Jootaek Lee

Professor, Lawyer

[App Economy Insights @EconomyApp]

$INTC Intel Q2 FY26:

• Revenue +25% Y/Y to $16.1B ($1.7B beat).
• Non-GAAP EPS $0.42 ($0.20 beat).

Q3 FY26 Guidance:
• Revenue ~$15.8-16.8B ($1.2B beat).
• Non-GAAP EPS $0.38 ($0.10 beat).

[Wall St Engine @wallstengine]

Google RAISED its FY26 CapEx guide to $195B-$205B, up from $180B-$190B, citing accelerated capacity deliveries to meet stronger demand.

$GOOGL expects only a small portion of revenue from existing TPU system sales agreements to be recognized in 2026, with the vast majority coming in 2027.

Due to supply constraints, it will expand the use of third-party capacity in Q3 as a temporary bridge, which is expected to create modest near-term margin pressure.

[App Economy Insights @EconomyApp]

☁️ Google Cloud is off the chart. $GOOG

[App Economy Insights @EconomyApp]

$TSLA Tesla Q2 FY26:

• Revenue +26% Y/Y to $28.2B ($1.8B beat)
• Gross margin 17% (flat Y/Y)
• Operating margin 1% (-3pp Y/Y)
• CapEx +142% Y/Y to $5.8B
• Free cash flow flips negative -$1.1B
• Non-GAAP EPS $0.33 ($0.21 beat)

[The Kobeissi Letter @KobeissiLetter]

We are in the midst of the biggest technological revolution in modern history.

Alphabet, $GOOGL, just raised their full-year 2026 CapEx guidance to up to $205 billion.

This annual CapEx budget alone is larger than the market cap of all but 85 companies in the world.

The Magnificent 7 will soon spend over $1 trillion in combined annual CapEx.

This is a once-in-a-lifetime technological revolution.

[App Economy Insights @EconomyApp]

$GOOG Alphabet Q2 FY26:

• Revenue +24% Y/Y to $119.8B ($2.8B beat).
• Operating margin 34% (+2pp Y/Y).
• $98B net gains from equity investments.

☁️ Google Cloud:
• Revenue +82% Y/Y to $24.8B
• Operating margin 36% (+15pp Y/Y).

▶️ YouTube ads +13% to $11.1B

[The Hormuz Letter @HormuzLetter]

BREAKING: New Footage captures the moment several Iranian ballistic missiles struck the Muwaffaq Salti Air Base in Jordan overnight, killing at least 2 US service members and injuring multiple others.

[Reuters @Reuters]

Burberry said conflict in the Middle East was hurting tourist spending in Europe, sending the British luxury brand's shares down more than 6%, even though sales in its April-June quarter were strong in the US and China https://t.co/KEuQQkNEBG

[CNBC @CNBC]

Nvidia unveiled a new artificial intelligence model for robots and vision AI agents on Wednesday, deepening its push into the physical AI market in Japan.

The company’s new model, Cosmos 3 Edge, is a so-called world model, designed to help systems perceive and navigate physical environments in real time. World models are systems that can learn from a wider range of inputs compared with large language models. The rollout follows the launch of Cosmos 3 in May.

Read more on CNBC: https://t.co/VjrhqS42I0

[Serenity @aleabitoreddit]

My guess is we’re close to market bottom on semis from $INTC to $LITE.

A good indicator is if everyone on $RDDT blew up their portfolios to $0.

[Trade Whisperer @TradexWhisperer]

$SKHY 4.87x. You gotta be kidding me.
Even lower than $MU at 5.56x.

At these levels, they can buy back the entire company in just ~4 years. Shortage until 2030.

Pure madness.

[App Economy Insights @EconomyApp]

$NFLX Netflix Q2 FY26:

• Revenue +13% Y/Y to $12.6B ($20M miss).
• Operating margin 33% (-1pp Y/Y).
• EPS $0.80 ($0.01 beat).

FY26 Guidance:
• Revenue +13%-14% Y/Y (narrower).
• Operating margin 31.5% (unchanged).

[Reuters @Reuters]

'Iran very much continues to talk to the United States of America and express that they want to make a deal with us because they are suffering devastating blows, on behalf of our United States military,' White House spokesperson Karoline Leavitt said

[Min Choi @minchoi]

Google DeepMind just unveiled GenCeption.

