AlphaSense

👀 Earnings season doesn’t have to feel chaotic. At AlphaSense, we’ve built a workflow that transforms the entire process into a streamlined command center, from prep to live calls to post‑earnings insights. See how our step‑by‑step approach brings clarity to every stage, keeping you informed, efficient, and ahead of the market. Dive into the full walkthrough. Introduction: 0:00 - 0:28 Pre-Earnings Prep: 0:28 - 1:02 Live Earnings & Deep Research: 1:02 - 1:35 During Earnings Season: 1:35 - 1:59 Industry-Wide Tracking: 1:59 - 2:10 Post-Earnings Analysis: 2:10 - 2:49 Conclusion: 2:49

$FDX reports earnings after the 🔔 today: Experts see FedEx in a critical pivot, moving away from "growth at all costs" toward operational integration, cost-cutting, and yield management, as it prioritizes network efficiency over pure volume. The most dominant theme among experts analyzing FedEx is its sweeping operational reorganization. Historically, FedEx operated its Express, Ground, and Freight divisions as completely separate entities in silos. To combat inefficiencies, the company is executing two major programs:

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$MSFT employee on why $GOOGL has the most integrated stack among hyperscalers ( $AMZN ): - The expert believes enterprise AI usage will naturally split across multiple models rather than consolidate around a single one. Simpler tasks are well served by smaller open-source models, making it hard to justify the cost of a frontier model. On more complex or sensitive applications, customers will gravitate toward leading models, but switching between them is not straightforward. This creates natural stickiness, particularly for applications where significant testing and validation have already been done. - The expert emphasizes that as newer applications emerge across the stack, entirely new budget categories are being created to support them. On the SaaS side, he expects significant disruption. As foundation models improve, specialized software applications face real pricing pressure, with many likely to be rebuilt directly on top of foundation models in customized PaaS environments rather than purchased as off-the-shelf solutions. - According to the expert, $GOOGL is the best-positioned hyperscaler over a five to ten-year horizon. The combination of proprietary hardware like TPUs, frontier models like Gemini, consumer data at scale, and the pace of acceleration they have shown in recent years gives them a uniquely integrated stack across software, hardware, and data. - He sees $MSFT as strong, particularly given the OpenAI partnership and their platform strategy of supporting any model at scale, though he notes OpenAI is no longer exclusive to $MSFT, which changes the dynamic somewhat. $AMZN he views as catching up, with strong foundational cloud infrastructure and talent, and the recent OpenAI investment signaling a more aggressive push that could meaningfully close the gap with $MSFT. - The expert describes the relationship between hyperscalers and model providers as deeply entangled, friends and enemies at the same time. $MSFT benefits from OpenAI's models driving cloud revenue while OpenAI competes directly with $MSFT's own consumer and enterprise products. The expanding market has kept this tension manageable so far. His view is that the ultimate winner will be whoever can offer the best model at the lowest cost with the most complete integrated stack, covering models, agent frameworks, and cloud infrastructure in one offering.

For Emirates NBD, AlphaSense brings the power of an AI-driven market intelligence platform directly into the hands of their investment banking and wealth management teams, transforming how they research, collaborate, and serve clients. This is proof of value in motion; and a glimpse into how strategic partnerships are fueling the UAE’s fintech surge. Watch how Emirates NBD is elevating insight quality and unlocking new opportunities. #AlphaSenseAccelerate alpha-sense.com/resources/case…

$MU delivering what management described as "exceptional" record-breaking performance across revenue, gross margin, and earnings per share. Driven by an "insatiable" demand for AI-related memory and tight industry supply, the company's quarterly revenue nearly tripled compared to the previous year, reaching $23.86 billion.

$DRI Earnings: - Total sales increased 5.9% to $3.3 billion, driven by a blended same-restaurant sales1 increase of 4.2% and sales from 31 net new restaurants - Reported diluted net earnings per share from continuing operations were $2.68 - Excluding $0.05 of closed restaurant and other costs related to the exploration of strategic alternatives for the Bahama Breeze brand2, $0.16 of impairment due to restaurant closures3 and $0.06 of income tax adjustments and benefits, adjusted diluted net earnings per share from continuing operations were $2.95, an increase of 5.4% “We delivered a strong quarter,” said Darden President & CEO Rick Cardenas. “We continue to outperform the industry same-restaurant sales benchmark, and this quarter we widened that gap as Olive Garden, LongHorn Steakhouse, Yard House, and Cheddar’s Scratch Kitchen each significantly exceeded the benchmark. Across all our brands, we’re seeing historically high team member and manager retention, which is enabling consistent execution and strong guest satisfaction. I’m proud of our teams, as we continue to execute our proven strategy to grow sales, manage costs, and deliver value for guests and shareholders.” research.alpha-sense.com/?docid=0000940…

