## Earnings Wrap-Up ### **AMD (Buy) | TP: $511** * **Guidance slightly beat expectations ($11.2bn vs. $10.5bn Bloomberg consensus, Buy side $10.96b). ***Server CPU TAM** now projected at >35% CAGR. AMD’s leadership will be further strengthened by Venice and a diversified CPU portfolio. ***Progress on **MI455/Helios** remains on track. * **Outlook:** Some investors were a bit cautious before the print; additionally, the frequent demand upward revision misled analysts’ near-term estimates. That said, the pause before the print could further boost the share price outperformance. Overall, we remain bullish ### **Lumentum (LITE - Buy) | TP: $1,168** * **Slightly below** FY3Q revenue ($808m) slightly missed buy-side targets, and F4Q’s $985m below buy sides $1bn, though gross margins expanded to **47.9%**. * **Key Drivers:** Laser supply remains structurally tight as demand outpaces capacity. OCS is gaining momentum via multi-year agreements. * **Outlook:** While the FY4Q guidance led to a brief after-hours pull-back, earnings power is expected to scale dramatically into CY2027. ### **Supermicro (SMCI - Hold) | TP: $43** * **Shares jumped 18% after hours following a strong Gross Margin beat. * **Key Drivers:** Margin gains were driven by a better customer mix (enterprise) and fewer low-margin GB300s. * **Outlook:** While margins are expected to remain elevated, the rating remains **Hold** due to uncertain top-line growth and limited visibility on new GB300 bookings.

JUST IN: Stanley Druckenmiller just updated his portfolio This is everything Duquesne Family and Stanley Druckenmiller owned as of the end of Q1 Natera $NTRA: $576.7M Taiwan Semiconductor $TSM: $201.2M STMicroelectronics $STM: $161.1M YPF Sociedad Anonima $YPF: $142.0M Insmed $INSM: $126.3M Brazil ETF $EWZ: $124.6M BBB Foods $TBBB: $113.6M NewAmsterdam Pharma $NAMS: $109.2M Sea Limited $SE: $96.8M Roku $ROKU: $93.2M Alcoa $AA: $92.9M Broadcom $AVGO: $83.7M Teva Pharmaceutical $TEVA: $82.1M Woodward $WWD: $73.6M Sandisk $SNDK: $54.1M Figure Technology $FIGR: $51.2M Revolution Medicines $RVMD: $46.0M Intel $INTC: $44.9M Coupang $CPNG: $43.5M Humana $HUM: $42.1M Seagate $STX: $40.6M CRH $CRH: $39.0M Lattice Semiconductor $LSCC: $39.0M Bloom Energy $BE: $38.6M Option Care Health $OPCH: $36.5M Twilio $TWLO: $36.0M Restaurant Brands $QSR: $34.6M Global X MSCI Argentina ETF $ARGT: $33.7M Jabil $JBL: $28.2M Caris Life Sciences $CAI: $28.1M Wabtec $WAB: $25.0M United Airlines $UAL: $24.6M Cleveland-Cliffs $CLF: $23.8M Arm Holdings $ARM: $22.5M iShares GSCI Commodity $GSG: $22.0M Southern Copper $SCCO: $21.7M Linde $LIN: $20.9M Unity Software $U: $20.4M Nuvation Bio $NUVB: $20.1M Qnity Electronics $Q: $19.8M Micron Technology $MU: $17.2M Protagonist Therapeutics $PTGX: $16.4M Coherent $COHR: $15.8M Belite Bio $BLTE: $15.2M Olema Pharmaceuticals $OLMA: $13.4M Xenon Pharmaceuticals $XENE: $13.0M ADMA Biologics $ADMA: $12.8M StubHub Holdings $STUB: $12.2M PureCycle Technologies $PCT: $12.1M Amazon $AMZN: $12.1M Celestica CLS: $12.0M Daktronics DAKT: $10.7M Cloudflare NET: $10.4M Twist Bioscience TWST: $10.1M LyondellBasell LYB: $9.9M Vista Energy VIST: $9.8M JBS JBS: $8.9M EchoStar SATS: $8.3M Almonty Industries ALM: $8.2M DBV Technologies DBVT: $7.5M Lumentum LITE: $6.8M Solstice Advanced Materials SOLS: $5.3M MercadoLibre MELI: $4.3M Westlake WLK: $1.9M Wave Life Sciences WVE: $1.2M

so far, these are the likely confirmed updates ahead of google i/o: new ui and gemini 3.1 flash lite will be included in the gemini app gemini omni, likely focused on video gemini 3.2 or 3.5 flash and pro new gemini "spark" agent the "avatar" option linked to gemini omni

👀 Looks like someone at DeepMind accidentally pushed a bunch of upcoming models to the prod API. Gemini 3 Flash, 3 Pro Image, 3.1 Flash Image, 3.1 Flash Lite, 3.1 Flash TTS, 3.1 Pro, Lyria 3 Clip & Pro, and their upcoming "Omni" video model will get dedicated "agent" variants!

