AI Capital Flows
Hyperscaler capex
What the largest cloud buyers commit, what they actually book, and how the bill is funded.
10 dated pieces, newest first. Each carries the numbers behind it. Nothing here is investment advice.
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Earnings ·
CSCO Q4 FY26 — Cisco Beat, Raised, and Fell. The Margin Explains Why.
Cisco Q4 FY26, read forensically: revenue $17.3B (+18%), non-GAAP EPS $1.22 vs a ~$1.17 Street, $9.3B of hyperscaler AI orders, and an FY27 guide of $72.2–73.4B above consensus — a textbook beat-and-raise
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Earnings ·
META Q2 2026 — The Ad Engine Beat; the Capex Bill Has No Backlog
Meta Q2 2026 earnings deep dive: advertising grew 27% to $59.4B on +14% impressions and +12% price, yet EPS missed at $6.18 and free cash flow collapsed 91% to $784M on $31.1B of capex
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Earnings ·
AWS Q2 2026 — Reacceleration to 37%, Margin and All
Amazon Q2 2026 earnings deep dive, AWS in focus: AWS grew 37% to $42.2B — its fastest in about five years and above a 31–33% consensus — with operating income of $16.6B at a 39.4% margin, the cleanest 'demand.
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Earnings ·
MSFT FY26 Q4 — Azure Clears $100B, and the Capex Raise Gets Rewarded
Microsoft FY26 Q4 earnings deep dive: revenue $90.0B (+18%), Azure +43% past $100B annual, Microsoft Cloud $59.3B, commercial RPO $678B (+84%), EPS $4.74 non-GAAP — and, unlike Alphabet a week earlier, the.
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Earnings ·
GOOGL Q2 2026 — The Cloud Reaccelerates, the Capex Bill Reprices
Alphabet Q2 2026 earnings deep dive: Cloud grew 82% to $24.8B, the backlog jumped past $514B, and operating income rose 30% — yet the stock derated ~15% after Alphabet lifted 2026 capex to $195–205B and told.
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Weekly issue ·
hyperscalers are signing uncapped multi-year memory contracts while published distributor data show commodity dram and nand demand that end customers are not actually placing.
hyperscalers are signing uncapped multi-year memory contracts while published distributor data show commodity dram and nand demand that end customers are not actually.
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Weekly issue ·
the first half of 2026 settled the debate: ai infrastructure stopped being a capex story and became a supply story. hyperscaler spend stepped to roughly $725b for the big four, high-end memory sold out into 2027, and the binding constraint moved from chips to power — one industry now running two clocks at once.
a 1h'26 review: ai infrastructure became a supply story — hyperscaler capex stepped to ~$725b for the big four, high-end memory sold out into 2027, and the binding constraint moved from chips to power, leaving.
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Weekly issue ·
No vendor moves before Micron prints on June 24. Beneath the freeze, server DDR5 and HBM keep tightening on $830B hyperscaler capex while client memory carries phantom pull-forward.
No vendor moves before Micron prints on June 24
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Earnings ·
Oracle Q4 FY26 — The Backlog Compounds, the Funding Bill Arrives
Oracle Q4 FY26 earnings deep dive: RPO grew $85B in one quarter to $638B, OCI grew 93%, FY27 guidance held at $90B — yet the stock fell hard after hours on $55.7B of capex, negative free cash flow, and a $20B.
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Weekly issue ·
The memory upcycle is splitting in two: hyperscaler and enterprise demand stays firm against tight supply while the consumer commodity tier quietly unwinds beneath the same DDR5 label.
The memory upcycle is splitting in two: hyperscaler and enterprise demand stays firm against tight supply while the consumer commodity tier quietly unwinds beneath the same DDR5.
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