Syz the moment

Q1 FY2027 delivered a major datapoint for the AI bull case: Oracle’s trailing 12-month operating cash flow reached $46.9 billion. • +118% year-on-year • +47% quarter-on-quarter • Nearly $15 billion added in one quarter Yes, Oracle’s capital expenditure remains enormous. But that is precisely the strategy: build the computing and data-center capacity needed to serve one of the industry’s largest contracted AI backlogs. The key question was whether this massive infrastructure investment would eventually translate into revenue and cash generation. As capacity comes online and remaining performance obligations convert into sales, the answer is becoming clearer. AI infrastructure is moving from capital expenditure… …to cash flow. $ORCL Source: Steven Fiorillo

Q1 Adj. EPS: $1.92 vs $1.74 est Q1 Sales: $19.300B vs $19.144B est Raised FY2027 Adj EPS Guidance Raised FY2027 Sales Guidance Stock was up+7.85% during after-hours trading (The stock still needs to rally 112% to see its all-time high again...) Here are the details: ORACLE $ORCL Q1’27 EARNINGS HIGHLIGHTS 🔹 Revenue: $19.3B (Est. $19.14B) ; +30% YoY 🔹 Adj. EPS: $1.92 (Est. $1.74) ; +30% YoY 🔹 RPO: $664B; +$209B YoY FY Guide: 🔹 Revenue: At least $90B (Est. $89.79B) 🔹 Adj. EPS: $8.10 (Est. $8.07) Q2 Guide: 🔹 Adj. EPS: $1.85-$1.93 USD (Est. $1.89) 🔹 Revenue Growth: 30% to 34% USD/CC 🔹 Cloud Revenue Growth: 65% to 71% USD; 64% to 70% CC Segment Net Revenue: 🔹 Cloud: $11.6B; +62% YoY 🔹 Cloud Infrastructure: $7.4B; +121% YoY 🔹 Cloud Applications: $4.2B; +10% YoY 🔹 Software: $5.6B; -3% YoY 🔹 Hardware: $774M; +15% YoY 🔹 Services: $1.4B; +5% YoY Other Q1 Metrics: 🔹 Non-GAAP Operating Income: $8.2B; +31% YoY 🔹 Non-GAAP Operating Margin: 42% 🔹 Operating Cash Flow: $23.1B; +184% YoY 🔹 Free Cash Flow: -$5.4B 🔹 CapEx: $28.5B Key Updates: 🔹 AI Cloud Contracts: More than $30B booked in Q1, increasing RPO to $664B 🔹 ATM Equity Program: $20B of common stock sold before commissions Source: Trend Spider, Wall St Engine

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

Source: BofA, zerohedge

- Revenue of $2.58B beating expectations of $2.56B 🟢 (up from $1.212B in the same period last year) - Adjusted operating income of $128M beating expectations of $66.6M 🟢 - Adjusted EBITDA margin of 59%, above expectations of 55.4% 🟢 Net loss of $626M, widening from a $290M net loss in the same period last year CoreWeave said its revenue backlog was now $104 Billion. Stock is up +8% after-hours Source: Wolf_Financial, Evan

$PLTR Q2 visualized: • Revenue: $1.94B (+93%) • Gross profit: $1.64B (+101%) • Cost of revenue: $0.29B (+254%) • Net income: $1.06B (+225%) Source: Russ Faigen