Earnings Note - AAPL Downgrade from Buy to Hold: * Valuation looks full after a 19% outperformance vs. Nasdaq in the past month; upside appears limited. * F3Q26 beat, F4Q26 guide softer: Revenue $109.4B (+16% YoY) and EPS $2.03 (+30% YoY) topped expectations, but F4Q revenue growth guidance of 9–11% YoY and 47–48% GM came in slightly below consensus. * iPhone remains the growth driver: iPhone revenue grew 22% YoY, Mac +29% YoY, while iPad and Services were softer than expected. * Apple expects broader Apple Intelligence rollout this fall alongside new OS releases and Siri AI enhancements. * iPhone 18 Pro demand risk: Higher 2nm silicon and DRAM/NAND costs could drive a $250–300 price hike for iPhone 18 Pro/PM, creating demand uncertainty despite resilient iPhone 17 builds. iPhone 18 Pro/PM suggests limited spec upgrade for consumers. * Still constructive on Fold: Expect the iPhone Fold (~7M units) to support the 2H26 product cycle, but remain cautious on mainstream iPhone 18 Pro demand due to limited hardware upgrades. #AAPL#

Earnings Takeaways - QCOM * Maintain Hold; TP cut to $186 on handset weakness and limited near-mid term datacenter visibility. * F3Q26 mixed: Revenue $9.9bn (-6% QoQ/-4% YoY) slightly beat; non-GAAP EPS $2.21 slightly missed consensus. * F4Q26 guidance: Revenue $9.7–10.5bn, EPS $2.05–2.25; below recent buy-side chatters (~$11bn revenue). * Android headwinds continue with elevated wafer inventories and faster-than-expected decline in Apple modem revenue. * Co reaffirmed FY27/FY29 datacenter revenue targets of $5bn/$15bn+, with hyperscaler engagements and custom silicon programs progressing. * AI250 gains traction with four major U.S. CSPs, but the high LPDDR5 prices remain a key concern, limiting cost competitiveness. * Custom silicon on track; wafer production has started, with AWS expected to be the first wafer-based customer. * CPU roadmap remains a longer-term story; still years away. #QCOM#