OPENAI NEARS $30 BILLION FUNDING ROUND AT $1.25 TRILLION VALUATION: CNBC UAE investors and Coatue are leading the financing, which is being positioned as a bridge ahead of a potential IPO in 2027. OpenAI is targeting investor signatures by the end of next week, although the final amount has not been determined. The company is also negotiating a separate agreement to secure additional AI computing capacity from the UAE. Source: CNBC

SpaceX $SPCX is finalizing a $40 billion debt raise at sharply higher borrowing costs than its previous financing, according to Semafor. The lowest-rated portion is expected to carry an interest rate of around 8.3%, while a safer portion backed by AI chips could price near 7.75%. The safer portion is expected to price more than 1 percentage point above where SpaceX's existing bonds trade. The deal, led by Apollo and Goldman Sachs, is expected to be finalized next week.

COMFORT SYSTEMS USA $FIX Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $3.77B (Est. $3.4B) 🟢; +50% YoY 🔹 EPS: $13.91 (Est. $12.85) 🟢; +70% YoY 🔹 Gross Margin: 24.8% 🔹 Operating Cash Flow: $1.01B; +83% YoY 🔹 Backlog: $17.81B; +90% YoY Other Q3 Metrics: 🔹 Operating Income: $624.6M (Est. $583M) 🟢 🔹 Adj. EBITDA: $667.9M (Est. $629M) 🟢 🔹 Adj. EBITDA Margin: 17.7% (Est. 18.4%) 🔴 🔹 Net Income: $489.0M (Est. $446M) 🟢; +68% YoY 🔹 Operating Margin: 16.6% 🔹 Free Cash Flow: $805.6M 🔹 Same-Store Backlog: $17.39B; +85% YoY Comments: 🔸 “Strong ongoing demand and consistent excellence by our teams resulted in extraordinary results across every metric this quarter.”

VERISIGN $VRSN Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $443.0M (Est. $441M) 🟢; +5.7% YoY 🔹 GAAP EPS: $2.35; +4% YoY 🔹 Operating Income: $296.5M 🔹 Net Income: $212.6M Other Q3 Metrics: 🔹 Domain Name Base: 182.5M; +6.1% YoY 🔹 Net Domain Name Increase: 3.36M 🔹 New Domain Name Registrations: 13.1M; +24% YoY 🔹 Final Renewal Rate (Q2’26): 75.2% 🔹 Cash Flow from Operations: $268M; -13% YoY Capital Return: 🔹 Share Repurchases: 0.7M shares for $189M 🔹 Remaining Authorization: $1.36B 🔹 Dividend: $0.81 per share Key Updates: 🔹 Net income included a $7.5M pre-tax operating loss related to certain assets held for sale, which decreased diluted EPS by $0.06 🔹 .web Rollout: On track; limited beta opened for Verisign Informed™ Comments: 🔸 “The rollout of the .web top-level domain is on track”

NEWMONT $NEM Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $6.36B (Est. $6.31B) 🟢; +15% YoY 🔹 Adj. EPS: $2.20 (Est. $2.11) 🟢 🔹 Adj. Net Income: $2.31B (Est. $2.47B) 🔴 🔹 Adj. EBITDA: $3.95B (Est. $3.78B) 🟢 🔹 Free Cash Flow: $1.91B (Est. $3.36B) 🔴 FY26 Guide: 🔹 Attributable Gold Production: 5.3M ounces 🔹 Gold By-Product AISC: $1,520/oz 🔹 Sustaining Capital: $1.95B 🔹 Development Capital: $1.4B Q4 Guide: 🔹 Attributable Gold Production: 1,365 koz 🔹 Gold By-Product AISC: $1,900/oz Other Q3 Metrics: 🔹 Attributable Gold Production: 1.30 Moz 🔹 Realized Gold Price: $4,317/oz 🔹 Gold By-Product AISC: $1,454/oz 🔹 Gold By-Product CAS: $832/oz 🔹 GAAP EPS: $2.35 🔹 Operating Cash Flow: $2.77B 🔹 Net Cash Position: $3.2B Capital Return: 🔹 Dividend: $0.26/share 🔹 Returns Since Last Call: $1.9B 🔹 Buybacks Since Last Call: $1.6B 🔹 Remaining Authorization: $2.8B Key Updates: 🔹 Adjusted net income excludes a $40M gain on asset and investment sales 🔹 Net cash position is before the planned payment of $1.95B to Barrick, expected in Q4 🔹 Red Chris Block Cave full-funds investment decision expected in early 2027 🔹 Tanami Expansion 2 commercial production now expected in the first half of 2027 Comments: 🔸 “Newmont remains on track to achieve our full-year 2026 production guidance and improved full-year cost outlook, supported by disciplined operational execution in the third quarter, demonstrating the strength and resilience of our world-class portfolio.”

