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Clarity before the bell.
Palantir reported Q2 revenue of $1.94 billion, up 93% year-over-year, crushing the $1.81 billion consensus. US commercial revenue exploded 149% YoY, with 220 deals closed worth at least $1 million — 73 of them at $10 million or more. Full-year guidance was raised to $8.15 billion with adjusted free cash flow guided to $4.5–$4.7 billion; shares surged from $125.65 to $162.66, the largest single-day gain since 2024.
Advanced Micro Devices posted record Q2 revenue of $11.5 billion, up 50% year-over-year, with data center revenue doubling to $6.7 billion and Q3 guidance of $12.7–$13.3 billion topping the $12.5 billion consensus. Despite the clean beat across the board, shares fell roughly 9% after hours — AMD had already run 142% year-to-date into the print. When a blowout quarter isn't enough, that tells you where expectations were priced.
Amazon Q2 revenue hit $200.6 billion (+20% YoY), with AWS clocking $42.2 billion — a 37% gain and the fifth consecutive quarter of acceleration. Operating income reached $27.5 billion (+43%), and the company's AI and custom chip businesses each now exceed $25 billion in annualized revenue. Amazon raised full-year capex guidance to $220 billion and crossed the $3 trillion market cap milestone.
Microsoft Q4 FY2026 revenue of $90 billion beat the $87.6 billion estimate, with Azure growing 43% year-over-year — well above the 39–40% guided — and crossing a $100 billion annual run rate. Copilot reached 30 million paid seats (~$10 billion ARR), and the company's overall AI annual revenue run rate hit $37 billion, up 123% year-over-year. Shares jumped 8–9%, adding more than $260 billion in market cap in a single session.
Broadcom and OpenAI revealed a custom AI inference chip called Jalapeño, claiming roughly 50% cost savings versus current AI GPUs and already running GPT-5.3 and Codex in production. Broadcom's own AI chip revenue has more than doubled year-over-year to $10.8 billion, with $16 billion guided for Q3. The company is also a key supplier in Google's $200 billion AI infrastructure financing deal tied to Anthropic.
Meta surged roughly 7% as AI-driven advertising growth and compute efficiency gains boosted sentiment across large-cap tech. Alphabet, Microsoft, and Amazon each advanced 4–6% in the same session as investors rotated into cloud and AI names on the back of strong earnings across the hyperscaler cohort. The move signals broad market confidence that AI capital spending is now translating into measurable revenue.
JPMorgan named Nvidia, AMD, Broadcom, and Micron as top picks, arguing chip demand is the clearest beneficiary of rising tech capex. Morgan Stanley countered that semiconductor momentum is fading and backed Microsoft, Amazon, and Meta as better risk-adjusted plays, warning capital is rotating out of semis into cloud. The divide reflects a genuine fork in how the Street sees the next leg of the AI trade.
SoundHound AI reports second quarter results after the close today, with consensus expecting revenue of roughly $52.5 million (+23% YoY) and a loss of $0.13 per share, improving from -$0.19 a year ago. Options traders are pricing approximately a 15% swing on the print; average analyst price target is $12.75, implying roughly 100% upside. Last quarter SoundHound posted record revenue of $44.2 million but missed on EPS — there is something to prove tonight.
Super Micro Computer's Q4 FY2026 preliminary update showed a record $60 billion-plus order backlog in a single quarter, with gross margins recovering to 15–17% from prior guidance of 8–8.4%. Revenue is guided near the low end of the $11–$12.5 billion range, with full earnings due August 11. The stock trades at roughly $19 billion in market cap against that backlog — the gap is almost entirely explained by an ongoing regulatory investigation.
Anthropic closed a $65 billion Series H led by Altimeter, Dragoneer, Greenoaks, and Sequoia at a $965 billion valuation, surpassing OpenAI's most recent $730 billion mark. The company is reporting a $47 billion revenue run rate, up from $30 billion earlier this year, and released Claude Opus 4.8 alongside a preview of Claude Mythos, a new cybersecurity-focused model. Anthropic is not publicly traded — this is a private funding and IPO watch item.
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