell on margin compression.

·7 min read
Cover graphic anchored in Hon Hai brand red (#E60012). The headline "Cloud & Networking 51%" marks the first crossing above the halfway line; a donut chart on the right shows the four-segment revenue mix, and the figures below carry revenue of NT$2.53T, operating income of NT$94.8B and EPS of NT$4.27, labeled Hon Hai 2317.TW Q2 2026.

Hon Hai Q2 2026: Cloud & Networking Crosses 50% for the First Time, Operating Income Up 68% to a Record Quarter

Hon Hai (2317.TW) posted Q2 revenue of NT$2.53T, up 41% YoY, with operating income of NT$94.8B, up 68% YoY to an all-time quarterly high, and EPS of NT$4.27. Cloud & Networking topped 50% of revenue for the first time (51%, up roughly 156% YoY), making AI servers the core business at last — but first-half free cash flow swung to roughly -NT$150B, the tension hiding beneath a headline-beating quarter.

·9 min read
Cover in Rocket Lab red and near-black on near-white, with the headline 'Rocket Lab Q2 2026', a bar motif of quarterly revenue rising to $234.1M, and stats: +62% revenue, $2.36B backlog, -$8.8M Adjusted EBITDA, 77.5% product mix

Rocket Lab Q2 2026: Record Revenue, Iridium Deal

Rocket Lab posted record Q2 2026 revenue of $234.1M, up 62%, and a record $2.36B backlog, yet shares slid after hours on a wider loss and soft margin guidance.

·6 min read
Cloudflare Q2 2026: revenue reaccelerates to $696.1M, up 36%, stock jumps to a record high

Cloudflare stock clears Wall Street's highest target

Cloudflare's Q2 2026 revenue reaccelerated to $696.1M, up 36%, and it raised full-year guidance. The stock jumped ~15% to a record, past every analyst target.

·6 min read
Airbnb Q2 2026 earnings cover showing record $3.6B revenue, 148.3M nights and seats booked, first-time booker growth of 11%, and a 35.0% adjusted EBITDA margin

Airbnb Q2 2026: Hotels Grow 3x Faster Than Homes

Airbnb's Q2 2026 revenue hit a record $3.6 billion, up 17%, but hotels grew about 3x faster than homes and first-time bookers hit a four-year high.

·7 min read
Data-forward cover in Sandisk red on near-white with the headline 'Sandisk FY26 Q4' and stat cards: revenue $8.97B up 372% YoY, gross margin 84.6%, non-GAAP EPS $39.25, and $59.8B of contracted NBM backlog

Sandisk's NAND Supercycle: Record Margins, Stock Falls

Sandisk's fiscal Q4 revenue rocketed 372% to $8.97B on AI-driven NAND demand, gross margin hit 84.6% and non-GAAP EPS reached $39.25, yet the stock still fell.

·7 min read
Data-forward cover in Lilly red on near-white, headline 'Eli Lilly Q2 2026', with stat blocks: revenue $23.0B up 48% YoY, tirzepatide franchise $14.9B, FY2026 guidance raised to $85-87B

Eli Lilly Q2 2026: Mounjaro, Zepbound Drive Record Sales

Eli Lilly's Q2 2026 revenue rose 48% to $23.0B as Mounjaro and Zepbound topped $14.9B, non-GAAP EPS hit $8.38, and full-year guidance climbed to $85-87B.

·7 min read
Data-forward cover in Circle blue and green on near-white, headline 'Circle Q2 2026', with stat cards: revenue and reserve income $701M up 6.5%, USDC in circulation $73.3B up 19%, diluted EPS $0.18 beat, and first federal bank charter via Circle National Trust

Circle Q2 2026: A Bank Charter, and a Sold-Off Beat

Circle beat on profit and won the first federal bank charter for a stablecoin issuer, yet USDC shrank sequentially and the stock faded a 7% pop to close lower.

·8 min read
Data-forward cover in SpaceX blue on near-white, with the headline 'SpaceX Q2 2026', a bar chart showing $18.4B capex towering over $7.8B revenue, and stats: +92% revenue, $3.5B Adjusted EBITDA, 12.0M Starlink subscribers, 55.3% gross margin

SpaceX's First Earnings: A Big Beat, a Bigger Capex Bill

SpaceX's first quarter as a public company: revenue rose 92% to $7.8B and Starlink turned profitable, yet $18.4B of capex sank the stock after hours.