MAXLINEAR $MXL Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $218.1M (Est. $211M) 🟢; +72% YoY 🔹 Adj. EPS: $0.62 (Est. $0.55) 🟢; +343% YoY 🔹 Gross Margin: 60.0%; +90 bps YoY 🔹 Infrastructure Growth: +210% YoY Q4 Guide: 🔹 Revenue: $240M-$260M (Est. $221M) 🟢 🔹 Non-GAAP Gross Margin: 59.0%-62.0% Other Q3 Metrics: 🔹 Non-GAAP Oper Margin: 29.5%; +1,740 bps YoY 🔹 GAAP Net Income: $28.9M Announcements: 🔹 Credit Facility: Increased by $70M to $200M Comments: 🔸 “Strong momentum in our optical AI data center business reflects the volume ramp of our Keystone PAM4 DSP platform, as well as the strength of our expanding infrastructure portfolio”

DECKERS $DECK Q2’27 EARNINGS HIGHLIGHTS 🔹 Revenue: $1.48B (Est. $1.51B) 🔴; +3.5% YoY 🔹 EPS: $2.31 (Est. $1.79) 🟢; incl. tariff refund 🔹 Gross Margin: 60.5%; incl. tariff refund 🔹 Oper Income: $389.5M (Est. $309M) 🟢; w/ refund FY27 Guide: 🔹 Revenue: $5.70B-$5.73B (Est. $5.88B) 🔴 🔹 EPS: $7.80-$7.95 (Est. $7.53) 🟢; raised 🔹 HOKA: High-single-digit % growth 🔹 UGG: Low-single-digit % growth 🔹 Gross Margin: 58.5% 🔹 SG&A: ~35.5% of net sales 🔹 Oper Margin: ~23% 🔹 Tax Rate: ~23% Net Sales by Brand: 🔹 HOKA: $677.2M; +6.8% YoY 🔹 UGG: $786.4M; +3.5% YoY 🔹 Other Brands: $17.0M; -54.3% YoY Net Sales by Channel: 🔹 Wholesale: $1.09B; +5.5% YoY 🔹 DTC: $387.5M; -1.8% YoY 🔹 DTC Comps: -6.4% Net Sales by Region: 🔹 Domestic: $835.8M; -0.4% YoY 🔹 International: $644.7M; +9.0% YoY Other Q2 Metrics: 🔹 Net Sales (Constant Currency): +2.8% YoY 🔹 Inventories: $860.8M 🔹 Cash: $1.21B Key Updates: 🔹 Tariff refund benefit: $46.0M net refunds, $0.28 per share 🔹 FY27 tariff refunds: $87.9M, $0.52 EPS benefit Capital Return: 🔹 Buybacks: $299.3M (3.2M shares) 🔹 Remaining Authorization: $4.4B Comments: 🔸 “As we move through the back half of fiscal 2027, we are taking deliberate actions to strengthen our connection with consumers, sharpen execution, and concentrate resources behind our greatest opportunities.”

BLOOM ENERGY $BE Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $1.24B (Est. $1.05B) 🟢; +138.1% YoY 🔹 Adj. EPS: $0.94 (Est. $0.68) 🟢 🔹 GAAP EPS: $0.78 🔹 Adj. Gross Margin: 34.5%; +412 bps YoY Raises FY26 Guide: 🔹 Revenue: $4.40B-$4.60B (Est. $4.1B) 🟢 🔹 Adj. EPS: $3.10-$3.40 (Est. $2.73) 🟢 🔹 Adj. Gross Margin: ~34% 🔹 Adj. Oper Income: $960M-$1.03B Announcements: 🔹 Added to the S&P 500 Other Q3 Metrics: 🔹 Adj. Oper Income: $285.7M (Est. $214M) 🟢 🔹 GAAP Oper Income: $225.4M 🔹 Operating Cash Flow: -$27.1M 🔹 GAAP Gross Margin: 33.8%; +453 bps YoY Comments: 🔸 “Bloom is leading that transformation.”

RINGCENTRAL $RNG Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $676M (Est. $667M) 🟢; +5.9% YoY 🔹 Adj. EPS: $1.33 (Est. $1.28) 🟢; +18% YoY 🔹 GAAP EPS: $6.50; includes valuation allowance release 🔹 Non-GAAP Operating Margin: 24.7%; +190 bps YoY Raises FY26 Guide: 🔹 Revenue: $2.65B-$2.66B (Est. $2.64B) 🟢 🔹 Adj. EPS: $5.07-$5.12 (Est. $5.04) 🟢 🔹 Non-GAAP Operating Margin: ~24.0%-24.2% 🔹 Free Cash Flow: $620M-$630M Q4 Guide: 🔹 Revenue: $673M-$680M (Est. $673M) 🟡 🔹 Adj. EPS: $1.32-$1.37 (Est. $1.35) 🟡 🔹 Non-GAAP Operating Margin: 25.0%-25.5% Announcements: 🔹 Launched plugins for ChatGPT and Claude, including Claude for Small Business, and MCP connectors to make voice, SMS, and chat data available in LLMs. Other Q3 Metrics: 🔹 Free Cash Flow: $157M; +21.0% YoY 🔹 Operating Cash Flow: $180M; +18.8% YoY Comments: 🔸 “Voice is central to the next wave of AI innovation, and RingCentral is uniquely positioned to lead this transformation” 🔸 “We also reached our $1 billion gross debt target ahead of schedule, further strengthening our balance sheet while returning capital to shareholders.”

