For the first time EVER, $GOOGL Search as a % of revenue is now below 50%.
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Yet earnings hit $2.12 a share versus roughly $3 expected. The warning signs? → $51.4 billion in capital spending. → Negative free cash flow. → Zero buybacks. → $12.4 billion in share issuance and $28.7 billion in new bonds. An $8.7 billion paper loss on AI investments drove more than half the earnings miss. Those same investments previously inflated profits. Here’s the circularity: Google backs AI startups that rent its computing capacity. Their valuations then move Google’s own earnings by billions. Cloud growth is impressive. But the cash demands are staggering—and management says spending rises again next year. My take: buybacks look increasingly distant. The question for AI investors: how many other cash machines will turn to Wall Street to fund the boom? Source: Hedgie
Cloud was only big beat. Cloud came at $30.7bn vs $29.1bn expected (+103% y/y), but Search, YouTube, Subs and Services all missed. Two speeds. Cloud doubled; Search grew 12% (vs ~14% buyside bogey), YouTube 9% (below 10% toleration line), and Network just 1%. Source: Zerohedge
SK Hynix surge +9% after Q3 revenue surpasses ₩100 TRILLION for the first time in the company's history. Revenue jumped 328% YoY to ₩104.62 Trillion ($78.8B), beating expectations of ₩98.23 Trillion ($74.0B). Operating profit surged 632% YoY to ₩83.33 Trillion ($62.8B), beating estimates, while net profit increased 216% to ₩39.78 Trillion ($30B). The company says it has sold out of DRAM and HBM chips through 2029 as it expands long-term supply deals with major customers. SK Hynix plans to return ₩100 Trillion ($75B) to shareholders this year through dividends and over ₩60 trillion in share buybacks and cancellations. Here are the details 👇 • Revenue: $78.9B vs. Est. $74.8B • Operating profit: $62.8B vs. Est. $58.5B • Gross Margin: 86% vs. Est. 85% • DRAM ASP: +28% QoQ • NAND ASP: +25% QoQ • Cash: $86.3B Q4 Guidance • DRAM shipments: +25% QoQ • NAND shipments: +5% QoQ FY27 Guidance • DRAM demand: +25% YoY • NAND demand: +18% YoY Signed 5-year LTAs with 14 major customers securing over 50% of its 2027 and 2028 capacity. Source: Shay Boloor @StockSavvyShay Bull Theory