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But for now, this bubble looks different than the dot-com one Source: Pictet Asset Management, Refinitiv
Adj. EPS: $2.22 (vs $2.10 est) ✅ Revenue: $96.2B (Est. $92.2B) p; +106% YoY Adj. EPS: $2.22 (Est. $2.10) r; +120% YoY Data Center: $89.0B (Est. $85.8B) t; +117% YoY Adj Gross Margin: 75.0% (Est. 75%) n; +250 bps YoY Q3 Guide: Revenue: $108.0B +/- 2% (Est. $104.2B) Adj Gross Margin: 74.0% +/- 50 bps Adj OpEx: ~$9.0B Segment Revenue: Data Center: $89.0B; +117% YoY Edge Computing: $7.2B; +27% YoY Financials: Adj Operating Income: $64.0B; +124% YoY Adj OpEx: $8.2B; +54% YoY Adj Net Income: $54.0B; +118% YoY Free Cash Flow: $21.3B Cash & Cash Equivalents: $22.4B Short-Term Debt: $1.0B Long-Term Debt: $32.4B Capital Return: ( Shareholder Returns: ~$26.0B in Q2 + Remaining Authorization: ~$99.0B Key Updates: GAAP-to-non-GAAP adjustment includes $7.8B of net gains from equity securities Outlook assumes no Data Center compute revenue from China Vera Rubin is ramping into full production with racks running at partners 🟢 Comments: “AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue.” “The AI infrastructure buildout is at full steam. Vera Rubin, now in full production, was built to power exactly this moment.” Source: App Economy Insights, Wall St Engine
$ANF surged 35% yesterday, putting the stock on track for its biggest one-day gain in 30 years as a public company. Q2 EPS reached $4.17, more than double the $1.97 expected. A $100 million tariff refund added $1.75 per share, but even excluding that boost, EPS still came in at $2.42, comfortably above forecasts. The company also: Raised full-year EPS guidance by 27%, from $10.20 to $13.35 Increased planned share buybacks to at least $500 million Reported record Q2 revenue of $1.27 billion Extended its growth streak to 15 consecutive quarters Before today, the stock was down 26% year-to-date. One earnings report erased the entire decline and pushed $ANF to its highest level in 19 months. Sometimes, expectations matter more than headlines. Source: Trend Spider