APPFOLIO $APPF Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $296M (Est. $294M) 🟢; +19% YoY 🔹 Adj. EPS: $1.82 (Est. $1.79) 🟢 🔹 Non-GAAP Operating Margin: 27.3%; +380 bps YoY 🔹 Total Units Under Management: 9.8M; +8% YoY FY26 Guide: 🔹 Revenue: $1.12B-$1.13B (Est. $1.12B) 🟡 🔹 Non-GAAP Operating Margin: 26.5%-27.5% 🔹 Diluted Weighted Average Shares: ~36M Other Q3 Metrics: 🔹 GAAP Operating Income: $57M; +64% YoY 🔹 Non-GAAP Operating Income: $81M; +38% YoY 🔹 Operating Cash Flow: $97M Comments: 🔸 “The promise of Real Estate Performance Management is helping create a future of winning with our customers, turning performance into a competitive advantage that compounds over time.”

WESTERN DIGITAL $WDC Q1’27 EARNINGS HIGHLIGHTS 🔹 Revenue: $4.38B (Est. $4.13B) 🟢; +55% YoY 🔹 Adj. EPS: $4.64 (Est. $4.07) 🟢; +161% YoY 🔹 GAAP EPS: $4.63 🔹 Adj. Gross Margin: 58.1%; +1,420 bps YoY Q2 FY27 Guide: 🔹 Revenue: $5.00B-$5.20B (Est. $4.57B) 🟢 🔹 Adj. EPS: $5.60-$6.00 (Est. $4.78) 🟢 🔹 Adj. Gross Margin: 60%-61% 🔹 Operating Expenses: $400M-$410M 🔹 Interest and Other Expense, Net: ~$15M 🔹 Tax Rate: ~17% 🔹 Diluted Weighted Average Shares: ~380M Cash Flow: 🔹 Operating Cash Flow: $1.60B 🔹 Free Cash Flow: $1.38B (Est. $1.54B) 🔴 Other Q1 Metrics: 🔹 Adj. Oper Income: $2.15B (Est. $1.9B) 🟢 🔹 Adj. Oper Margin: 49.1%; +1,870 bps YoY Capital Return: 🔹 Repurchases of Common Stock: $1.00B 🔹 Cash Dividend: $0.175/share; raised 17% Comments: 🔸 “Fiscal 2027 is off to a strong start, with results exceeding expectations, driven by robust customer demand and disciplined execution.”

TTM TECHNOLOGIES $TTMI Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $1.20B (Est. $1.13B) 🟢; +60% YoY 🔹 Adj. EPS: $1.46 (Est. $1.25) 🟢; +118% YoY 🔹 GAAP EPS: $0.79; +58% YoY 🔹 Adj. Gross Margin: 24.8% FY26 Guide: 🔹 Revenue: $4.47B-$4.49B 🔹 Adj. EPS: $4.97-$5.03 Q4 Guide: 🔹 Revenue: $1.42B-$1.44B 🔹 Adj. EPS: $1.77-$1.83 FY27 Guide: 🔹 Revenue: $6.5B-$6.75B 🔹 Adj. EPS: $8.10-$8.90 Cash Flow: 🔹 Operating Cash Flow: $154.7M 🔹 Free Cash Flow: $74.8M 🔹 Capital Expenditures, Net: $79.9M Segment Net Sales: 🔹 Aerospace & Defense: $416.5M 🔹 Commercial: $787.9M Announcements: 🔹 STG and Epiq acquisitions are now included in guidance 🔹 ILFA acquisition is excluded from guidance End Markets (% of net sales): 🔹 Data Center & Networking: 41% 🔹 A&D: 34% 🔹 Medical, Industrial & Instrumentation: 18% 🔹 Automotive: 7% Other Q3 Metrics: 🔹 Adj. EBITDA: $242.3M (Est. $202M) 🟢; +100% YoY 🔹 Adj. EBITDA Margin: 20.1% (Est. 17.9%) 🟢 🔹 Book-to-Bill: 2.13 🔹 Program Backlog: $2.0B Key Updates: 🔹 Non-GAAP excludes $9.8M of restructuring, acquisition-related and other charges 🔹 Non-GAAP excludes a $6.1M loss on derivative instruments 🔹 Non-GAAP excludes a $4.7M unrealized gain on foreign exchange Comments: 🔸 “All key markets contributed to our 60% year on year growth with Data Center & Networking up 115%, Medical, Industrial & Instrumentation up 97%, and Aerospace & Defense up 21%.” 🔸 “Our margin expansion efforts are producing results as evidenced by adjusted EBITDA margin exceeding 20% for the first time.”

