Dell Technologies gained 0.96% to $460.64 as of 10:50 EDT. Market participants are anticipating an approximately 10% swing following Tuesday’s earnings report.
| Metric | Estimate | Growth |
|---|---|---|
| Q2 revenue | $45.19B | ~+52% |
| Q2 adjusted EPS | $4.91 | ~+112% |
| Q1 revenue | $43.84B | +88% |
| Q1 adjusted EPS | $4.86 | $2.94 prior estimate |
$60B
$167B
AI servers equal about 36% of midpoint revenue, increasing exposure to accelerator costs and large orders.
| Company | Price | Session | Market value | Trailing P/E |
|---|---|---|---|---|
| Dell | $460.64 | +0.96% | $302.2B | 36.7× |
| HPE | $52.33 | +0.04% | $74.9B | 48.0× |
| HP Inc. | $30.27 | -0.84% | $28.1B | 11.6× |
Low target · options downside · current · average target · high target.
A revenue beat is largely expected. The stronger signal would be higher full-year profit guidance with stable margins. Misses on AI-server mix, customer timing or component costs could trigger the full implied downside.
Catalyst: fiscal Q2 results, September 1, 2026, after the closing bell.
Market close: August 31, 2026, 13:30 CST · Deal announced after close · Dashboard timestamp: 22:35 CST / 10:35 EDT
| September 10 | August sales |
|---|---|
| October 23 | Next earnings estimate |
| Still missing | Coupon, maturity, conversion price |
| First price test | September 1 Taiwan session |
| Measure | Value | Change |
|---|---|---|
| Q2 revenue | NT$152.18B | +1.2% |
| Q2 net income | NT$24.6B | −12.3% |
| Mobile-chip revenue | Not disclosed | −20% |
| July revenue | NT$48.48B | +12.16% |
| Jan–Jul revenue | NT$349.81B | +0.84% |
Simple multiplication of company estimates. It is not revenue guidance.
| Metric | Latest | Read-through |
|---|---|---|
| 52-week range | NT$1,130–4,970 | Close is 21% below high |
| Year to date | +174.5% | AI rerating already substantial |
| Average target | NT$5,503 | About 40% above close |
| Recommendations | 23 Buy / 0 Sell | Strong Buy consensus |
Sources: MediaTek and Nvidia joint release; MediaTek investor relations; Reuters; MarketWatch/Investing delayed market data. Currency conversion uses about NT$32.3 per U.S. dollar. All time-sensitive figures are stamped above.
Market data: August 31, 2026, 10:00 EDT · Financials: FY2026
Friday: -12.53%.
Approximation using 394.1M shares.
+685% in FY2026.
Of float, August 14.
| Metric | FY25 | FY26 | Move |
|---|---|---|---|
| AI Cloud | $16.4M | $128.8M | +685% |
| Bitcoin mining | $484.6M | $578.2M | +19% |
| Total revenue | $501.0M | $707.0M | +41% |
| Adjusted EBITDA | $269.7M | $245.7M | -9% |
| Monday 10:00 price | $36.42 |
| Friday volume | 89.9M |
| 65-day average | 45.6M |
| 52-week high | $76.87 |
| Average analyst target | $81.57 |
| Analyst target upside | 124% |
| FY2026 net loss | -$702.6M |
| Non-cash impairments/transition | $638.8M |
| Adjusted EBITDA | $245.7M |
| Adjusted EBITDA margin | 34.8% |
| Price / FY2026 revenue | 20.3× |
| Contracted share of target ARR | ~85% |
IREN’s AI Cloud revenue grew almost eightfold, and contracted awards support a year-end run-rate target above $4 billion. The stock still prices in a large delivery gap: current annual revenue is $707 million, adjusted EBITDA fell 9%, and construction plus GPU financing must precede revenue recognition.
