Research · Nov 3, 2026
Hotel Direct Booking Opens to AI Agents
Hilton, Marriott and Choice say AI assistants can now book their hotels directly. Choice's AI-sourced visits rose over tenfold but are about 1% of direct visits.
Research · Oct 30, 2026
Alphabet (GOOGL) Q3 2026 Earnings: Search Slows to 12%, Cloud Revenue Doubles
Alphabet's Q3 2026 revenue rose 25% as Google Cloud revenue doubled, while Search growth slowed to 12% and faster depreciation cut the operating margin to 31.8%.
Research · Oct 28, 2026
Semiconductor IP Licensing Gains Royalties From Hyperscaler Custom Silicon
Cadence says its design IP business now earns royalties and Rambus won pre-standard HBM IP deals as hyperscalers buy custom chip IP directly and early.
Research · Sep 29, 2026
[GOOGL] Alphabet: Q3 2026 earnings preview on Search, Cloud margins and capex
Alphabet grew Q2 2026 revenue 24% to $119.8 billion and Cloud 82%, but free cash flow was -$5.9 billion; Q3 tests whether Search and Cloud margins can absorb rising depreciation.
Research · Sep 10, 2026
Google-Fortum Nuclear PPA Could Accelerate Loviisa Retrofits
Google's 22-year deal for half of Loviisa's capacity may unlock €700 million of pending nuclear investment and reshape Finnish power exposure.
Research · Sep 8, 2026
Alphabet (GOOGL) AI Mode Passes 1 Billion Monthly Active Users
Alphabet merged AI Overviews and AI Mode into one Search experience, and AI Mode now tops 1 billion monthly active users, with the revenue impact still unsized.
Research · Sep 3, 2026
[GOOGL] Alphabet Thesis 2026: Cloud Margin Crosses Profitability Threshold, Capex Surges
Alphabet closed FY25 at $402.8B (+15%) with Google Cloud margin inflecting from 14.1% to 23.7%. Capex stepped up 74% to $91.4B funded by $37B in new debt issuance — first material debt on the balance sheet in Alphabet's history. FCF held flat at $73.3B; buybacks cut $16.5B YoY while dividends rose 36%. 83% Buy on Street across 23 analysts.
Research · Sep 3, 2026
[GOOG] Alphabet Class C Thesis 2026: AI Investment Yields + Google Cloud Acceleration + Capital Return Tests Search Disruption Through Antitrust Resolution
Alphabet (Class C, NASDAQ: GOOG, no voting rights vs Class A GOOGL with 1 vote/share + Class B 10 votes/share controlled by Larry Page + Sergey Brin) FY2025 revenue ~$370-380B (+12-15%) with adj. EPS ~$8.50-9.00 reflecting continued Search advertising strength + YouTube ad recovery + Google Cloud acceleration (~$54-58B target +28-32%) + AI investment ramp ($75B+ FY2024-2026 capex) + selected Other Bets cash burn. Parent of Google + selected. Class C share class introduced 2014 stock split as third share class — provides identical economic claim as Class A but no governance rights; Page + Brin Class B controlling votes ~50%+ combined voting power despite minority economic stake (~12% combined economic ownership). 3 segments: Google Services ~$310B (~83% — Search ad revenue $200B+ + YouTube ad $35-40B + Google Network $30-32B + Google subscriptions/platforms/devices $40-50B), Google Cloud ~$50B (~13% — accelerating with Vertex AI + Gemini API), Other Bets ~$2-3B (~1% — Waymo + Verily + Wing + Calico). CEO Sundar Pichai since 2015 (CEO Google) + December 2019 (CEO Alphabet). Gemini AI models launched December 2023 (Ultra + Pro + Nano). DOJ Search antitrust ruling August 5, 2024 (Judge Amit Mehta found Google has illegal monopoly in search + advertising); DOJ proposed remedies November 2024 including Chrome divestiture + restrictions on default search engine deals (Apple ~$20B+/yr deal at risk); Google appeal expected. Adtech antitrust trial concluded December 2024; ruling expected 2025. April 2024 first dividend in Alphabet history initiated $0.84/share annual; buybacks $70-80B. Net cash $90B+. FY2026 thesis: AI investment yields + Google Cloud acceleration + antitrust navigation + capital return. Risks: AI ROI questions, Search disruption from generative AI, antitrust DOJ Search remedy + Adtech outcomes.