CANVA JUST LAUNCHED ITS OWN AI IMAGE MODEL! It’s called Craft. Canva says it now ranks 2ND among image-generation labs on DesignArena, behind OpenAI. It uses a two-stage process: a planner maps out the layout, objects and exact text from your prompt, then a separate renderer generates the image. This approach is designed for work like posters, ads and product mockups, where readable text and precise placement matter. Canva refined the model using feedback from professional designers. Craft supports up to 2K resolution and text in 55 languages. It is available now in Dream Lab, with public API access for developers.

Moderna $MRNA -26% Leaked Phase 3 data for its cancer vaccine with Merck reportedly suggests a 42% reduction in the risk of melanoma recurrence or death when combined with Keytruda, compared with Keytruda alone. That's below the 49% reduction reported in an earlier Phase 2b trial. The results still suggest a benefit, but may have disappointed investors after Moderna's massive rally. The leaked figures remain unverified ahead of Saturday's official ESMO presentation.

HUD has launched @datavendor_ai, a marketplace where companies can license private code and data to AI labs for training and evaluating models. Labs can review quality checks before buying and test sample tasks with their training environments. Sellers set their own prices and retain ownership. DataVendor says it has 4,000+ vendors and 50K+ assets listed. Sellers can join now, while buyers enter through a waitlist.

NVIDIA CEO Jensen Huang stopped by the Nebius booth today at GTC Berlin. “Love Nebius, no tagline needed.”

NORFOLK SOUTHERN $NSC Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $3.5B (Est. $3.48B) 🟢; +14% YoY 🔹 Adj. EPS: $3.62 (Est. $3.47) 🟢; +10% YoY Other Q3 Metrics: 🔹 Adj. Income from Railway Ops: $1.2B; +7% YoY 🔹 Adj. Operating Ratio: 65.4%; +210 bps YoY 🔹 Volume: +3% YoY 🔹 GAAP Income from Railway Ops: $1.2B; +5% YoY 🔹 GAAP Operating Ratio: 67.4% Key Updates: 🔹 GAAP EPS: $3.37; adj. EPS of $3.62 excludes merger-related expenses and the effects of the Eastern Ohio incident 🔹 Merger-related expenses and effects of the Incident: $70M ($0.25 per share), excluded from adjusted results Comments: 🔸 “Norfolk Southern delivered another quarter of solid execution, with record revenues, and strong earnings growth aided by continued productivity gains across the network, reflecting continued momentum in our business and the dedication of our team.”

CARPENTER TECHNOLOGY $CRS Q1’27 EARNINGS HIGHLIGHTS 🔹 Net Sales: $798.2M (Est. $831M) 🔴; +9% YoY 🔹 Adj. EPS: $3.25 (Est. $3.14) 🟢; +34% YoY 🔹 Adj. Oper Income: $196.4M (Est. $197M) 🔴 Affirms FY27 Guide: 🔹 Adj. Oper Income: $850M-$880M (Est. $894M) 🔴 🔹 Adj. Free Cash Flow: $400M-$430M Q2 FY27 Guide: 🔹 Adj. Oper Income: $192M-$197M (Est. $200M) 🔴 Cash Flow: 🔹 Adj. Free Cash Flow: -$24.8M 🔹 Operating Cash: $52.8M; +35% YoY Segment Operating Income: 🔹 Specialty Alloys Operations: $216.3M; +27% YoY 🔹 Performance Engineered Products: $7.3M Other Q1 Metrics: 🔹 Adj. Oper Income Growth: +28% YoY 🔹 Net Sales ex-Surcharge: $634.8M; +5% YoY 🔹 Adj. Oper Margin ex-Surcharge: 30.9% 🔹 SAO Adj. Margin ex-Surcharge: 37.7% 🔹 Aerospace & Defense: $425.4M Key Updates: 🔹 Repurchased $133.9M of stock in the quarter, with $985.0M remaining under the $1.0B program 🔹 Reaffirmed the fiscal year 2029 operating income target of $1.2B-$1.3B 🔹 Commercial Aerospace bookings increased 49% year-over-year Comments: 🔸 “Notably, in the current quarter we saw a step up in demand, especially in the commercial aerospace supply chain.”