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Recent briefings
All editions ↗Daily briefing — 30 October 2026
30 October 2026 | Information cutoff: 06:50 GMT Morning View The overnight tape sharpened the distinction between AI demand and AI economics. Amazon Web Services accelerated to 39% growth and Amazon projected growth above 40% in both 2027 and 2028, yet the shares fell because a roughly $220bn 2026 capital program has pushed trailing free cash flow deeply negative. Intel delivered a much stronger quarter, but a manufacturing interruption, server-chip…
Daily briefing — 29 October 2026
29 October 2026 | Information cutoff: 06:45 Europe/London Morning View The overnight earnings created a clearer hierarchy inside the AI trade. Microsoft combined 48% Azure growth, a $677bn commercial backlog and $18.6bn of free cash flow, while Alphabet more than doubled Google Cloud revenue but burned $9.07bn of cash and warned that capital expenditure will rise materially again in 2027. The market rewarded Microsoft and punished Alphabet because revenue growth…
Daily briefing — 28 October 2026
28 October 2026 | Information cutoff: 06:48 Europe/London Morning View The overnight evidence shifted the AI debate back from financing structures to delivered earnings. SK hynix reported an 80% operating margin and said supply will remain structurally short through 2030, Seagate converted nearline scarcity into a 57.8% non-GAAP gross margin and record free cash flow, while Corning and Teradyne showed that optical connectivity and semiconductor test are compounding alongside accelerators.…
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