The Compute Carousel
Inside the $1.77 trillion listing where rockets, satellites and a money-losing AI lab orbit a single man — where insiders hold the early exits, ordinary savers are routed in on autopilot, and the safeguards built after the last crash are quietly bending to let it pass.
Virgin Galactic Shows How a Space Dream Dies. SpaceX Just IPO'd at $1.75 Trillion.
Space companies do not usually die in fireballs. They die in spreadsheets — in the slow, undramatic spiral of a grand promise that keeps slipping, a development program that keeps burning cash, and a …
Take-Two's $44 billion market cap is one game, one date, and a $7.4 billion hole
Take-Two Interactive sells the most anticipated product in entertainment history, and on paper it still loses money — $298.2 million of GAAP net loss in the fiscal year that just ended, sitting atop a…
National Grid books record £11.6bn capex and 78p EPS, but a £44bn debt load funds the dividend
National Grid's FY2026 scorecard reads like a defensive investor's dream: underlying operating profit up 9% to £5.7bn, underlying EPS up 8% to 78.0p, a CPIH-linked dividend bumped to 48.49p, and a £70…
Okta's growth halves to 11% while the GAAP-to-adjusted gap swallows half its profit
Okta sells trust for a living, and the market is quietly repricing how much of it remains. The identity vendor that once compounded revenue above fifty percent a year reported just eleven percent grow…
TD's Record Quarter Hides the Felony Asset Cap Strangling Its Only Growth Engine
The Toronto-Dominion Bank just printed a quarter the bulls will quote for a year — adjusted earnings of $4.2 billion, adjusted EPS of $2.38 up 21%, revenue of $16.04 billion, record Canadian retail pr…
Workday's Subscription Growth Has Slipped to 14% While the Machines It Sells Eat Its Own Seats
Workday is the back-office operating system for much of the Fortune 500 — the place payroll runs, the place the general ledger closes, the place a corporation's people and money are recorded — and for…
Lockheed Martin burned cash in Q1 2026 while paying out a compounder's multiple
Lockheed Martin reported first-quarter 2026 revenue of $18.0 billion — flat against the prior year — and earnings per share of $6.44, down roughly 12%, but the line that matters sits lower on the cash…
Nucor's $3.23 quarter is built on a 50% tariff wall, not a wider moat
Nucor just printed $743 million in net earnings and $3.23 a share for the first quarter of 2026 — a 264% jump off a battered year-ago comp — and the headline writes itself: best-in-class American stee…
Ferrari shipped fewer cars again — and trades at 34x betting it never needs to ship more
Ferrari delivered 3,436 cars in the first quarter of 2026, down 4.4% from a year earlier, and Wall Street cheered: revenue still rose to roughly €1.85 billion because each Ferrari that left Maranello …
Prologis trades at 21x FFO while its rent-rollover engine has lost two-thirds of its thrust
Prologis raised guidance, posted record leasing, and called a market inflection — and the stock, near $128, prices that story as if the supercycle never left. But strip the narrative and look at the o…
NextEra trades at a 22x growth premium while its financing canary cut payouts to zero
NextEra Energy beat the quarter again — $1.09 in adjusted earnings, up ten percent, a record renewables backlog near 33 gigawatts, and a $221 billion balance sheet humming toward $40 billion of capita…
PDD's profit falls 15% as Temu's tariff cushion vanishes and the home-front subsidy war drains margins
PDD Holdings — the Cayman-domiciled parent of Pinduoduo and Temu — reported first-quarter 2026 revenue of RMB106.2 billion, up 11%, the slowest growth in the company's public history and a fraction of…
ConocoPhillips earns less on more barrels as a $22.5B Marathon deal meets a $50 tape
ConocoPhillips wants to be owned as a through-cycle compounder — a disciplined, low-cost machine that grows production, shrinks its share count, and returns ever-rising cash regardless of the oil pric…
Applied Materials Trades at a Record 16x Sales While Its Biggest Market Shrinks
Applied Materials makes the machines that make the chips, and in the spring of 2026 the market decided those machines were a secular AI growth story rather than the most cyclical business in technolog…
Sea Limited's revenue jumped 47% — but Shopee's profit fell while volume surged 30%
Sea Limited printed a triumphant first quarter: $7.1 billion in revenue, up nearly 47%, the first billion-dollar adjusted-EBITDA quarter in company history, and a stock that leapt double digits before…
Qualcomm's $238B Valuation Leans on a Royalty Toll Apple Is Walking Away From
Qualcomm prints $10.6 billion a quarter and a 72% margin on patents, but the engine behind that cash is a clock running down: Apple — one of three customers each worth 10% or more of revenue — plans Q…
Texas Instruments trades near 49x as a 90%-growth data-center sliver reprices the whole cycle
Texas Instruments just delivered the quarter the bulls wanted — first-quarter 2026 revenue of $4.83 billion, up 19% year over year and ahead of guidance, EPS of $1.68 against a $1.36 consensus, gross …
Moody's hits records at 31x earnings on a toll booth that still bends to the bond cycle
Moody's just posted its best quarter ever — $2.1 billion in revenue, a record $1.2 billion ratings haul on more than $2 trillion of rated issuance, a 67% margin on the ratings engine, and adjusted ear…
Nu Holdings clears $5B revenue and $871M profit — and its credit book is seasoning faster than the bulls admit
Nu Holdings just posted the best first quarter in its history: revenue past $5 billion, $871 million in net income, 135 million customers, Mexico at break-even ahead of plan. The market rewards it as …
KKR posts record $758B AUM and $1.13 fee earnings — but $0.41 GAAP profit tells the real story
KKR closed the first quarter of 2026 with the loudest headline in alternatives: assets under management at a record $758 billion, management fees up roughly thirty percent to $1.19 billion, fee-relate…
Schwab's Record Quarter Quietly Bet Its Margin on the Fed Never Cutting Again
The Charles Schwab Corporation just printed the cleanest quarter of its post-pandemic life — net revenue up 16% to $6.48 billion, GAAP profit up 30% to $2.48 billion, net interest margin clawing back …
MercadoLibre's revenue roared 49% in Q1 — so why did operating profit just fall 20%?
MercadoLibre booked $8.85 billion of net revenue in the first quarter of 2026, a 49% leap and its fastest growth since 2022, and the stock barely flinched — because the Street treats the Latin-America…
Progressive's Record 82 Combined Ratio Is a Cycle Peak Wearing a Secular Mask
Progressive just printed an 82.1 combined ratio for May 2026 and a 36% jump in monthly profit to $1.45 billion — the kind of underwriting margin that, in a normal world, lasts about as long as a Flori…
Pfizer's 6% dividend leans on a $43B oncology bet and a GAAP payout near 130%
Pfizer just printed a clean beat — $14.45 billion in Q1 2026 revenue, up 5.4%, an adjusted EPS of $0.75 that topped consensus, and management reaffirming full-year guidance of $59.5–62.5 billion. Read…