John

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Huge guide for AAPL combined with a massive Services beat - stock is going higher

AWS, which liked just need to show a modest acceleration, hits 20.2% YoY.

Few other items -

Advertising business continues to be a juggernaut growing at 22% again YoY (in CC) printing a $17bn revenue number

Capex accelerates to $35bn on the quarter (tying MSFT)

AMZN - all time high

Jassy delivered

Can't get a more favorable setup for AMZN earnings if you're mgmt

Stock is down from last qrt
only up 2% from the pre market open of last qrt's selloff
~flat YTD
down -3.00% on day of earnings on the back of a tough tape

-6.00%

Time to Get Fit — an Open Letter from Altimeter to Mark Zuckerberg (and the Meta Board of… October 24, 2022

Almost 3 years to do the day of Brad Gerstner's letter to Zuckerberg and META's board. Interesting to go back and compare how much has changed over these 3 years

BA down -5.00% again

Looks like the market is pricing in about a ~21-22x fwd earnings floor for META right now

Feels a bit off that the semi's are down considering the capex raises we got last night from the hyperscalers

Those voting shares for Brian Roberts are really working overtime right now - dead money for 10 years+

CMCSA

The GOOGL picture is really coming together

Search, YouTube accelerating

GCP accelerating as margins expand with scale

Waymo to have a big roll out year in 26

Gemini 3 later this year

TPU - fully sold out

No other hyperscaler can offer the full stack (as Sundar repeatedly said on call)

Current price levels in the pre put META multiple around ~22-23x 26 earnings and sub-20s on 27

Bulls defending the capex, which I can understand, but META will now become a show me on all the spend. Need AI to not only drive core business growth (as it has) but new products (top of line model)

META catching heat from the analyst community this morning on the lack of clarity surrounding statements of a material step up in capex in 2026

The combination of that + one time tax charge not telegraphed + no context on a continued path of mid 20’s% rev growth leading to selloff

Speaks to your point of managing where demand ultimately settles

Sorry, long response lol

The buildings themselves are fungible, but if a specific customer wants it configured a certain way or in a certain location, those assets are not fungible. So, they would rather build infra that is workload, customer, geo agnostic as much as possible

Satya spoke about this on the call, and especially how he and team look at what type of deals to say yes / no to (Stargate for ex).

I think his point of concentration risk was also interesting. Not speaking about one single customer per se, but about the type of infra a single customer could want.

It's interesting because it feels right now, there is no other way to do it - meaning they cant get enough capacity to handle all the demand they have. The commercial bookings growth of 111% illustrates that. However, at some point, what you are saying will ultimately be the right way to go about

This is now confirmed as Amy Hood flags they will be capacity constrained through the end of their Fiscal Year (Mid next year)

This is a big call for Susan Li (CFO of META) - investors are punishing the stock for a non-telegraphed one time charge and the capex / opex growth they are expecting in 2026

For context, there were fears that AI would lead GOOGL search rev's into the single digits earlier this year. Not only is that not happening, search is reaccelerating and just hit 15% growth

The GOOGL beat is staggering tbh - search is clearing growing with the advent of AI and the monetization of search is evident, but its not just search.

Youtube, big beat
GCP, huge beat (again)

Blockbuster Q at $GOOGL. Best search growth in 14 quarters at +14.5%, YouTube strong, subscriptions +21%. Best of all, despite the sharp 12.6% uptick in revenue, TAC only +8%. No wonder search margin hit all time high of 42.5%. Wow! Some 🦖 this!🔥🔥 $META $AMZN $MSFT

As an Eagles fan, this quote made my day

Typically he speaks very carefully and his words need to be parsed to be understood - today, he is speaking very direct and clearly flagging to the market that a December cut should not be priced in

Not sure what to make of this Powell press conference so far

Wild story lol

John Malone to step down as chair of media and telecoms empire ‘Cable cowboy’ is relinquishing board roles at Liberty Media and Liberty Global after buccaneering 50-year career

John Malone to step down as chair of media and telecoms empire on.ft.com/4oeR2Ot

This note from CJ looks pretty good right now