This AI turns video into depth, segmentation, 3D keypoints, and searchable 4D worlds.

8 wild examples:

[Bernt Bornich @BerntBornich]

The NEO's in the lab keep talking to each other

[Shay Boloor @StockSavvyShay]

$MU signs a long-term supply agreement with $QCOM to provide memory and storage for AI-enabled vehicle platforms.

The deal supports infotainment ADAS and connectivity while giving Qualcomm greater supply and pricing visibility.

[App Economy Insights @EconomyApp]

$TSM TSMC Q2 FY26:

C.C. Wei: "Our conviction in the multi-year AI megatrend remains very high."

• Revenue +34% Y/Y to $40.2B ($0.9B beat).
• HPC 66% of revenue (+6pp Y/Y).
• EPADR $4.31 ($0.37 beat).

FY26 outlook:
• Capex ~$62B (~$54B prior).
• Revenue +40% Y/Y (+30% Y/Y prior).

[App Economy Insights @EconomyApp]

$ASML ASML Q2 FY26:

• Net sales +21% Y/Y to €9.3B (€0.4B beat).
• Gross margin 54% (+0pp Y/Y).
• Operating margin 37% (+2pp Y/Y).
• EPS €7.59 (€0.60 beat).
• FY26 Net sales ~€44B (€6.0B raise).

[Kevin Bass @kevinnbass]

Just a reminder that deepseek v3 came out 18 months ago and was considered revolutionary at the time but is basically unusable today

There was a fierce debate at the time about vibe coding and the argument was that LLMs can never create anything new because they are limited by their training data

Those engineers were partly right and vibe coding was a real nightmare, I cannot believe what we used to put ourselves through with Sonnet 3.5, but we also knew real new things could be made and that the detractors were wrong

I guess us non-engineers saw it most clearly (I would like to think so at least) because we were astonished at the new things we could do without the programming background, and we had nothing to lose and everything to gain in our enthusiasm

Then came Opus 4.5 earlier this year which changed everything

Suddenly real production code became possible with so much less friction and headache

Everyone complained endlessly about models being nerfed or quantized but there was a steady march of progress from 4.5 to 4.8

Now a completely new crop of models is coming out that is not quite a 4.5 moment but something close

We are not only getting more polish but things are becoming a little freaky, entire isolated domains become possible to combine with small teams or even just one person into new applications that would have required large infusions of time and capital in the past

My wife back in 2021 told me about AI but I was in healthcare, I thought she was being a little nutty, and she talked like something from a science fiction film was coming and she got involved in it early on

She never stops letting me know that she was right, and she was

The next year is going to be wild, the world is truly going to change over the next few years, the scale of disruption will be a combination of astonishing and awesome, but also catastrophic

There are many amazing things ahead and extraordinary challenges and opportunities

We are living inside one of one of the biggest revolutions in human history

[Semiconductor Insider @SemiconductorsX]

$MU Morgan Stanley just dropped a nuclear bull case.

Morgan Stanley is projecting Micron will print around $400 billion in combined non-GAAP operating income across 2026 and 2027. That is nearly 40% of the current market cap. Let that sink in.

Here are the numbers straight from their model:

- CY2026 Revenue: $172.9B (massive growth)
- Operating Income: $140.7B (81.4% margin)
- CY2027 Revenue: $285.9B (+65%)
- Operating Income: $248.7B (87.0% margin)

Gross margins are modeled at 85% to 89.5%. Yes, you read that right. In memory chips.

It is driven by explosive AI demand for HBM (High Bandwidth Memory). Micron is scaling fast alongside partners. The entire industry is riding the AI infrastructure wave. Memory is the critical bottleneck everyone needs more of.

Of course, nothing is guaranteed. Execution risk, competition from Samsung and SK Hynix, potential cycles, and macro shocks are real.

But when a top bank models 80%+ operating margins on triple-digit billions in revenue, the upside case is absurd.

Memory has always been cyclical. The difference this cycle? Structural AI demand that did not exist before. If Micron delivers even 70% of these numbers, the stock has plenty of room to run.

Position sizing, risk management, and your own due diligence still rule. But the setup is one of the most compelling in semis right now.