·6 min read
A data-forward cover graphic reading "U.S. Commercial revenue up +149% YoY" alongside Palantir's Q2 2026 headline figures — $1.94B total revenue, $764M U.S. commercial revenue, a 62% adjusted operating margin and a Rule of 40 score of 155% — on a near-white background.

Palantir's U.S. commercial revenue jumps 149% in Q2 2026

Palantir grew revenue 93% to $1.94B, its fastest ever, led by U.S. commercial sales up 149%. It booked its first billion-dollar GAAP profit and raised guidance.

·7 min read
Data-forward cover in Merck teal on near-white, headline 'Merck Q2 2026' with subhead 'Sales $16.6B, +5%, a one-time charge, not a broken business' and stat cards for worldwide sales $16,607M, Keytruda franchise $8,366M, Winrevair +75%, and adjusted EPS of negative $0.13

Merck's Q2 Loss Is an Accounting Artifact, Not a Miss

Merck's Q2 2026 sales beat at $16.6B, up 5%, yet the headline was a net loss. A one-time $5.7B Terns charge did all the damage, and the market saw through it.

·7 min read
Data-forward cover in AMD red on near-white, showing Data Center revenue rising to $6.7B, with the headline 'AMD Q2 2026' and stats: +107% YoY, 58% of revenue, $11.5B total, $1.66 non-GAAP EPS

AMD Q2 2026: A Record Beat That the Market Still Sold Off

AMD's record Q2 2026 print: revenue $11.5B, Data Center up 107% to reach 58% of sales, yet the stock still fell nearly 9% as capex more than doubled.

·7 min read
MediaTek-orange cover with the headline 'Smart Edge overtakes Mobile', using a horizontal bar chart to show the Smart Edge Platform at 53% overtaking Mobile at 41% to become MediaTek's largest business for the first time

MediaTek Q2 2026: Smart Edge Platform Overtakes Mobile

MediaTek Q2 2026 revenue hit NT$152.2B, a five-quarter high above guidance, with EPS NT$15.28. Smart Edge Platform's 53% overtook Mobile's 41% as top segment.

·8 min read
Qualcomm FY26 Q3 cover in Qualcomm brand blue on a near-white background, showing two diverging trend lines with a red Handsets line falling and a blue Automotive line rising, under the headline 'Qualcomm FY26 Q3' with callouts reading Handsets -20%, Auto +61% and Soft Q4 Guide

Qualcomm FY26 Q3: Soft Guidance Amid Memory Crunch

Qualcomm's fiscal Q3 2026 revenue fell 4% to $9.95B at guidance's high end, but a soft Q4 outlook on the memory crunch and Apple loss sank the stock 7%.

·8 min read
Microsoft FY26 Q4 cover in Microsoft brand blue and teal on a near-white background, showing a steeply rising cloud-revenue bar chart with an upward arrow under the headline Microsoft FY26 Q4, with callouts reading Azure +43%, $100B run-rate and Capex $35.8B

Microsoft FY26 Q4: Azure Reaccelerates to 43%

Microsoft's fiscal Q4 2026 revenue rose 18% to $90B as Azure reaccelerated to 43% and crossed a $100B run-rate, while cash capex doubled to a record $35.8B.

·9 min read
Meta Q2 2026 cover in Meta brand blue on a near-white background, showing a rising revenue bar chart with a falling margin line crossing it, under the headline 'Meta Q2 2026' with callouts reading Revenue +28%, Margins Slide, and Capex $31B

Meta Q2 2026: Revenue +28%, Margins Crushed

Meta's Q2 2026 revenue jumped 28% to $60.8B, but EPS of $6.18 fell 13% and missed, operating margin sank to 31%, and free cash flow collapsed to $784M.

·8 min read
A data-forward cover graphic showing "AWS +37%" alongside Amazon's Q2 2026 headline figures — $200.6B total revenue, $27.5B operating income and $42.2B AWS revenue — on a near-white background.

AWS reaccelerates to 37% in Amazon's first $200B quarter

Amazon posted its first $200B non-holiday quarter as AWS grew 37% to $42.2B, its fastest in 18 quarters, while operating income rose 43% to a record $27.5B.

