ThE mArKeT iS iN sUcH a BuBbLe Yet these are the 2027 earnings multiples for some of the world’s biggest companies: • $AMZN ~23x • $GOOGL ~22x • $NOW ~22x • $MSFT ~20x • $AVGO ~20x • $DELL ~20x • $TSM ~19x • $NVDA ~16x • $META ~16x • $ORCL ~11x • $SNDK ~7x • $MU ~6x • $SKHY ~4x

$INTC has emerged as one of 2026’s biggest AI winners by benefiting across Xeon CPUs, purpose-built silicon and advanced packaging. That exposure is expanding because every accelerator rack still needs general-purpose compute to manage data, storage and workloads making agentic AI a new growth driver for server CPUs. The same buildout is pulling Intel deeper into custom silicon which nearly tripled YoY to a ~$2B annual run rate and advanced packaging where management already sees billions in backlog potential.

$GOOGL Ironwood TPU packs ~190GB of HBM3E so every new deployment directly increases premium memory demand across the cluster. That demand compounds as Gemini APIs process ~22B tokens per minute giving $SKHY the clearest near-term upside and $MU more upside if it gains share. Google has both the returns and the incentive to keep expanding memory capacity with Cloud margins at 36% and capex rising another $15B.

Anthropic launched Claude Opus 5, which it says approaches frontier intelligence at half the price of the prior tier. Every halving of inference cost pulls agentic workflows out of pilots and into always-on production, where compute demand compounds.

$QCOM has told customers that prices are going up by a double-digit percentage, Bloomberg reports. Qualcomm said it can no longer absorb the increasing costs it has been carrying.

Nvidia's Jensen Huang used his debut X post to argue AI will be built by every country and that open models enable sovereignty. Sovereign AI is the next demand leg: national build-outs need their own compute, and that lands directly in NVIDIA's data center order book. $NVDA

FUTURUM EQUITIES PODCAST EPISODE #50# Daniel and I will be live today at 1 PM ET exclusively on the Futurum Equities YouTube channel covering: • Why $GOOGL may be the most mispriced winner of the AI buildout and what its rising capex means for $NBIS, $CRWV, $CIFR, $DOCN, $AMZN & $MSFT • Whether $INTC breakout quarter marks a real turnaround and what it still needs to prove across 18A, 14A & external foundry demand • How $IREN $2.8B in new AI cloud contracts and customer prepayments are changing their story • Why $NOW rose while $TSLA fell after earnings & what that says about visible AI revenue versus future AI promises • What Kimi K3’s compute constraints signal for memory and networking across $MU, $SKHY, $AVGO, $CRDO, $ALAB & $MRVL We’ll leave the last 15 minutes for live Q&A so bring your questions!

Nvidia is prepaying Amkor $1.5B under a multi-year deal to expand advanced packaging capacity at its Arizona campus. Advanced packaging is the bottleneck in the AI compute stack, and prepaying secures the capacity money alone can't rush into existence. $AMKR

$GOOGL says AI Mode has surpassed 1B monthly users while AI Mode and AI Overviews are generating additional searches rather than replacing existing activity. That answers the first part of the Search debate on whether people will keep using Google in an AI world while the second is whether Google can monetize those AI answers without damaging Search fundamentals. The company is already placing clearly labeled ads inside AI Mode and using Gemini to understand and monetize longer, more complex queries that were previously difficult to serve.

$INTC earns its victory lap after a quarter that beats expectations across revenue, margins, earnings, manufacturing execution and guidance. Agentic AI is creating a second growth curve for server CPUs because every accelerator requires significant general-purpose compute around it giving Intel immediate exposure through its large server market share. That opportunity also extends into purpose-built silicon and advanced packaging allowing Intel to benefit from custom AI processors even when it does not control the accelerator itself.

$NBIS may be the biggest beneficiary of $GOOGL capacity shortage because the company still needs third party compute even after doubling quarterly capex. That shortage is exactly what Nebius is built to solve by offering immediately available full stack AI infrastructure to customers that cannot wait years for new data centers. The demand is already visible with management saying at least four customers are competing for every GPU it brings online while deals with $MSFT an $META validate the platform.

$ORCL is consolidating software licenses across the Defense Department, Coast Guard and intelligence community under a single agreement. The 10-year deal is valued at nearly $7 billion, with at least $441 million in expected taxpayer savings.

Intel Foundry revenue hit $5.8B in Q2, up 31% YoY, as the company lifted FY26 capex to $20B from $18B. The US foundry buildout is converting from strategic narrative into recognized revenue, and capacity coming online meets a CPU cycle still running hot. $INTC

$IREN ended the day up nearly 20% as the global shortage of AI compute pushes customers to prepay nearly half the GPU cost to secure capacity before deployment. IREN then provides the power, data centers, networking, deployment, operations and cloud platform needed to bring that capacity online. That customer funded model is also making the revenue outlook more credible with its year end annualized revenue run rate target now above $4B and ~85% already under contract.

EARNINGS SEASON IS OFFICIALLY HERE The Futurum Equities YouTube channel will be releasing a series of Earnings Edge videos covering my reaction to each company’s results and what they mean going forward: • If Robotaxis and Optimus can defend the $TSLA premium • If higher CapEx can keep Cloud and Search rolling at $GOOGL • If server CPU momentum and Foundry engagements can rebuild confidence in $INTC • If AI can expand the total value of $NOW platform rather than simply shift its existing revenue mix

SEMICONDUCTOR STOCKS BY PEG RATIO PEG < 1 usually means mispriced growth PEG > 2 starts to push into the danger zone Here’s how they stack up: • $LRCX ~2.3x • $ALAB ~2.1x • $INTC ~1.9x • $ANET ~1.8x • $ARM ~1.6x • $KLAC ~1.3x • $AMAT ~1.2x • $ASML ~1.0x • $TSM ~0.9x • $AMD ~0.7x • $NVDA ~0.7x • $CRDO ~0.6x • $COHR ~0.6x • $LITE ~0.5x • $AVGO ~0.5x • $MRVL ~0.5x • $AAOI ~0.4x • $ON ~0.4x • $SNDK ~0.2x • $MU ~0.2x • $SKHY ~0.1x

HERE ARE THE TOP 15 PERFORMERS OF 2026 1. $SNDK +471% 2. $AEHR +301% 3. $DELL +215% 4. $PENG +209% 5. $MU +197% 6. $TWST +196% 7. $AAOI +194% 8. $AXTI +180% 9. $WDC +177% 10. $VPG +170% 11. $INTC +158% 12. $AMBQ +154% 13. $DOCN +147% 14. $BE +147% 15. $ARM +144%

$NVDA, $AMD, $AVGO and custom hyperscaler chips will compete for years in the AI race but nearly all will still depend on $TSM to manufacture their chips. The quarter was excellent but the market wanted another major estimate reset and instead got strong revenue guidance alongside softer margins, higher capex and fewer near-term catalysts.