Watch customer acceptance, construction milestones, GPU deliveries, financing costs, Bitcoin-linked cash flow and margin conversion. With 30.6% short interest, failed milestones can produce outsized downside.
| Company | P/E | Move |
|---|---|---|
| ServiceNow | 89.3× | +4.5% |
| Salesforce | 23.5× | +1.6% |
| Workday | 41.4× | +5.6% |
| Oracle | 27.1× | -0.8% |
ServiceNow's premium requires sustained growth above peers.
| RPO | $29.0bn |
| Current RPO | $13.2bn |
| Non-GAAP operating margin | 29.5% |
| H1 free cash flow | $2.3bn |
| FY subscription guide | $15.76–15.78bn |
AI contract value must grow roughly 50% from the Q2 run rate to reach the year-end target. Pricing pressure, stock compensation or weaker backlog would make the valuation premium harder to defend.
Sources: ServiceNow Q2 2026 results and investor relations; current market data timestamped above. Non-GAAP measures are management figures.
AWS generated 60% of group operating profit from 21% of sales.
| Group sales | $200.6B |
| Operating income | $27.5B |
| AWS sales | $42.2B |
| AWS operating income | $16.6B |
| AWS operating margin | 39.3% |
| Advertising growth | 26% |
| Measure | Current TTM | Prior TTM |
|---|---|---|
| Operating cash flow | $161.4B | $121.1B |
| Free cash flow | −$7.6B | $18.2B |
| P&E purchase increase | +$66.1B year over year | |
| Implied annualized Q2 operating profit | $110.0B | |
| Market value / annualized operating profit | ~26× | |
Core test: keep AWS near 37% growth without making negative free cash flow structural.
Sources: Amazon Q2 2026 results; current market quotes; public reporting on the AWS–NVIDIA expansion. Estimates may differ from reported GAAP measures.
The reported-margin marker sits below zero; restructuring created a 10-point gap versus the comparable measure.
| Metric | Value | Change |
|---|---|---|
| Net sales | €4.82B | +8% |
| AI & Cloud sales | €446M | +105% CC |
| AI & Cloud orders | ~€2.8B | Pipeline |
| Comparable operating profit | €434M | 9.0% margin |
| Reported operating result | −€50M | −1.0% margin |
| Restructuring charges | €390M | Cash burden |
| 2026 comparable operating profit | €2.1B–€2.6B |
| Management target | Somewhat above midpoint |
| Net cash + interest-bearing investments | €2.78B |
| Working-capital outflow | ~€1.15B |
| Trailing P/E screen | ~72× |
| Communications-industry average | ~34× |
Core test: AI revenue can support a rerating only if operating gains reach free cash flow.
Sources: Nokia Q2 and half-year 2026 report; MarketWatch price and volume; published valuation screen. Constant-currency growth is marked “CC.”
A 39% monthly rally meets high short interest and a slower sequential ARR build.
| Metric | Q1 FY2027 | Next test |
|---|---|---|
| Revenue | $418M · +17% YoY | $395M–$400M Q2 guide |
| ARR | $1.901B · +12% | $1.929B–$1.934B |
| Net new ARR | $49M | ≈$30.5M implied midpoint |
| Net retention | 109% | Stabilization or reacceleration |
| GAAP operating income | $28M | Profit durability |
| Adjusted free cash flow | $130M | Cash conversion |
High short interest can accelerate covering on a beat or deepen a reversal after a miss.
ARR growth below 12%, net retention slipping from 109%, weaker federal or international demand, and poor conversion of agentic pilots into production contracts would challenge the rerating.
Banco Azteca provides operating proof: 300+ automations across 8,800+ processes. It does not disclose UiPath contract value.
| Facility | Principal | Rate | Annual interest* |
|---|---|---|---|
| Microsoft GPUs | $3.6B | 6.0% | $216M |
| Mackenzie GPUs | $2.4B | 9.0% | $216M |
| Disclosed subtotal | $6.0B | — | $432M |
| Contracted ARR for 2026 capacity | $4.0B |
| Operating ARR at Aug. 26 | $1.0B |
| FY26 AI Cloud revenue | $128.8M |
| FY26 adjusted EBITDA | $245.7M |
| FY26 net loss | −$702.6M |
Horizon 2 is commissioning. Horizon 3–4 target Q4 2026 delivery. Customer acceptance turns contracted ARR into revenue; delays leave interest and construction costs running.
