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AI Earnings And Capex

AI spending remains a powerful demand engine, but investors are questioning the pace, financing, and returns on data-center buildouts. Results are diverging between profitable platforms and highly leveraged infrastructure providers.

• Palantir (PLTR): Q3 revenue rose 96% to $2.31B; FY2026 revenue guidance increased to $8.53B, with 165% net dollar retention.
• AMD: Q3 revenue grew 45% and Data Center revenue 97%; Q4 revenue guidance of about $17B supports the growth case despite semiconductor volatility.
• CoreWeave (CRWV): A sharp risk counterpoint: bond yields reportedly reached 15–17%, prompting credit concerns and at least one major investor to exit.
• SpaceX (SPCX): Q3 revenue rose 161% to $14.6B and net income reached $4.4B; management cited 1.7 GW online and a goal of at least 13 GW of compute by the end of next year.

Consumer Growth

Several consumer-facing companies delivered strong operating results, though valuation and macro volatility remain important considerations.

• Grab (GRAB): Q3 revenue reached $1.12B, adjusted FCF was $533M, and FY EBITDA growth guidance rose from 45% to 60%; the company also announced $400M in buybacks.
• Amazon (AMZN): Morgan Stanley set a $350 target, implying about 40% upside, citing stronger AWS growth forecasts; Amazon expects roughly $220B in 2026 capex.
• SoFi (SOFI): Q3 revenue grew 44% and adjusted EBITDA 70%; FY2027 revenue and EPS guidance came in above estimates.
• Uber (UBER): Q3 revenue rose 10% and adjusted EPS 35%; Q4 adjusted EPS guidance is $0.95–$0.99.

Rates And Risk

High yields, fragile market breadth, and uneven AI financing have made the broader rally vulnerable, even as falling oil could ease inflation pressure.

• U.S. 10-Year Treasury (US10Y): Yields repeatedly approached or exceeded 5%, tightening financial conditions; later declines coincided with equity and semiconductor weakness.
• SPY / QQQ: Volatility and weak breadth contrast with index resilience; Morgan Stanley cited possible near-term S&P 500 downside to 7,100–7,200 before an 8,000 year-end target.
• Nvidia (NVDA): China-related scrutiny and inventory concerns weighed on shares, while proposed distributed AI data centers and rising compute demand offer potential offsets.

Energy And Connectivity

Power supply and satellite-to-phone links are emerging as complementary infrastructure themes alongside AI compute.

• Bloom Energy (BE): Raised FY2026 revenue guidance to $4.4B–$4.6B and EPS guidance to $3.10–$3.40; it is exploring more than 1 GW of generation capacity with CRC.
• AST SpaceMobile (ASTS): A successful satellite-to-terrestrial cellular handoff test with AT&T offered a concrete milestone for direct connectivity.