The Transcript

We write a weekly newsletter of quality quotes from Earnings Calls | Editor: @Skrisiloff | Lead Author: @ekmokaya | Publisher: @Avondaleam |

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Alphabet, Microsoft, Amazon & Intel among those reporting next week:

💻 Tech: $GOOGL $MSFT $AMZN $INTC $NOW
🏭 Industrials: $BA $CAT $UPS $GEV $WM
🛒 Consumer: $KO $SBUX $MDLZ $CL
🏦 Financials: $V $MA $UBS $HSBC
⚡ Energy: $XOM $CVX $SHEL $TTE
💊 Healthcare: $LLY $MRK $ABBV $AZN
📡 Telcos: $VZ $TMUS

More at https://t.co/TISQUoToiF

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Alphabet, Microsoft, Amazon & Intel among those reporting earnings this week:

M: $VZ $NUE $WHR
T: $V $BA $UPS $KO $PYPL $HSBC $NVS
W: $GOOGL $MSFT $UBS $TMUS $F $NOW $ADP
T: $AMZN $INTC $MA $LLY $CAT $MRK $SBUX $SHEL
F: $XOM $CVX $ABBV $AZN $REGN

More at https://t.co/kB7gcAoPZ1

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Meta unveils a $95B equity financing plan to fund AI infrastructure, comprising $35B in stock & convertible preferred offerings and a planned $60B at-the-market program.

Nvidia, AMD, and Broadcom have expressed interest in buying up to $5B of the offering.

$META: +2% Pre-Marke

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$SPCX CEO: Compute allocation is expected to average ~50% internal and ~50% external

"Our goal is to kind of split it 50-50, more or less, where half of the compute is used internally and half of it is rented to others. But that number could shift 60-40 one way or the other. It could -- it's going to be dynamic. And obviously, our approach is to rent at the -- effectively the spot market rate as opposed to sign these long-term deals."

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$ANT Anthropic reported H1 2026 revenue of $16.29B, up 1,300.3% YoY from $1.16B in H1 2025.

— Operating expenses increased 414.8% YoY to $16.98B, while operating losses narrowed from $2.14B to $693M.

— Net losses widened from $12.97B to $80.75B, largely driven by a $72.39B fair value adjustment on convertible notes, derivatives and SAFEs.

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$DASH might be adding Instacart to its shopping cart.

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$AXP American Express CFO: Premium consumer spending remains resilient

"Discretionary spending was strong with T&E up 10% year-over-year. Airline spending accelerated to 13%, while restaurants, our largest T&E category, saw spend growth of 9%. U.S. consumer spending was up 9.4% this quarter, reflecting the continued strength in our premium customer base."

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$SPCX CEO: Short-term compute contracts are renewing at higher prices per watt

"I think we're going to face a shortage of super intelligence compute. And that shortage is going to remain for a long time. So I think the smart move is to do short-term contracts and to and essentially to make -- to place the bet on useful intelligence per watt increasing rapidly, which obviously has done.

"And also, if you look at, say, how are our short-term contracts renewing? Are they renewing at higher dollars per watt or lower? And we see them renewing at higher dollars per watt, not lower dollars per watt."

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$TRV Travelers Exec raises concerns about AI shopping assistants like Muse:

"if and when you're engaging with an AI assistant, you got to confirm a number of things, right? First and foremost, is that AI assistant actually authorized by the consumer that's doing the shopping? Secondly, is the consumer affirming and confirming that the information provided is accurate? And third and probably most importantly, does the customer actually understand what they're buying? And those things aren't sort of particularly transparent and clear as you engage digitally in this space. And those considerations grow in importance with the size and the complexity of the asset or the risk that you're insuring"

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$ANT: Anthropic's quarterly operating margin improved from -152% in Q1 2025 to -35% in Q1 2026, before turning positive at 8% in Q2 2026:

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Anthropic's Self-Reinforcing Loops:

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$ANT Anthropic's revenue per dollar of compute spending increased 5.2x from $0.40 in Q1 2025 to $2.08 in Q2 2026.

Quarterly revenue rose from $376M to $11.6B, while compute costs increased from $944M to $5.6B.

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$ANT Anthropic: " While no single customer represented more than 10% of our revenue for the nine months ended September 30, 2026, our top five customers represented approximately 25% of our revenue for the nine months ended September 30, 2026."

[Anthropic @AnthropicAI]

Anthropic has filed an S-1 registration statement with the SEC related to its proposed IPO.

Read more: https://t.co/ofhv0DK3Zp

Legal disclaimer: A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This post does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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Anthropic has filed its S-1 with the SEC for a proposed IPO, potentially one of the largest listings in history:

$ANT

Link: https://t.co/7SLmhQxTen

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Alphabet, Microsoft, Amazon & Intel among those reporting earnings this week:

M: $VZ $NUE $WHR
T: $V $BA $UPS $KO $PYPL $HSBC $NVS
W: $GOOGL $MSFT $UBS $TMUS $F $NOW $ADP
T: $AMZN $INTC $MA $LLY $CAT $MRK $SBUX $SHEL
F: $XOM $CVX $ABBV $AZN $REGN

More at https://t.co/kB7gcAoPZ1

[The Transcript @TheTranscript_]

Meta unveils a $95B equity financing plan to fund AI infrastructure, comprising $35B in stock & convertible preferred offerings and a planned $60B at-the-market program.

Nvidia, AMD, and Broadcom have expressed interest in buying up to $5B of the offering.

$META: +2% Pre-Marke

[The Transcript @TheTranscript_]

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Subscribe to our weekly newsletter here to get key quotes from earnings calls on Email:

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$META CEO: ""On Instagram, global time spent per user reached an all-time high and grew double digits year-over-year in Q3, with strength across both Reels and Feed. On Facebook, Reels time spent reached all-time highs both globally and in the U.S., with both growing double digits year-over-year. Threads also continued to scale, with time spent per user growing over 20% year-over-year.""

[Mwango Capital @MwangoCapital]

Big Tech takes center stage in next week's earnings calendar, with several major companies reporting Q3 2026 results including:

— Tuesday: Visa, PayPal
— Wednesday: Microsoft, Alphabet
— Thursday: Amazon, Intel