Higher compute output did not offset weaker Bitcoin economics and fair-value volatility.
| Cash + Bitcoin | $2.5B |
| Pledged / loaned | 26% |
| Current market cap | $4.07B |
| Gross liquid-assets / cap | 61% |
Gross holdings are not net asset value; collateral, debt, taxes and operating needs matter.
| Item | Value |
|---|---|
| Purchase price | $1.5B |
| Assumed debt | $785M |
| Annualized adjusted earnings | ~$144M |
| Purchase / earnings | ~10.4× |
| Consensus | Overweight |
| Average target | $18.00 |
| Implied upside | 68.7% |
| Target range | $6–$30 |
| FY2026 EPS estimate | -$4.56 |
| Metric | Reading |
|---|---|
| Market capitalization | $2.87T |
| Trailing P/E | 21.3× |
| Average target | $327.67 |
| Target upside | 23.0% |
| Evercore target | $355.00 |
| Ratings | 59 Buy · 2 Hold · 0 Sell |
| Friday volume | 49.55M |
| 3-month average | 49.13M |
| Measure | Q2 2026 | Change |
|---|---|---|
| Revenue | $30.4M | −50% |
| Adjusted EBITDA | −$23.7M | from +$6.6M |
| Operating loss | −$140.8M | from +$10.8M |
| Unrestricted cash | $698M | Aug. 7 |
| Unencumbered Bitcoin | $121M | 1,861 BTC |
Categories overlap with development stages as disclosed by Keel; signed-tenant economics remain undisclosed.
| Buy / Hold / Sell | 7 / 1 / 0 |
| Average target | $6.71 |
| Implied upside | 108% |
| Target range | $4.50–$10.00 |
Record AI demand meets a delayed revenue bridge
| Measure | Reading | Signal |
|---|---|---|
| FY2027 EPS estimate | $4.20 | 51.6× P/E |
| FY2028 EPS estimate | $6.69 | 32.4× P/E |
| Average target | $291.26 | 34.5% upside |
| Median target | $295.00 | 36.2% upside |
| Rating mix | 37 Buy/Overweight | 6 Hold, 0 Sell |
Marvell’s current AI business is accelerating, but the market is discounting a longer bridge to Google revenue. The stock can recover if near-term custom compute and interconnect growth preserve the $18 billion fiscal 2028 target without sacrificing gross margin.
Key risks: customer concentration, Google schedule slippage, a 51.6× fiscal 2027 earnings multiple, and integration of Celestial AI and XConn.
Sources: Marvell Q2 FY2027 release; Reuters, Aug. 28, 2026; WSJ/FactSet market data and research ratings; SEC filings. Estimates are not company guarantees.
Market data: August 28, 2026, 16:00 EDT · Dashboard updated August 30, 2026, 08:18 EDT
AI Cloud overtook mining for the first time. Mining revenue fell 40% sequentially as hardware was retired.
The quarter proved demand but weakened near-term earnings. Adjusted EBITDA dropped 68% sequentially to $19.2m. Net loss reached $684.0m, including a $450.4m non-cash impairment.
AI mix improvedEBITDA compressedMining exit accelerated| US$ millions | FY2025 | FY2026 | Change |
|---|---|---|---|
| Total revenue | 501.0 | 707.0 | +41% |
| AI Cloud revenue | 16.4 | 128.8 | ≈8× |
| Adjusted EBITDA | 269.7 | 245.7 | −9% |
| Net income / loss | 86.9 | −702.6 | −789.5 |
| Non-cash impairments | — | 638.8 | Transition cost |
Market value / contracted ARR: about 3.2×. Market value / FY2026 revenue: about 17.9×. ARR is non-GAAP and may convert into recognized revenue more slowly.
| Microsoft GPU financing | $3.6bn | 6.0% |
| New GPU facilities | $2.8bn | 9.0% |
| Cash + commitments + prepayments | $14bn | |
| Customer prepayments | 45%–55% of related GPU capex | |
| Operational power | 810 MW | |
| Under construction | 2.1 GW | |
| Secured pipeline | >5 GW | |
Horizon 2: commissioning underway.
