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This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document.
Source: Hedgeye @Hedgeye Bloomberg
Adjusted EPS came in at 33 cents, well below the 51 cent estimate. Gross margin fell to 16.8%, versus 19.4% expected. Tesla sold more cars than ever this quarter, but had to cut prices and lean on incentives to do it. More volume, less profit per car. $TSLA Tesla Q2 FY26: • Revenue +26% Y/Y to $28.2B ($1.8B beat) • Gross margin 17% (flat Y/Y) • Operating margin 1% (-3pp Y/Y) • CapEx +142% Y/Y to $5.8B • Free cash flow flips negative -$1.1B • Non-GAAP EPS $0.33 (versus $0.51 expected = MISS) Source: App Economy Insights Barc chart
And the story is not over; Alphabet projected full-year capital expenditures will be $195 billion to $205 billion in 2026, increasing its already sky-high spending estimate for the year as it works to secure an edge in the AI race. Source: Phil Rosen @philrosenn
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