AI Earnings Season Heats Up

Revenue accelerated to 70% Y/Y growth, beating consensus by $60M. US Commercial exploded 137%. Management guided FY26 revenue to $7.2B, nearly a billion above consensus.

The stock has been flat for six months while fundamentals caught up. At ~70x forward EBITDA it's still expensive, but Palantir is one of the few software names growing fast enough to justify the premium.

Revenue grew 34% Y/Y to $10.3B. Data Center was the star at $5.1B (+78%), and Gaming surprised with 50% growth. But the stock sold off on gross margin compression.

MI300X demand is solid but NVIDIA's competitive moat in training workloads remains wide. AMD is winning on inference price/performance, but the market wants to see margin expansion before re-rating the stock.

The 200M MAU milestone is psychological, but the underlying trend matters: user growth is decelerating from ~16% to ~12% Y/Y. Revenue per user ticking up compensates, but this is a different phase for Uber.

Autonomous vehicle partnerships, freight expansion, and advertising are all potential levers. Stock barely moved on earnings, suggesting the market is comfortable but not excited. Uber is becoming a steady compounder.

Mounjaro and Zepbound combining for $7.5B quarterly revenue is staggering. But Lilly is cutting prices to defend share against Novo Nordisk, and margin compression shows it.

Bull case: GLP-1 TAM could reach $150B+ by 2030 with obesity, diabetes, sleep apnea, and NASH indications. Bear case: pricing pressure limits earnings growth even as revenue soars.

The headline wasn't the numbers, it was CEO Alex Chriss departing. Revenue growth at 4% is sluggish, and the turnaround thesis gets harder without clear leadership.

PayPal is a 'show me' stock. The next CEO needs to articulate how PayPal competes against Apple Pay, Stripe, and BNPL alternatives. Until then, dead money with a cheap valuation that could get cheaper.

Reddit crushed it with 68% revenue growth and 39% DAU growth. But the real surprise was the $1B share buyback announcement. For a company that IPO'd less than two years ago, that's a strong confidence signal.

The ARPU story is still early. At $4.25, Reddit monetizes at a fraction of Meta or Snap per user. If they can close even half that gap while maintaining DAU growth, the stock has significant upside.

Second consecutive GAAP-profitable quarter. Only $9M in net income, but direction matters more than magnitude. Snapchat+ crossing 12M subs (+80% Y/Y) proves users will pay for premium features.

Revenue growth at 14% is modest vs Meta or Reddit, but Snap's story is margin inflection, not top-line acceleration. If they sustain profitability while growing mid-teens, the stock re-rates. The +12.4% move suggests the market is starting to believe.