Highlighted Companies
KEY COMPANIESRevenue grew 11% year-over-year and net income jumped 87% to $3.53 billion, boosted by a $2.6 billion gain on Salesforce’s stake in Anthropic — a reminder that the AI-lab equity stakes enterprise software vendors have been quietly accumulating are starting to show up directly in the P&L. Agentforce annualized revenue topped $1.5 billion, up 240% year-over-year, and management raised full-year growth guidance to 11–12%, but it was the newly announced “Claudeforce” co-development deal with Anthropic that drove the bulk of the 22.6% single-day pop, signaling investors now reward a direct model-partner tie-up more than incremental Agentforce ARR alone.
Read More →The second edition of Salesforce’s benchmark study tracked organizations that had agents live in production every month from February 2025 through April 2026, finding the average deployed-agent count rose from 5 to 13 and the average skill set per agent tripled from 2 to 6 business actions. It’s the kind of adoption-velocity data that’s hard to get anywhere else and gives Salesforce’s own Agentforce pitch a credibility boost heading into an earnings report where investors were specifically looking for proof that agent deployments convert into durable usage, not just pilot activity.
Read More →Microsoft is folding its separate consumer and business Copilot apps into one, quietly retiring AI-generated podcasts, Group Chats, Deep Research, and the Mico character — a rare public admission that several flagship AI features didn’t find an audience. More notable for the competitive landscape: Copilot for business users now routes across multiple frontier models, including Anthropic’s Claude alongside OpenAI’s, the same multi-model logic Salesforce just validated with its own Claudeforce announcement — single-model lock-in is looking less like a moat and more like a liability across the enterprise AI stack.
Read More →AI & Semiconductors
AI & CHIPSRevenue rose 106% year-over-year to $96.2 billion against a $92.2 billion estimate, with non-GAAP EPS of $2.22 beating the roughly $2.06–$2.09 analysts expected, and Q3 guidance of $108 billion cleared the Street’s $104.2 billion consensus. Gross margin held at 75% but is guided down to 74% next quarter on rising memory and wafer costs — a direct read-through from the DRAM/HBM sellout story below — while CEO Jensen Huang’s unusual step of guiding fiscal 2028 revenue growth to 70%, nearly double the 44% analysts expected, looks like Nvidia getting ahead of the same capex-sustainability questions now weighing on every AI-infrastructure name.
Read More →Digitimes reports China’s high-end AI accelerator market is on track to go almost entirely domestic this year, with local suppliers led by Huawei taking roughly 90% of sales and Nvidia, AMD, and other overseas vendors left splitting the remainder. Huawei alone expects AI-chip revenue near $12 billion in 2026, up more than 60% from 2025, with SMIC reportedly doubling its 7nm capacity largely to serve it — confirmation that export controls didn’t shrink China’s AI compute buildout so much as hand the entire market to a domestic ecosystem that’s now scaling on its own terms.
Read More →Shown at the FMS 2026 conference, Samsung’s zHBM stacks memory directly on top of the GPU rather than beside it, cutting data-travel distance and promising roughly 8x HBM5 performance with triple the energy efficiency — though the company’s own timeline points to a 2029 production window. SK Hynix, meanwhile, is pursuing a different fix with SanDisk’s High Bandwidth Flash standard, prioritizing system capacity over proximity; with both approaches years from shipping, the near-term HBM bottleneck driving today’s memory shortage isn’t getting solved by either roadmap anytime soon.
Read More →Markets & Tech Stocks
S&P 500 · NASDAQ · MARKETSJPMorgan and Cantor Fitzgerald both hold $250 targets on Salesforce heading into the print, while Needham’s Scott Berg has gone furthest with a $400 target implying over 117% upside, pointing to Agentforce ARR surging 205% to $1.2 billion as the key catalyst. The scale of the upgrades — on a stock that was down roughly 30% for the year before this week — shows how quickly sentiment can flip once an AI-native revenue line finally shows up big enough in the numbers to move the whole multiple, not just the growth story around it.
Read More →The Nasdaq Composite jumped 1.57% Thursday and the S&P 500 gained 0.72% as Nvidia’s revenue guidance and Salesforce’s earnings beat reassured investors on AI demand, but Friday gains partly reversed after Fed governor Kevin Warsh flagged inflation concerns — the index still closed out a positive week regardless. It’s a pattern that’s repeated most of this earnings season: single-company AI prints are proving to be a stronger market driver right now than macro or Fed commentary, at least until the two start pointing in the same direction.
Read More →Despite genuine, multi-year sold-out demand, memory stocks pulled back from their highs on valuation concerns and profit-taking after Micron alone had run up roughly 230% in under three months — a gap between a real supply shortage and a market that had already priced in every unit of it. It’s a useful read-through for the broader AI trade: even when the underlying demand signal is as unambiguous as a fully booked 2027 order book, that doesn’t guarantee the stock keeps climbing in a straight line.
Read More →Supply Chain & Commodities
CHIPS · MATERIALS · FREIGHTIndustry sources cited by Digitimes say the three largest memory makers have already booked their entire 2027 DRAM and HBM production against AI hyperscaler demand, leaving essentially nothing for PC, laptop, and smartphone makers to negotiate over next year. DDR5 ECC RDIMM prices have already risen 100–116% since early 2025 on the same dynamic, and with 2027 capacity gone before 2026 even ends, the price pressure on every downstream device category looks set to extend well past the current shortage cycle.
Read More →TSMC’s revenue is already up 37% over the first seven months of 2026, and Nvidia’s Q3 guidance of $108 billion — well above the Street’s $104.2 billion estimate — is effectively a forward order confirmation for the fab that makes nearly all of Nvidia’s and AMD’s advanced silicon. The read-through matters beyond one earnings cycle: TSMC’s aggressive 2026 capacity expansion only pays off if customer demand keeps outrunning supply the way Nvidia’s guidance just implied it will.
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