The Transcript

This week in earnings:

$CAT Caterpillar CEO: "Overall, the outlook for North America remains positive as sales to users are anticipated to grow versus last year. Construction spending remains at healthy levels supported by the IIJA, with the remaining funds to be spent over the next few years"

$IBKR CEO last month: "What tends to happen is as the equity market prices are increasing, more and more of the public wants to participate on the run-up, and we see strong account openings. Whereas as the volatility increases, that may discourage newcomers from joining the market, but that gets offset by increase in the DARTs, increase in the trading. As I said, the increased volatility is something that we have seen before for different reasons. I would expect things to continue the way we have seen over the past several years."

$GME $EBAY

Mag 7 vs the rest

Chevron CEO: "We will start to see physical shortages...Demand needs to move to meet supply...Economies are going to have to slow." $CVX

$MS CEO last month on private credit: "While it's still a growing class, it's having a learning moment. We call it an adolescent moment where both the lenders and the borrowers are being looked at carefully. But the reality is it's credit, and credit is going to broadly perform when the economy is in the kind of good shape it's in right now."

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$CG Carlyle Group Chair David Rubenstein: "So I decided to start Carlyle with no knowledge of how little I really didn't know about private equity. And most people that start companies start companies with knowing very little about what they're about to do. Very few. Because you just, if you knew how all the problems in starting a company, you probably wouldn't start it.”"

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This week in earnings:

Tomorrow's earnings: Before: $ETN $PFE $DUK $KKR $CMI $MPC $AEP $TDG $FERG $PYPL $ROK $IDXX $PEG $WEC $GFS $ADM $FISV $IT $IQV After: $AMD $ANET $EMR $LITE $MSTR $OXY $CTVA $EA $CPNG $LYV $ALAB $PRU $DVN $IFF $TLN $SMCI $J $ONTO $IAC

Palantir reports Q1 ‘26 U.S. revenue growth of 104% Y/Y and revenue growth of 85% Y/Y; raises FY ’26 revenue guidance to 71% Y/Y growth and U.S. comm revenue guidance to 120% Y/Y, crushing consensus expectations. Q1 U.S. commercial revenue grew 133% y/y and adjusted operating margin was 60%. We also generated $871 million in Q1 2026 GAAP net income, representing 53% margin and 307% Y/Y growth.

$PLTR CEO: "There seems to be a rotation amongst AI model companies who engage in an intensely competitive race in which we have seen token costs suffer a thousandfold decline over just a few years & where winners & losers swap places every 6 months. Our path has been different"

$PLTR CEO: "We generated $1.6B in revenue in the first quarter of this year, a new record in our company’s history, representing a soaring 85% Y/Y. Put differently, we almost doubled the size of our entire business, of all of our revenues generated across the government and commercial sectors, in the span of only twelve months."

Palantir CEO: "Momentum surged as we grew 85% last quarter—our highest-ever Y/Y growth rate—by more than doubling our U.S. business & now we are raising our full-year revenue guidance to 71% growth, 10 points ahead of our guidance from last quarter." $PLTR: +0.2% AH

Pinterest CEO: "We delivered a record $4.2B in revenue in 2025, up 16% Y/Y, and reached 619M MAUs, up 12%. Users are at all-time highs and overall engagement continues to grow..." $PINS: +18% AH

ON Semiconductor CEO: "We exceeded expectations as demand strengthened through the quarter and we have moved beyond the cyclical trough on a path to recovery. Our AI data center business accelerated, growing more than 30% sequentially." $ON: -4% AH

Duolingo: "In Q1, we executed on the strategy we outlined in the last shareholder letter. It’s still too early to see the impact in our metrics, but our results so far are in line with what we expected..We are early in our strategic shift" $DUOL: -10% AH

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