Microsoft's fiscal Q4 blew past expectations on every line: EPS of $4.74 vs. the $4.24 consensus, and Azure cloud revenue up 43% — above the ~40% expected — pushing Azure past $100B in annualized revenue for the first time. The company reported 30 million paid Microsoft 365 Copilot seats (up from 20M in April) and booked a $3.2B gain on its Anthropic stake. Shares jumped roughly 17%, adding approximately $260B in market cap in a single session — one of the largest single-day dollar adds in company history.
Meta's Q2 EPS landed at $6.18 vs. the $7.14 consensus, while free cash flow cratered 91% year-over-year to just $784M — a direct result of $130–$145B in 2026 AI capex commitments plus $2.4B in legal charges. Revenue of $60.8B edged past the $60.2B estimate, but weak Q3 guidance spooked the market, sending the stock down nearly 9% in premarket Thursday. Some analysts called the miss an accounting artifact; others flagged the FCF collapse as a genuine red flag at this scale of spending.
Palantir releases Q2 2026 results this evening, with Wall Street expecting $1.81B in revenue — up 81% year-over-year — and EPS of $0.34 vs. $0.16 a year ago. The company has beaten EPS estimates eight consecutive quarters, but the stock is 40% off its peak and trades at roughly 71x sales and 113x forward earnings. Options markets are pricing a 12% move in either direction. Government revenue is expected at $916M (+66% YoY) and commercial at $892M (+98% YoY).
AMD releases second-quarter results Tuesday after the close, having guided $11.2B in revenue — about 46% year-over-year growth — driven by EPYC server CPUs and Instinct AI accelerators. Consensus EPS stands at $1.61 vs. $0.48 in the year-ago quarter, implying 235% earnings growth. The MI355X is gaining real enterprise traction with the Texas A&M IGNITE platform as a flagship deployment. This report will serve as a key read-through for the entire AI semiconductor complex ahead of Nvidia's August 26 earnings.
Twenty of the world's largest chip stocks shed $1.3T in market cap in a late-July selloff, with Nvidia alone losing $238B, followed by Micron, SK Hynix, Samsung, and AMD — each shedding over $100B. The trigger: fears that AI infrastructure spending is "peaking faster than expected." Goldman Sachs strategist Ben Snider pushed back late last week, raising his full-year 2026 S&P 500 EPS estimate to $340 (24% annual growth) and noting that AI infrastructure companies account for roughly half of that expected growth. He called the selloff a repricing of expectations, not a demand breakdown.
TSMC bumped its full-year 2026 revenue growth forecast to over 40% — up from prior guidance of roughly 30% — and raised capex to $60–$64B after posting Q2 revenue of $40.2B (+36% YoY) with gross margins of 67.7%. CEO C.C. Wei described AI demand as "extremely strong" with visibility through 2029–2030. The company also pledged an additional $100B U.S. investment in Arizona facilities. Nvidia has already locked in approximately 60% of TSMC's advanced packaging expansion through 2027.
Super Micro's Q4 FY2026 preliminary update showed revenue near the low end of $11–$12.5B guidance, but gross margins came in at 15–17% — far above guidance of 8.2–8.4% — sending shares up more than 25% in after-hours trading in late July. The company disclosed a record $60B+ in new orders received in Q4 alone. Full earnings come August 11, with analysts expecting EPS of $0.70 (+71% YoY) on revenue of approximately $11.73B (+100% YoY).
Broadcom's fiscal Q2 showed AI semiconductor revenue of $10.8B, up 143% year-over-year and approaching half of total company sales for the quarter. Custom XPU silicon — chips designed specifically for hyperscaler AI workloads — is driving the growth, with clients including Google, Meta, Anthropic, and OpenAI. The company entered 2026 with a $73B AI-chip-specific backlog and guided $16B in AI revenue for Q3. CEO Hock Tan has stated "clear line of sight" to $100B+ in annual AI chip revenue by late 2027 or early 2028.
Nvidia hit an all-time high of $236.54 in May 2026 but has pulled back roughly 27% year-to-date, caught in the broader chip sector selloff. Last reported quarterly revenue was $81.6B (+85% YoY), beating the $78.4B consensus. Earnings are scheduled for August 26, with 61 analysts maintaining an average Strong Buy rating and a consensus price target range of $302–$357. With hyperscalers continuing to raise AI capex guidance and Nvidia locked in as TSMC's biggest advanced packaging customer, the fundamental setup into the print looks intact.
Anthropic filed a confidential draft S-1 with the SEC in June following a $65B Series H that put its post-money valuation at $965B. OpenAI filed its own confidential S-1 shortly after, at a roughly $920B valuation. Neither is publicly traded yet, but investors are already accessing exposure through Microsoft, which booked a $3.2B gain on its Anthropic stake in Q4 FY2026. Anthropic projects reaching breakeven by 2028. Both filings represent two of the most anticipated public market debuts in history.
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