$ACN Earnings: - New bookings of $22.1 billion, an increase of 6% in U.S. dollars and 1% in local currency - Revenues of $18.0 billion, an increase of 8% in U.S. dollars and 4% in local currency - Operating margin of 13.8%, an expansion of 30 basis points - Diluted earnings per share of $2.93, a 4% increase - Free cash flow of $3.7 billion - Total cash returned to shareholders of $2.7 billion, reflecting $1.7 billion in repurchases or redemptions of 6.8 million shares, and cash dividend payments of $1.0 billion, or $1.63 per share, a 10% increase “We delivered record second quarter bookings of $22.1 billion, including a record 41 clients with quarterly bookings greater than $100 million, with revenues at the top of our guided range, while continuing to take significant share in a competitive market. We’re accelerating our critical work with clients to scale advanced AI across their enterprise, and we're seeing strong AI-driven growth. Our new strategic acquisitions will further strengthen our capabilities and expand our scale to help clients create value and achieve AI-based transformation. With our deep client relationships, industry and process expertise, leading and emerging ecosystem partnerships, and unmatched execution strength, we are uniquely positioned to help clients reinvent and capture the significant opportunities ahead.” - Accenture Chair and CEO Julie Sweet research.alpha-sense.com/?docid=0001467…

$BABA Earnings: - Revenue was RMB284,843 million (US$40,732 million), an increase of 2% year-over-year. Excluding revenue from the disposed businesses of Sun Art and Intime, revenue on a like-for-like basis would have grown by 9% year-over-year. - Diluted earnings per ADS was RMB5.93 (US$0.85). Diluted earnings per share was RMB0.74 (US$0.11 or HK$0.82). Non-GAAP diluted earnings per ADS was RMB7.09 (US$1.01), a decrease of 67% year-over-year. Non-GAAP diluted earnings per share was RMB0.89 (US$0.13 or HK$0.98), a decrease of 67% year-over-year. “This quarter, Alibaba maintained strong investments across our core pillars of AI and consumption. AI is and will continue to be one of our primary growth engines. Our Cloud Intelligence Group’s revenue is up 36% with AI-related product revenue delivering triple-digit growth for the tenth consecutive quarter. Our Model-as-a-Service (MaaS) platform is showing strong growth, emerging as a new engine driving cloud business growth. On the consumer side, we have integrated use cases across our consumer ecosystem into Qwen app, which generated significant new users and transactions. Qwen’s consumer interface surpassed 300 million monthly active users, as AI agents perform real-world task execution at scale. Looking ahead, we are well-positioned to drive growth on both enterprise AI and consumer AI fronts, powered by our full-stack AI capabilities spanning foundation models, cloud infrastructure, and proprietary chips, alongside deep integration with our broader ecosystem,” said Eddie Wu, Chief Executive Officer of Alibaba Group. “The rapid growth of AI + Cloud businesses in recent quarters gives us confidence to scale investments, further strengthening our full-stack AI capabilities. In consumption, our quick commerce business continues to scale while unit economics improved steadily. Our strong liquidity position and resilient cash generation provide a solid foundation to support sustained strategic investment,” said Toby Xu, Chief Financial Officer of Alibaba Group. research.alpha-sense.com/?docid=PR-d95f…

$MU Earnings: - Revenue of $23.86 billion versus $13.64 billion for the prior quarter and $8.05 billion for the same period last year - GAAP net income of $13.79 billion, or $12.07 per diluted share - Non-GAAP net income of $14.02 billion, or $12.20 per diluted share - Operating cash flow of $11.90 billion versus $8.41 billion for the prior quarter and $3.94 billion for the same period last year “Micron set new records across revenue, gross margin, EPS, and free cash flow in fiscal Q2, driven by a strong demand environment, tight industry supply, and our strong execution, and we expect significant records again in fiscal Q3,” said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. “In the AI era, memory has become a strategic asset for our customers, and we are investing in our global manufacturing footprint to support their growing demand. Reflecting confidence in the sustained strength of our business, our board has approved a 30% increase in our quarterly dividend.” research.alpha-sense.com/?docid=PR-dd79…

$FIVE Earnings: - Net sales increased by 24.3% to $1.73 billion from $1.39 billion in the fourth quarter of fiscal 2024; comparable sales increased by 15.4%. - Net income was $238.2 million compared to $187.5 million in the fourth quarter of fiscal 2024. Adjusted net income was $239.6 million compared to $192.4 million in the fourth quarter of fiscal 2024. - Diluted income per common share was $4.28 compared to $3.39 in the fourth quarter of fiscal 2024. Adjusted diluted income per common share was $4.31 compared to $3.48 in the fourth quarter of fiscal 2024. Winnie Park, CEO of Five Below, said, "Our outstanding fourth quarter results capped off a transformational year that firmly established Five Below as THE destination for the Kid and the Kid in all of us. These exceptional, broad-based results reflect our Crew’s amazing execution of our customer-centric strategy and demonstrate the progress we’ve made building a stronger, more agile brand." Ms. Park continued, “Looking ahead, we are focused on delivering trend-right merchandise at exceptional value, deepening our connectivity with our customers, and providing amazing shopping experiences that delight our customers. With a growing store base, strong new store performance, and a differentiated customer value proposition, we believe we are well positioned to drive sustainable sales growth, margin expansion, and long-term shareholder value.” research.alpha-sense.com/?docid=PR-822d…

