Oyvind Bjerke

📢 New pod: AlphaTarget PULSE 🎙️ Topics discussed: - AI - TPUs + CPU's - Big Tech Earnings - AI Capex - Stock market overview youtu.be/04nI_qgiUew?si…

Sandisk FY2026 Q3: 233% sequential data centre growth. Company continues to work on longer term agreements. In Q3 signed >$42bn in RPO. Enforceable financial guarantees: >$11bn $SNDK

Big YoY capex increases from the hyperscalers in their latest quarter: $AMZN Capex up 77% from $25B to $44B $MSFT Capex up 85% from $17B to $31B $GOOG Capex up 108% from $17B to $36B 🔥 $META Capex up 43% from 14B to $20B (slow coach ;-)) Driving the ecosystem around them

Cloud revenue accelerated in Q1 '26: $AMZN AWS: +28% YoY in constant currency (CC) with $150B annualised run rate (ARR) $MSFT Azure: +39% YoY in CC, with Microsoft's AI business ARR of over $37B (+123% YoY) $GOOG Google Cloud: +63% YoY with ~$80B ARR

Intel Q1 FY26 earnings call CEO Lip Bu Tan: "The ratio of CPU to GPUs used to be 1-to-8, and now it is 1-to-4, and I think it could move towards parity or even better. So I think that demand is very strong."

We've just published a primer on Anthropic You can read it below 👇 alphatarget.com/insights/anthr…

📢 New pod - AlphaTarget PULSE 🎙️ Topics covered: -Stock Market Rally -Software Stocks Outlook & AI Tailwinds -Anthropic’s Mythos & Why It Matters -Cybersecurity Stocks -Compute Challenges -Long-Term Outlook for Anthropic -AI IPO Risks youtube.com/watch?v=Hr1SiS…

📈 Server supply tightens. Full-year 2026 shipment growth, once expected near 20% YoY, has been cut to 13% due to longer component lead times.💡#TrendForce on supply chain response: buff.ly/KUAcT3l 🔗

Check out our Insights page below 👇 Our FREE research on secular business trends and hot investment themes - new article updated every month. alphatarget.com/insights/

The next AI bottleneck

The AI Storage Surge Our latest FREE research note is out - read below 👇 alphatarget.com/blog/the-ai-st…

$TSM reported net revenue for March 2026 of NT$415.2B (+31% MoM, +45% YoY). Revenue for January through March 2026 totalled NT$1,134.1B (+35% YoY), equivalent to ~US$35.7B, which is in line with management guidance of US$34.6-35.8B for Q1 ‘26.

Is AI really disrupting all software? Software stocks have come under pressure following recent advances in frontier AI models, but the narrative around broad-based disruption across SaaS may be somewhat overstated, at least at this stage. While large language models have made meaningful progress in natural language tasks such as search, summarisation, and synthesis, their capabilities in more complex enterprise environments remain evolving. In practice, AI systems are often layered on top of existing systems of record rather than replacing them entirely. Many enterprise platforms continue to benefit from deeply embedded context, including historical data, workflows and governance layers that are important for accuracy and reliability in production settings. This suggests that, in many cases, AI will probably complement rather than displace existing software vendors. Concerns around commoditisation also appear more nuanced. While certain surface-level features may become easier to replicate, underlying data structures, integrations and operational depth can still provide meaningful differentiation. Enterprises also tend to be cautious when it comes to exposing sensitive systems to external tools, particularly given ongoing considerations around security, compliance and control. The potential for increased competition from startups is real, particularly as AI lowers the cost of building and iterating on new products. However, scaling enterprise-grade software typically still requires time, trust and integration into existing systems. Incumbents retain advantages in distribution, customer relationships and access to proprietary data, although the competitive landscape is clearly evolving. Another area of debate is the potential for seat compression as AI improves productivity. While some efficiency gains are likely, the broader impact may vary across use cases. In some instances, value may shift towards new workflows that require orchestration, observability and governance, which could offset some of the pressure on traditional pricing models. Overall, AI appears to be both a source of disruption and a driver of incremental demand for some software vendors. As organisations move from experimentation towards production, spending on data infrastructure, security and system modernisation should continue to grow. The longer-term outcome is still unfolding, but it seems increasingly likely that platforms with strong data foundations, embedded workflows and infrastructure software vendors will likely remain important in an AI-enabled environment. alphatarget.com

Agents are leading to an explosion in compute. In the cloud days, compute was spun up for central applications and websites. Controlled by a few decision makers. Now, practically every knowledge worker can invoke *massive* token/compute demand with their AI prompts and agentic workflows running in the background. ⚙️ Infra players (Nvidia, neoclouds, hyperscalers) are going to have to work hard on getting the cost per token down. (They’re doing that already but we will need a lot more, quickly) 💰 There’ll need to be more token rationing. Otherwise knowledge workers are going to blow budgets. Who knows, maybe this can be made up by staff cuts, as a portion of human work transitions to the “AI data centers” ⏰ Remains to be seen what the impact will be on existing best of breed software. Will the agents become the more dominant interface and “call the shots”? Or will there be co-existence? I think somewhere in between and depends on the type of software. Basic applications probably at risk but cybersecurity and leading infrastructure software should endure.

Profits skyrocket for Samsung, which issued Q1 FY2026 guidance today of KRW57.2 trillion. This is over 8x YoY and more profit than it made in all of FY2025. The memory trend continues. $SMSN $MU $HY9H

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📢 AlphaTarget PULSE - new episode is out 🎙️ -Middle East Conflict -Technical Signals - Stock Market Bottom -Oil Market Update -AI Storage Demand Overview  -Google TurboQuant Algorithm -Tech Sector Valuations Snapshot -Hyperscalers Fundamentals youtube.com/watch?v=6V0keE…

AI data centre demand and tight supply continue to fuel the meteoric rise in memory/storage prices. Q2 2026: DRAM contracts forecast to be up 58-63% QoQ, NAND Flash up 70-75% QoQ $SNDK $MU $SMSN