Horizon 3–4: delivery targeted in Q4 2026.
Microsoft: first 50 MW liquid-cooled deployment delivered in August.
2027: company targets cumulative delivery of about 0.8 GW IT load.
| Company | Close | Friday move | Volume | Market value |
|---|---|---|---|---|
| IREN | $35.45 | −12.53% | 88.62m | $12.67bn |
| CoreWeave | $84.23 | −2.94% | 17.33m | $46.41bn |
| MARA Holdings | $10.67 | −10.15% | 41.93m | $4.07bn |
IREN underperformed both peers, pointing to company-specific concern about transition timing and earnings quality.
B. Riley: Nick Giles viewed the quarter as validating IREN's commercial and financing path.
H.C. Wainwright: Buy rating retained; $90 target. That target is roughly 154% above Friday's close.
Named recommendations reported August 28, 2026. They are not a full consensus.
ARR conversion may lag. Large contracts create customer and counterparty concentration. Construction slippage, 6%–9% debt costs and more mining write-downs could delay free cash flow.
Upside sensitivities: faster commissioning, higher GPU utilization and managed-services revenue.
| Measure | Q2 FY2027 | Comparison | Investor reading |
|---|---|---|---|
| Revenue | $96.2B | +106% YoY | Demand remains exceptional |
| Data Center | $89.0B | 92.5% of revenue | Concentration amplifies infrastructure-cycle risk |
| GAAP operating income | $63.7B | +124% YoY | Scale still outpaces expense growth |
| Accounts receivable | $63.1B | $38.5B in January | Working-capital exposure is rising |
| Inventory | $31.6B | $21.4B in January | Supply preparation raises execution stakes |
| Capital returned | $26.0B | $99.0B authorization left | Supportive, but small versus market value |
The Friday selloff erased more than two and a half quarters of current revenue in market value. Yet the stock remained above its pre-earnings level. Investors accepted the demand case but demanded cleaner proof that supply, China exposure and gross margin can support it.
Memory shortages could cap shipments despite firm orders.
Q3 guidance assumes no Data Center compute revenue from China.
A 12.1× annualized sales multiple leaves little room for delayed spending.
Next confirmed event: Goldman Sachs Communacopia + Technology Conference · Sep. 10, 2026.
| Company | Close | Move | Market cap | P/E |
|---|---|---|---|---|
| Salesforce | $256.00 | +1.6% | $210.2B | 23.5× |
| ServiceNow | $144.71 | +4.5% | $149.7B | 89.3× |
| Workday | $204.72 | +5.6% | $50.4B | 41.4× |
| Adobe | $291.52 | +0.8% | $117.3B | 16.7× |
Agentforce and Data 360 ARR approached $3.9 billion and grew more than 210%. Yet Informatica supplied $456 million and more than four points of quarterly revenue growth. The next leg depends on converting AI usage into organic subscription expansion.
The headline adjusted EPS included a $2.53-per-share investment gain. Informatica complicates organic comparisons. Investment values can reverse, while slower Agentforce monetization could compress a multiple that now sits close to the average analyst target.
NYSE: NOK · figures updated August 28, 2026, 20:00 EDT unless noted
August 31: U.S. trading resumes; Friday low was $10.16.
Q3: Sales expected to rise 3%–7% sequentially.
Q4: Management expects a meaningful operating-profit increase.
