Research
Earnings and events, read properly
Sell-side-style notes on the companies and events that matter: what was reported, what the market missed, and where I actually come out. Every note states a stance and the reasoning behind it.
- AVGOEarningsBuy
An inline quarter, and a roadmap to $230 billion
A record quarter that the market read as merely inline, followed across two sessions by a stock down over two per cent despite AI semiconductor revenue guided to double in FY27 and double again in FY28 — $58bn to $115bn to $230bn — with demand already ahead of that number. Buying the pullback with defined risk, on a name still down more than a quarter from its June high.
3 Sep 2026 · Q3 FY26 earnings and FY27/FY28 AI guidance · 3 min read
- AAPLEarningsBuy
A record quarter, and a downgrade about next year's margins
Apple's strongest June quarter ever, then a Jefferies cut to Underperform three weeks later. The two are not in conflict: the quarter was about the installed base, the downgrade is about what a sixfold rise in memory prices does to iPhone margins from here. A higher-risk buy — long on momentum and a level, not on conviction about the next five years.
13 Aug 2026 · Q3 FY26 earnings and Jefferies downgrade · 3 min read
- UBEREarningsBuy
Bookings up 24%, and a $10bn down payment on autonomy
Bookings up 24%, margins widening, trailing free cash flow through $10bn — and one of the few large names still well off its highs, held back by an AV threat that is currently under 0.5% of trips. Uber also put a number on autonomy for the first time: $10bn and roughly 120,000 vehicles.
7 Aug 2026 · Q2 2026 earnings · 6 min read
- MSFTEarningsHold
Azure accelerates to 43%, and the capex bill arrives with it
Azure at 43% and an 11.8% EPS beat, landing in the name that had been the laggard of the Mag 7 — which is exactly why it moved sentiment as much as it did. The business is in good shape. After a run from the $350s to a shade under $500, the entry price no longer is. Moving to Hold.
4 Aug 2026 · Q4 FY26 earnings · 4 min read