·8 min read
A data-forward cover graphic showing Apple's $109.4B record June-quarter revenue in large typography against a near-white background, with a note that shares fell about 6%.

Apple's record June quarter, and the sell-off that followed

Apple posted record June-quarter revenue of $109.4B and its first 50% gross margin, yet shares fell ~6% on soft September guidance and a memory-cost warning.

·8 min read
An infographic in ASE green, with 'ATM gross margin 27.3%' set large in the center; three cells below flag capex raised to US$10.5B, revenue of NT$191.1B, and a next-day limit-up of +9.90%

ASE Technology Q2 2026: Packaging Is the Profit Engine, and One Earnings Report Sent the Stock Limit-Up

ASE Technology (3711.TW) posted record Q2 2026 consolidated revenue of NT$191,064M (up 10.0% QoQ, 26.7% YoY). Packaging & test (ATM) gross margin jumped to 27.3% and, at ~66% of revenue, delivered ~94% of operating income. Basic EPS was NT$4.80. Full-year 2026 capex was raised a second time to ~US$10.5B, the LEAP advanced-packaging revenue target lifted to more than US$3.5B, and the day after the call 3711.TW locked limit-up +9.90% to NT$555.

·8 min read
Intel Q2 2026 cover in Intel blue on a near-white background, showing a rising revenue bar chart with a record navy final bar and an upward trend line, under the headline 'Record Revenue, DCAI Surge' with the figures $16.1B revenue and Data Center & AI +59%

Intel Q2 2026: Record Revenue, Data Center Surge

Intel posted record Q2 2026 revenue of $16.1B, up 25%, as Data Center & AI jumped 59% and margins hit multi-year highs, while a non-cash charge sank GAAP EPS.

·8 min read
Tesla Q2 2026 cover in Tesla red and near-black on a near-white background, showing a rising revenue bar chart with a record red bar and a line dipping sharply, under the headline 'Record Revenue, Profit Miss' with the figures $28.2B revenue and 1.4% operating margin

Tesla Q2 2026: Record Revenue, Big Profit Miss

Tesla posted record Q2 2026 revenue of $28.2B, but operating margin fell to 1.4%, adjusted EPS missed, and a capex surge turned free cash flow negative.

·7 min read
ServiceNow Q2 2026 cover in ServiceNow green on a near-white background, showing a rising bar chart and an upward trend line under the headline 'AI ACV Crosses $1B,' with a plus 24.5 percent year-over-year badge and the subhead 'A Clean Beat and Raise'

ServiceNow Q2 2026: AI ACV Crosses $1 Billion

ServiceNow's Q2 2026 was a clean beat-and-raise: subscription revenue grew 24.5% to $3.88B, ServiceNow AI ACV crossed $1 billion, and the FY26 outlook rose.

·8 min read
Alphabet Q2 2026 cover in Google brand blue, red, yellow and green on a near-white background, showing a rising blue bar chart with a green upward arrow under the headline 'Google Cloud +82%' and 'Record Capex Hike', with callouts reading $200B capex and Q2 2026

Alphabet Q2 2026: Cloud Soars 82%, Capex Hits Record

Alphabet's Q2 2026 revenue rose 24% to $119.8B and Google Cloud jumped 82%, but a record capex hike toward $200B and negative free cash flow sank the stock.

·9 min read
GE Vernova Q2 2026 cover in teal and forest green on a near-white background, showing a rising bar chart of surging orders and backlog crossed by a downward stock-price arrow, under the headline 'Orders Surge, Stock Falls' with the labels 'GE Vernova Q2 2026' and 'Backlog $176B'

GE Vernova Q2 2026: Orders Surge, Stock Falls

GE Vernova beat on revenue and raised its 2026 guidance as orders jumped to a record $176B backlog, but a GAAP EPS miss and tariff caution sank the stock 8.7%.

·8 min read
TSMC-red infographic with '67.7% gross margin' set large on the left and a bar chart on the right whose final bar towers above the rest, labelled NT$496B CapEx, with 'TSMC 2Q26' beneath

TSMC Q2 2026: Record Margins, Record CapEx, Record Selloff

TSMC broke records on revenue, gross margin, operating margin and EPS in Q2 2026, then guided margins lower, lifted CapEx to US$60–64B, and fell 7.29%.

