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Technology
Nvidia reported $96.2 billion of revenue against a $91.0 billion guide, then guided current-quarter gross margin down a point. The explanation sits in the CFO commentary, where supply commitments more than doubled to $279 billion, primarily to buy memory.
Nvidia has warned its largest customers that servers built around its newest AI chips will cost more than 15 percent more. The company also told investors its pricing generally does not move with short-term costs. Wednesday's margin guidance will show which is true.
Marvell has given Google the right to buy shares that Google earns by buying chips, on a schedule running to $120 billion of sales by January 2033, roughly $18.5 billion a year against total sales of about $8.2 billion last year. The agreement also names the accounting the 8-K omits, and then excludes it from Google's own count.
Alphabet booked a $99.0 billion net gain on equity securities in the second quarter of 2026. Of that, $278 million came from securities it actually sold. An NYU accounting professor explains what the rest of the number is, and what it is not.
Super Micro forecast up to $72 billion of fiscal 2027 revenue against consensus near $54 billion. Its CEO and CFO have concluded its disclosure controls are not effective, and one of the four unremediated weaknesses covers the identification of related party transactions.
Cisco beat consensus on fourth quarter revenue and earnings, then guided fiscal 2027 revenue roughly 5 percent above what analysts expected. The stock rose about 6 percent after hours and then fell. Inside the release, gross margin dropped more than two points, operating cash flow for the year was flat despite profit rising 30 percent, and Cisco lent its own customers $1.8 billion in a single quarter.
Alphabet, Amazon, Microsoft, Nvidia and Meta all reported historic numbers this quarter. Trace the money and it runs in a circle. Meta commits $349 billion to cloud capacity. That is revenue for Microsoft, Amazon and Google. They fund the AI labs. The labs buy Nvidia chips. Nvidia buys cloud capacity back. At the end of the circuit, the gains are booked as profit on holdings nobody sold.
Amazon's second quarter profit tripled to $62.6 billion. Operating income grew 43 percent, and that is not what did it: a $50.5 billion markup on its nonvoting preferred stock in Anthropic ran through the income statement, a further $42.0 billion ran through other comprehensive income, and the cash flow statement removes all of it. Over twelve months, free cash flow was negative.
Meta sold more advertising than in any quarter in its history and earned less money doing it. Costs grew twice as fast as revenue and the operating margin lost twelve points. In a risk factor, not the accounts, the company discloses $349 billion of contracts it cannot cancel, most of it third-party cloud capacity.
SpaceX's first 10-Q discloses $13.3bn owed to Valor Equity Partners, whose founder and chief executive is a SpaceX director. The money paid for AI infrastructure hardware, and the balance has nearly tripled since December. It now costs more in interest than all the company's other debt combined.