Risk flags: supply constraints, restructuring execution, customer capex, currency and pricing competition.
| Measure | Latest | Change / signal |
|---|---|---|
| GAAP gross margin | 53.1% | Q3 guide: 52.9%–53.9% |
| Adjusted gross margin | 58.9% | Q3 guide: 57.5%–58.5% |
| GAAP net income | $308.0M | 11.2% margin |
| Operating cash flow | $605.5M | 22.1% of revenue |
| Q3 revenue midpoint | $3.15B | ≈15% above Q2 |
| FY2028 revenue target | ≈$18B | Custom silicon-led |
Google custom-chip revenue becomes materially larger in fiscal 2029. Investor Day: Oct. 6, 2026.
Mean target: $278.89 from 44 analysts, implying 28.8% upside. Range: $126–$400.
Risks: custom-chip delays, customer concentration, margin compression, export controls and advanced-packaging constraints.
| Metric | Q4 FY26 |
|---|---|
| AI cloud revenue | $70.5M · +110% QoQ |
| Bitcoin mining revenue | $66.7M |
| Total revenue | $137.2M · −5% QoQ |
| Adjusted EBITDA | $19.2M · −68% QoQ |
| Net loss | −$684.0M |
| Metric | FY26 |
|---|---|
| AI cloud revenue | $128.8M vs $16.4M |
| Bitcoin mining revenue | $578.2M |
| Total revenue | $707.0M |
| Adjusted EBITDA margin | 35% vs 54% |
| Non-cash impairments | $638.8M |
| Watch item | Investor signal |
|---|---|
| GPU deployment | Revenue conversion |
| Power and construction | Schedule risk |
| Customer concentration | Credit exposure |
| Debt and equity issuance | Dilution / refinancing |
| Adjusted EBITDA margin | Return on buildout |
After-hours: $266.15
$10.17 × 10.79B shares
Day range: $257.78–$267.56
Market cap: $2.87T
Amazon outperformed the Nasdaq Composite by 4.49 percentage points.
Fed Chair Kevin Warsh said AI growth had exceeded even proponents’ expectations. Amazon led the Magnificent Seven after the remarks.
The move also followed fresh bullish analyst commentary and renewed attention to AWS infrastructure demand.
There was no new Amazon earnings release Friday.
| Measure | Q2 2026 |
|---|---|
| Total sales | $200.6B · +20% |
| Operating income | $27.5B · +43% |
| AWS sales | $42.2B · +37% |
| AWS operating income | $16.6B |
| AWS operating margin | 39.3% |
| AWS share of operating profit | 60.4% |
$161.4B · up 33%
−$7.6B · versus +$18.2B one year earlier
Property and equipment purchases increased by $66.1B, primarily for AI.
| Reported net income | $62.6B |
| Non-operating other income | $53.4B |
| Main driver | Anthropic investment |
| Q3 operating-income guide | $22.5B–$26.5B |
The guide midpoint is about 11% below Q2 operating income. Reported EPS should not be read as recurring operating profit.
Consensus: Strong Buy · 60 analysts · $230 low · $405 high.
Targets were checked Aug. 29, 2026. They can lag capex revisions and market-rate changes.
| Signal | Constructive | Warning |
|---|---|---|
| AWS growth | Stays near 37% | Capacity arrives before demand |
| Free cash flow | Returns positive | Outflow deepens beyond −$7.6B |
| AWS margin | Holds near 39% | Power and depreciation compress it |
| Q3 operating income | Above $26.5B | Below $22.5B |
Amazon’s AI businesses are scaling fast enough to command a premium. The stock’s next leg depends on converting infrastructure spending back into free cash flow.
Risks: slower AI utilization, higher rates, energy constraints, depreciation and retail-cost inflation. Faster Trainium adoption or stronger AWS margins would improve the upside case.
Sources: Amazon Q2 results · MarketWatch quote · analyst consensus.
| Question | Result |
|---|---|
| Supply-chain designation | Unlawful, arbitrary |
| First Amendment | Retaliation found |
| Fifth Amendment | Due process denied |
| Government remedy | Rescind label and notices |
| Pentagon vendor choice | Still discretionary |
The $200 million contract is small relative to valuation. The material channel is distribution: a supply-chain label could have reached contractors, civilian agencies and enterprise partners.