·10 min read
Netflix Q2 2026 cover in Netflix red and black showing a rising revenue bar chart and a stock line that spikes then drops at the right edge, with the headline 'Netflix Q2 2026: In-Line Quarter, Soft Guidance' and the figures $12.56B revenue and 33.4% operating margin

Netflix Q2 2026: Strong Margins, Soft Guide Sinks Stock

Netflix posted an in-line Q2 2026 with $12.56B revenue and a 33.4% operating margin, but a soft Q3 guide sent the stock to an 18-month low after hours.

·9 min read
Micron fiscal Q3 2026 cover showing a blue bar-chart ramp with the headline 'The HBM Supercycle Hits Record Margins' and the figures $41.46B revenue, 84.9% gross margin, and $25.11 non-GAAP EPS

Micron FY26 Q3: HBM Supercycle, Record 85% Margin

Micron's fiscal Q3 2026 brought record revenue of $41.46B, an 85% gross margin, and a Q4 guide near $50B. Inside the AI memory shortage reshaping its economics.

·8 min read
Near-white cover showing a faint outline of the island of Taiwan overlaid with a stylized rising bar chart and circuit traces, with the HowTheyMakeMoney wordmark

Why We Built HowTheyMakeMoney — A Letter from Taiwan

Two developers in Taiwan built HowTheyMakeMoney to read earnings as charts. Two years on, AI lets us reinterpret financials faster and open Taiwan's market.

·4 min read
Large bold $638B RPO figure in Oracle red on a near-white background with a +363% label and a faint datacenter and cloud motif

Oracle's $638B Backlog Soared 363%. Why Did the Stock Fall?

Oracle's Q4 FY26 was a record: RPO up 363% to $638B, OCI revenue +93%, MultiCloud database +404%. Yet free cash flow hit -$23.7B and the stock fell 8.5%.

·8 min read
Near-white cover reading 'Beat. Raised. Split. minus 10 percent' with a small red downward arrow, labeled CrowdStrike Q1 FY2027

CrowdStrike Beat, Raised Guidance, and Split Its Stock 4-for-1 — and Still Fell 10%

CRWD Q1 FY27 beat on EPS ($1.10 vs $1.07) and revenue ($1.39B vs $1.36B), raised full-year net-new-ARR growth by 520 bps to 27.7%, posted record free cash flow, and announced a 4-for-1 split. The stock dropped ~10%. When the bar is perfection, a beat isn't enough.

·7 min read
Near-white cover with a giant $10.8B figure, 'AI chip revenue, +143% YoY', and a faint upward bar chart climbing toward a $16B guidepost, labeled Broadcom Q2 FY2026

Broadcom's AI Chip Revenue Grew 143% to $10.8B and Guided Q3 to $16B — and the Stock Still Slipped

AVGO Q2 FY26 printed record revenue ($22.2B, +48% YoY), AI semiconductor revenue of $10.8B (+143% YoY), and a Q3 AI guide of $16.0B (+200% YoY). Non-GAAP EPS $2.44 beat. The stock dipped ~3% — because Hock Tan reaffirmed, but didn't raise, the $100B FY27 AI target.

·6 min read
Bold cover graphic with "$2.418B" in Marvell navy blue at center, surrounded by four annotations: "FY28 raised to $16.5B", "NVIDIA strategic investment", "Custom silicon 2x in FY28", "Q2 guide: $2.7B".

Marvell Q1 FY27: NVIDIA just bought a piece of the merchant silicon bridge

Marvell printed $2.418B revenue (+28% YoY), guided Q2 to $2.7B, hiked FY28 revenue to $16.5B, and disclosed a strategic equity investment from NVIDIA. The custom silicon thesis is no longer a debate.

·8 min read
Salesforce Q1 FY27 cover with Agentforce ARR $1.2B headline on Salesforce blue background

Salesforce Q1 FY27: Agentforce Hit $1.2B ARR. The Stock Fell Anyway.

Salesforce beat revenue by $70M, EPS by 24%, and pushed Agentforce ARR past $1.2B (+205% YoY). The stock sold off because Q2 revenue guide came in below consensus and the AI growth still isn't large enough to mask Tableau softness.