Research · Jun 10, 2026
GOOGL Stock: Apple Gemini AI Deal Explained
Apple-Gemini partnership routes 2.6B iOS users into GOOGL AI. Single biggest Gemini distribution win since launch, with potential $5-15B annual contribution.
Research · Jun 7, 2026
META Stock: AI Fundraising and the Mag 7 Capex Dilution Trade
FT reports Meta could raise tens of billions in new equity to fund AI infrastructure. What the dilution risk means for META and the broader Mag 7 capex cycle.
Research · Jun 6, 2026
GOOGL: SpaceX $30B Compute Deal Reshapes Mag 7 Capex
Google is paying SpaceX $920M monthly to lease xAI data center capacity in a $30B deal. What it means for GOOGL's AI infrastructure strategy and capex outlook.
Research · Jun 6, 2026
MSFT Stock: OpenAI Government Stake and Dilution Risk
Trump administration is discussing a government equity stake in OpenAI. What it would mean for Microsoft's 49% OpenAI ownership and the MSFT thesis.
Research · Jun 2, 2026
AMZN's $176B Annualized CapEx Reframes Amazon as Hyperscaler
Amazon's Q1 2026 capex run-rate annualizes to $176B — putting it in the same tier as MSFT and GOOGL. The capital-allocation math reframes the AMZN equity.
Research · Jun 2, 2026
GOOGL's $80B Stock Raise: Why Alphabet Picked Equity
Alphabet's $80B secondary issuance signals AI capex has outgrown organic FCF. Goldman bookrunner. The capital-allocation pivot reprices the hyperscaler.
Research · Jun 2, 2026
GOOGL, AMZN Anthropic IPO Exposure: $400-500B Repricing
Anthropic's expected IPO at $400-500B repositions hyperscaler AI equity stakes from off-balance-sheet to mark-to-market.
Research · Jun 1, 2026
NVDA AMD AI Agent Capex 2026: Pricing the "Very Expensive" Workload Tier
NVDA AMD AI agent capex 2026 thesis: Semianalysis $10K AI-agent code review run + Anthropic Opus 4.8 5x cost cut unlocks a new $1B+ enterprise R&D inference demand pool on hyperscale GPUs.
Research · Apr 27, 2026
AMZN+MSFT+GOOGL: $50B AI Power Deals to NEE & CEG
Clearway Energy's 2 GW hyperscaler power purchase agreements quantify what had been qualitative AI data center power demand, implying $50B annual investment through 2030 is credible. NextEra and Constellation trade at 19x and 12x forward P/E despite positioned for multi-decade contracted revenue streams, while hyperscalers demanding the power trade at 25-35x. Long NEE and CEG targets 15-25% upside over 12 months as Q2-Q4 earnings calls surface similar contract announcements.
Research · Apr 27, 2026
GOOGL: $17B Quarterly FCF Holds as AI Capex Hits $13B
Alphabet's Q1 2026 free cash flow fell 27% YoY to $17.1B as AI capex surged to $13.2B, now consuming 44% of operating cash flow. Management raised full-year capex guidance to $55-60B, putting the free cash flow trajectory on pace to test the low-teens billions by year-end if the ramp continues.
Research · Apr 13, 2026
Federal AI Regulation Is Here: NVDA Faces Curbs While MSFT and ORCL Stand to Win
Anchored in the WSJ's April 10 report on White House AI safeguards, this analyzes U.S. federal regulation's impact: compliant giants like ORCL and MSFT win, while NVDA faces curbs. Ranks six stocks by conviction amid rising compliance demands.
Research · Apr 13, 2026
Anthropic Model Launch Sparks Selloff — AMZN Wins While MSFT and CRM Face New AI Risk
Anthropic's April 9 model launch triggered a software selloff, highlighting OpenAI's slipping frontier AI share. Amazon leads winners via Anthropic ties, while Salesforce faces risks; ranked analysis covers financials and exposure for MSFT, GOOGL, META, AMZN, CRM.
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