Quarter itself was O.K., as long as you ignore China. The real pain comes in the forward revenue guidance for 2027… Management says expect high single digit percentage declines vs. the -2% penciled in by sell-side. A very large downside gap.

Here’s the full breakdown:

The bar was low here, but not low enough for a ~600bps downside in revenue growth outlook:

Another fantastic print from a memory / storage name, but with some modest weakness in forward margins. I assume this will be enough? But investors have penalized MU for much, much less:

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3Q numbers take yet another enormous haircut, while Gary says ‘4Q is amazing!!!’.

Scummy for them to change the FCF forecast to now include asset sales and distribution of equity method investments, but not include any lift to numbers.

Take a look at the full detail:

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Shares were a bit cautious in reacting to this given how strong the stock has been and results from peers Super Micro and Lenovo, but are now +8%. Take a look at the scale of the upside:

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AppLovin has never given us much to work with in terms of KPIs. The few lines of financials that we get all missed:

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Results great, gross margin stinks. That’s about all that I can point out other than the rich valuation MELI took into today’s print. Actuals vs. Consensus with the valuation benchmarking context below:

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These numbers look better than what SanDisk is showing in forward guidance, yet WDC is the one -10% in the afterhours trade while SanDisk is approaching the green. Feels a bit off. A fully green sheet, but with recent relative strength owing to peer Seagate:

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Another stellar print in memory and storage land, with yet more enormous upside to margins. But what is this guidance? Revenue a 6% shortfall, with margin upside lacking enough umph to push EPS ahead:

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Does Booking always sandbag guidance? It feels like it. If they aren’t sandbagging guidance, I will assume this +6% move in the afterhours will fade tomorrow because the forward outlook isn’t very strong:

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I will never understand the runaway fascination with AMD relative to Nvidia. ~$225M of revenue upside, and 4 pennies of EPS? That’s all you can give us for a positive surprise? Take a look at the full breakdown of Actuals vs. Consensus:

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Palantir continues to grow gangbusters, and they continue to print upside to already sky-high growth rate expectations. Look at the actuals vs. Consensus below, with notable emphasis on the incremental operating margins:

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Where are these margins coming from for Apple? 200bps of upside, and with Services the weak spot. Shares were far too hot into the print though, driving the modest weakness in shares alongside the big miss in China:

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The numbers here for Reddit look great to me, absent more upside from DAUs. I don’t have a great read on why folks are selling this so aggressively - maybe lack of information about new data deals? Unsure…

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The quarter of the cloud continues with a big beat from Amazon on AWS, both top and bottom-line. With that said, operating cash flow was a real stinker alongside 10% higher Capex than expected. Combine that with the relatively weak outlook, and I would be surprised if we hold this +8%:

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First, please note that operating income and net income both reflect $2.4B of legal charges, and are roughly in-line absent that mismatch. That said, relatively weak ad impressions and disappointing outlooks for near-term revenue and full year expenses have shares -7%:

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Another excellent quarter from Microsoft with little at all to be upset about as we await guidance on the conference call:

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They only thing you’re getting upset about here as an Intel investor, potentially, is the incineration of cash:

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Given how much lower expectations have been reset I’m a bit surprised to see continued near term weakness in the ServiceNow financial outlook:

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