·8 min read
SpaceX S-1 cover graphic with a Falcon 9 silhouette and the headline 'Starlink Pays the Bills'

Starlink Pays the Bills: SpaceX's S-1 in One Segment Table

SpaceX's S-1, filed May 20, 2026, finally puts numbers on the open secret: Starlink is the only profitable segment. In FY2025, Connectivity threw off $4.4B in operating income while Space lost $657M and AI lost $6.4B — a $7B drag absorbed almost entirely by the broadband business. The launch company is funded by the internet company. AI eats 61% of the capex.

·10 min read
A bold cover graphic with "$81.6B" in NVIDIA green at the center, surrounded by four annotations: "Data Center: $75.2B", "Networking: +199% YoY", "FCF: $48.6B", "Q2 guide: $91B".

NVIDIA Q1 FY27: networking just became a $15B-per-quarter business

NVIDIA printed $81.6B in revenue (+85% YoY), guided Q2 to $91B (+$4–6B above Street), hiked its dividend 25× and added $80B to the buyback. The understated number: networking +199% YoY to $14.8B — now 20% of Data Center.

·10 min read
Wiwynn Q1 2026 ASIC and GPU dual-engine illustration

Wiwynn Q1 2026: Gross Margin Inflects After Eight Quarters Down, ASIC + GPU Dual Engine Takes Shape

Wiwynn (6669.TW) 1Q26 revenue NT$276.5B (+62% YoY), EPS NT$75.95 — all-time Q1 high. GM inflects +32bps QoQ, AI mix holds above 50%, GS upgrades to Top Pick.

·6 min read
White-background cover image with brand green #7CB342. Two side-by-side headlines: 'GM 4.78%' on the left in deep navy with '15-quarter low' beneath it; 'REV +66.6%' on the right in solid green with 'YoY' beneath. Crossed arrows in the middle — green up, gray down — forming an X. Footer reads 'Quanta 2382.TW — Q1 2026'.

Quanta Q1 2026: Record NT$809B Revenue, Gross Margin to a 15-Quarter Low

Quanta (2382.TW) Q1 2026 revenue hit NT$809.2B (+66.6% YoY, +26.7% QoQ) — a single-quarter record since listing. EPS NT$5.50 was a Q1 record. Gross margin? 4.78%, the lowest in 15 quarters. This is what an AI-server-scale-for-margin trade looks like in print.

·8 min read
Magazine-style cover in Hon Hai brand red (#E60012) with a large headline 'Cloud & Networking 40%' showing the new largest segment surpassing Smart Consumer Electronics, with two competing bars on the left, labeled Hon Hai 2317.TW Q1 2026

Hon Hai Q1 2026: Operating Profit Jumps 63% YoY, Cloud & Networking Hits 40% — Bigger Than iPhone for the First Time

Hon Hai (2317.TW) Q1 2026 revenue NT$2.13T (+29.68% YoY), operating profit NT$75.65B (+63% YoY). Cloud & Networking Products jumped to 40% of revenue, surpassing Smart Consumer Electronics (38%) for the first time. AI server is officially the main business now.

·9 min read
A bold cover graphic showing two large vertical bars labeled $5B (prior FY26 target) and $9B (new FY26 target) in Cisco brand cyan-blue, with the headline "Cisco doubles its FY26 AI order target".

Cisco just doubled its FY26 AI order target — and the boring stuff is growing 19% too

Cisco printed record Q3 FY26 revenue of $15.8B (+12% YoY) and raised the FY26 hyperscaler AI order target from $5B to $9B. Even excluding hyperscalers, product orders grew +19% YoY — the strongest broad-based demand in a decade.

·9 min read
Editorial cover for Circle Q1 2026 earnings showing $21.5 trillion in USDC onchain transaction volume

Circle Q1 2026: USDC Just Quietly Took Majority Utility Share

Circle's Q1 2026 print delivered $694M revenue (+20% YoY) and a +17% stock-day. The real story is structural: USDC is now ~80% of onchain dollar transactions, the on-platform slice jumped from 5.7% to 17.2% of circulation, and RLDC margin expanded 130 bps QoQ despite a 47-bp Fed-cut drag.

·10 min read
Rocket Lab Electron launching with $200.3M Q1 revenue and government backlog inflection narrative overlay

Rocket Lab's Government Inflection: When a Launch Services Company Becomes Defense Infrastructure

Rocket Lab reported Q1 2026 revenue of $200.3M (+63.5% YoY), shattering guidance. The real story: government backlog nearly doubled to $1.08B (49% of total), signaling a structural shift from commercial launch services to defense-critical infrastructure. Anduril partnership + Mynaric acquisition + $190M MACH-TB 2.0 contract reframe the entire bull thesis.