Over the last month, our @youtube team shipped these products and features for our viewers and @youtubecreators: 🪟Fully custom multiview on @YouTubeTV ⏳Countdown stickers for mobile live streamers 🖼️Picture-in-Picture for non-music content globally 🔍Ask YouTube, a new way for Premium subscribers to search on YouTube 🛍️Expanded shopping auto-tagging across APAC 🔊Voice Boost for amplifying vocals and reducing background sounds 👑Experience Points (XP) for watch time and Super Chat replies during vertical live streams 👨‍👩‍👧 Expanded parental controls, including an industry-first Shorts timer 🎁Gifts on horizontal livestreams on mobile 🤗Gifts in 🇨🇦🇰🇷🇮🇩🇹🇭🇦🇺🇳🇿 🕹️Select games (Playables) on mobile vertical livestreams 🎶The entire Shorts Audio library in our YouTube Create app 🤝Streaming in both vertical and horizontal formats at the same time ✋Automatic ad holdbacks when live chat engagement is at its peak 🌏Premium Lite in 15 new countries around the world 🕵️Automated likeness detection technology for the entertainment industry 📺Ask on TV 🔃Reimagine (a new remixing capability) and Add Object in Shorts

3 massive AI drops in the last 24h you need to know: 1. OpenAI GPT-Realtime-2 → real voice agents that think & act mid-conversation (demo is wild) 2. Anthropic makes AI 'thoughts' readable in English (no more black box) 3. Google Gemini 3.1 Flash-Lite for cheap, high-volume agents Which one excites you most? Or is voice AI finally here?

Decentralized systems have a funny way of exposing everything you do. Your intent, your timing, your trades: all public, all trackable. If you’ve ever tried accumulating a token quietly only to get hit by a MEV attack, you know exactly how frustrating it is. This is when AI-powered privacy steps in - @Deluthium saves your day. ▸ What is Deluthium? (Try it out: Narrative: Privacy + AI Infra. Deluthium is building the first AI-native liquidity infrastructure powered by Reinforcement Learning (RL). RL is basically a system where AI models learn by interacting with the market, earning rewards for good decisions and getting penalized for bad ones. Inside Deluthium, RL means: + continuously optimizing trade execution + adapting to real-time market conditions + improving decision-making by learning from past trades ➜ the more you use Deluthium, the better trades it operates. Learn more at: ▸ What makes Deluthium unique? Deluthium integrates RL into a dark-pool style trading layer, giving you privacy without sacrificing execution quality. Key traits: + anti-MEV protection: no front-running via private trade execution (best suits large trades) + zero slippage: RL models find the best execution path across deep liquidity + on-chain verifiable: all trades are settled transparently, despite private routing Besides, the trading experience on Deluthium is tailored to be most like a CEX. ➜ It’s built as a full-stack solution for the AI era of finance. ▸ Current stage Deluthium currently supports trading on 3 networks: Ethereum, Base, and BNB Chain with these product types: + Deluthium LITE + Deluthium PRO All with social logins and vaults management. Note down the audit report on the traded tokens built for privacy. Core partners: + @flock_io - powering the RL + @babylonlabs_io - channeling native BTC into DeFi ▸ For users Starting Nov 18, Deluthium runs a Dual Mining Campaign, rewarding both Deluthium points and $FLOCK. 1 Deluthium point = $1 traded. Weekly distribution of FLOCK are based on the leaderboard: + 80% for top 1 + 20% for random users with above $1,000 trading volume Boosts come from VIP levels, LPing, and referrals. ▸Final take: Deluthium is pushing a new standard for privacy in on-chain trading. With RL at the core, it removes MEV threats, enhances execution, and keeps your intent hidden, something DeFi has needed for a long time. The Dual Mining Campaign is basically the early-entry moment to help secure the foundation for AI-privacy trading. If you care about privacy, execution, and trading without being watched, Deluthium is worth keeping an eye on.