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13–20 of 20 notes
2026
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.
Zillow Group's shares have lost roughly two thirds of their value while its audience held steady. The second quarter filing explains why: mortgages contributed more revenue growth than the advertising marketplace, and the money funding them is borrowed on lines the bank is not obliged to honour.
Airbnb beat earnings estimates by 11 cents a share and the stock rose more than 11 percent. Its quarterly report, filed the same day, discloses a $77 million tax benefit relating to prior years, worth about 13 cents a share. Remove it and the quarter is a fourth consecutive miss.
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.
Nvidia has committed tens of billions to companies across its own customer base: equity in CoreWeave and Nebius, and $3.5bn of facility lease guarantees. But the filings that disclose the capital never name a financed customer in the revenue-concentration note. This is what can and cannot be concluded.