·9 min read
Cloudflare Q1 2026 earnings: 34% revenue growth amid AI-first restructuring and 1,100 layoffs

Cloudflare bets the company on AI while cutting 1,100 jobs—and Wall Street rewarded the gamble

NET Q1 2026 earnings: $640M revenue (+34% YoY), $0.53 EPS beat, 50% FCF growth, but gross margin compressed by AI infrastructure costs. The real story: CEO Matthew Prince's restructuring is positioning Cloudflare as an edge-AI platform, not a DDoS vendor.

·8 min read
World map with Brazil, India, and Japan highlighted in vibrant colors showing first-time booker growth of 150-170% YoY, with Airbnb statistics overlaid

Airbnb's Q1 2026: Emerging Markets Become the Engine, But Don't Miss the Margin Story

Airbnb reported Q1 2026 revenue of $2.68B (+18% YoY), beating consensus while guiding higher. The real story: first-time booker growth in Brazil, India, and Japan is reshaping the entire platform, with gross margin expanding 340 bps YoY despite ADR compression.

·6 min read
Cover image with bold 'GM 50.2%' headline in deep navy, paired with descending revenue bars and an upward-arcing margin line, marked Alchip 3661.TW Q1 2026

Alchip Q1 2026: Revenue Down 58% YoY, Gross Margin Breaks 50% for the First Time

Alchip (3661.TW) printed US$132.4M in Q1 2026 revenue (-13% QoQ, -58.5% YoY), but gross margin hit 50.2% (+806 bps QoQ, +2,610 bps YoY). Net income of US$45.1M was actually +1.6% YoY. This is what an NRE-led quarter looks like in the gap between two production cycles.

·8 min read
Palantir Rule of 40 score line chart climbing from 64% to 145% across eight quarters, dark navy on near-white background

Palantir's Q1 2026: A Rule of 40 Score of 145% Is Not a Software Number Anymore

Palantir grew revenue 85% YoY, ran a 60% adjusted operating margin, and printed a Rule of 40 score of 145% — the kind of number companies like NVIDIA and Micron put up. Here's why that comparison is the whole story.

·7 min read
Bold magazine-style cover showing AMD red bar chart of Data Center revenue rising across eight quarters, with the headline 'AMD Q1 2026' and subheadline 'Data Center revenue: $5.78B, +57% YoY, 56% of total revenue'

AMD Q1 2026: Data Center Becomes The Engine — 56% of Revenue, +57% YoY, $11.2B Q2 Guide

AMD printed $10.25B in Q1 2026 revenue, +38% YoY, with Data Center now 56% of the mix. Server CPU growth, the Meta 6 GW custom-MI450 deal, and a record 25% free cash flow margin reframe the AI compute share-of-wallet debate from 'can AMD win?' to 'how big is AMD's slice in 2027?'.

·9 min read
MediaTek-orange step-bar chart titled 'ASIC: $1B → multi-billion' showing the data center ASIC revenue trajectory from 2024 through 2027

MediaTek Q1 2026: Data Center ASIC Finally Has a Number — $1B in 2026, 'Multi-Billion' in 2027

MediaTek printed a -17.7% YoY EPS decline and a -2.7% YoY revenue dip — the kind of quarter that gets sold. Instead the stock ripped +67% in 11 trading days, because Rick Tsai for the first time attached specific dollar figures to the data center ASIC business: above $1B in 2026, 'multi-billion' in 2027. The market didn't re-price Q1; it re-priced 2027 earnings power.

·8 min read
Cover graphic showing $8.0B KEYTRUDA Q1 2026 sales prominently, with the GAAP loss visually de-emphasized.

Merck just printed a $4.2B GAAP loss. The story is the $8B Keytruda line right above it.

Merck Q1 2026 sales of $16.3B (+5% YoY) beat estimates as Keytruda hit $8.0B (+12%) and Winrevair hit $525M (+88%). The $4.2B GAAP loss is entirely a Cidara acquisition IPR&D charge.

·6 min read
Cover graphic with large +56% YoY growth figure for Lilly Q1 2026 revenue, against an off-white background.

Eli Lilly grew 56% in a quarter. Then it raised its 2026 guide by another $2B.

Eli Lilly Q1 2026 revenue $19.8B (+56% YoY), Non-GAAP EPS $8.55 (+156%). Mounjaro hit $8.7B alone, beating Street by $1.4B. Foundayo (oral GLP-1) approved during the quarter. Full-year guide raised $2B at the midpoint.

·7 min read
A bold cover graphic showing Apple's $111.2B Q2 FY2026 revenue figure in large typography against an off-white background.

Apple just had its best March quarter ever — and Tim Cook's last as CEO

Apple posted $111.2B revenue (+17% YoY) and $2.01 diluted EPS in Q2 FY26 — March-quarter records on every line. The print landed 10 days after the company announced John Ternus would replace Tim Cook on Sept 1, 2026.

·7 min read
Massive bold $5B figure on near-white background, Qualcomm Auto crossed $5B annualized Q2 FY26, with blue upward arrow labeled +38% YoY

Qualcomm's Diversification Math Finally Showed Up — Just as Memory Pricing Broke Handsets

QCOM Q2 FY26 prints the first ever quarter of Auto >$5B annualized, +38% YoY — same quarter handset revenue dropped 13% YoY on China memory squeeze. The market chose the diversification story and gave the stock +2.7%.

·8 min read
Massive bold $600B figure on near-white background, Microsoft Commercial RPO Q3 FY26, with blue upward arrow labeled Azure +39% CC

Microsoft Just Disclosed the Largest Software Backlog Ever — and the Stock Closed Down

Azure +39% constant-currency, Copilot crosses 20M paid seats, AI ARR $37B, $600B+ commercial RPO. The print was the cleanest enterprise-AI quarter ever produced. The market still focused on the 64% Q4 Microsoft Cloud gross margin guide.

·8 min read
Massive bold $145B figure on near-white background, Meta 2026 capex ceiling, with red downward arrow labeled stock -7%

Meta Beat the Quarter and Lost the Story to a Single Sentence

Meta's Q1 2026 print beat revenue and EPS, but a 13-word answer from the CFO about 2027 capex sent the stock down 7% — its worst day since the 2022 Reality Labs shock.

·7 min read
Massive bold $462B figure on near-white background, Google Cloud Backlog Q1 2026, line up arrow labeled +92.5% QoQ

Alphabet's Q1 2026 Quietly Repriced the Cloud Wars

Google Cloud printed $20B in revenue, 32.9% operating margin, and a backlog that almost doubled in 90 days to $462B. The capex bill — $180-190B for 2026 — is the price of admission.

·7 min read
Massive bold $225B figure on near-white background, Amazon Trainium revenue commitments Q1 2026, with orange upward arrow labeled AWS +28%

Amazon's Q1 2026 Was Three Records in One Print — and a $225B Backlog Nobody Saw Coming

AWS reaccelerated to +28% YoY (15-quarter high), North America retail margin hit a record 7.9%, and Andy Jassy disclosed $225B in signed Trainium commitments. The capex bill is $200B. The print is still a beat.

·8 min read
Stylized upward-trending line chart in Intel blue headlined 'DCAI +22%' illustrating Intel's Q1 2026 data-center revenue acceleration

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.

·7 min read
Tesla Q1 2026 gross margin line chart showing recovery to 21.1%, Tesla red on white

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.

·7 min read
ServiceNow Q1 2026 subscription revenue bar chart on a green-and-gray cover, title: AI beat, Armis hangover

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.

·7 min read
GE Vernova Q1 2026 orders bar chart showing $18.3B in Q1, highlighted in green against prior four quarters

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.

·7 min read
TSMC-red bar chart titled 'HPC 61%' showing the platform mix in Q1 2026 where high-performance computing crosses 60% for the first time

TSMC Q1 2026: HPC Mix Crosses 60% — AI Demand Finally Out-Scales the Smartphone Slump

TSMC printed NT$1,134B in revenue, 66.2% gross margin, and 58.1% operating margin — three all-time highs. But the single datapoint that resets the narrative is HPC mix jumping +8 pp QoQ to 61%. That's the first clean signal that AI demand has structurally overpowered Q1 smartphone seasonality.

·8 min read
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