$M's call highlighted stronger-than-expected results across all banners, continued traction from the Bold New Chapter strategy, luxury-led outperformance, disciplined capital returns, prudent 2026 guidance amid tariff and macro uncertainty, and ongoing investments in store re-imagination, digital and AI capabilities. - Q4 net sales reached $7.6 billion, exceeding guidance of $7.35–$7.5 billion. - Q4 comparable sales grew 1.8 % versus guidance of down 2.5 % to flat. - Q4 adjusted diluted EPS was $1.67, above the $1.35–$1.55 guidance range. FY 2026 guidance: - Net sales $21.4–$21.65 billion. - Comparable sales -0.5 % to +0.5 %. - Gross margin 38.3 %–38.6 % (includes 20–30 bp tariff drag). Q1 2026 guidance: - net sales $4.575–$4.625 billion, comps +0.5 % to +1.5 %, adjusted EPS -$0.01 to +$0.01 (tariff impact $0.05–$0.10).

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$MSFT employee reveals how AI workloads are reshaping data center staffing and capacity planning models ( $AMZN ): - The expert's biggest concern is that $NVDA's GPU release frequency, which has been compressed from a five-year cycle, has created a cascading effect across the infrastructure. Experts team can barely keep pace, to the point that they risk not fully understanding the equipment by the time they investigate a failure. The hardest situations arise when an incident occurs with no clear containment plan. Leased facilities add further complexity, as staff quality and incident response vary dramatically across providers, and getting accurate information during a failure is a persistent frustration. - The expert explains that staffing models for data centers have shifted away from the traditional megawatt-driven approach. AI changed this by eliminating the concept of unallocated floor space, with every rack now filled as fast as possible to meet capacity demand. The more relevant model today is equipment-based, factoring in the complexity of what is deployed, the preventative maintenance cycle, and the average corrective workload for a given space. - Comparing campus versus building staffing, the expert sees campus models as offering greater flexibility to move people where needed, but notes they are more complex to manage and introduce response-time risk when incidents occur across multiple buildings. - The expert keeps it straightforward on operating costs, pointing to people and equipment as the two dominant buckets, with seasonal changes, systems testing, and fuel availability as secondary considerations. According to the expert, all major hyperscalers have been forced to lean more heavily on leased space because construction timelines simply cannot keep up with AI-driven demand. The pressure has extended beyond physical space, with power becoming equally constrained, as evidenced by the wave of SMR investments. - The expert explains that in a parent-child model, one primary site handles all the bulk and dark fiber coming in, with child sites simply connecting back to the parent, making subsequent buildings significantly easier to build since the heavy lifting on network and power distribution is done once at the main site. Keeping buildings close together is therefore both a technical and economic necessity. The further fiber has to travel, the more signal degradation occurs, requiring additional infrastructure at regular intervals, while greater distance also drives up cabling costs and complicates day-to-day operations.

Private credit has grown into a $2T asset class, but recent events have investors questioning how resilient it really is. After recent redemption shock and rising concerns around liquidity, valuations, and AI-driven disruption, investors are taking a closer look at the risks and the long-term outlook for the sector. We break down what’s actually happening in private credit, what recent events signal for the market, and how investors can navigate the volatility. Read the full analysis here: alpha-sense.com/resources/rese…

$LULU Earnings: - Comparable sales increased 2%. - Diluted earnings per share were $13.26 compared to $14.64 in 2024. - Gross profit was flat at $6.3 billion and gross margin decreased 260 basis points to 56.6%. - Income from operations decreased 12% to $2.2 billion and operating margin decreased 380 basis points to 19.9%. research.alpha-sense.com/?docid=0001397…

$DAL and $AAL updated their financial guidance today during the $JPM Industrials Conference. While both airlines raised their revenue outlooks due to strong demand momentum, their bottom-line guidance saw different adjustments: Delta maintained its quarterly earnings range, whereas American warned that its adjusted loss would likely be at the lower end of its previous range due to a significant spike in fuel prices. Delta now expects 1Q26 total revenue growth to be "high-single digits" (HSD) year-over-year, an increase from the initial guidance of 5% to 7% issued in January. American now anticipates first-quarter total revenue to increase by over 10% year-over-year, which would be the highest quarterly revenue growth in the company's history. This is an upward revision from its January guidance of 7% to 10% growth.

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Former MediaTek employee discusses MediaTek targeting $AVGO market share through cost-effective custom chip strategy ( $NVDA, $GOOGL, $META): - The expert believes MediaTek has a real chance to close the gap with $AVGO beyond pure chip design capability. First, MediaTek has invested in building its own data center, which allows it to understand how different LLM and CSP training models run most efficiently and use those insights to inform their ASIC architecture decisions. Second, $AVGO operates as a relatively exclusive vendor with very high margins, similar to $NVDA, and CSPs are increasingly looking for alternatives. MediaTek positions itself as a more cost-effective option for custom ASIC design. - When it comes to partnerships, MediaTek's culture is built around strategic collaboration. Key partnerships with $ARM for CPU IP and close ties with $NVDA on high-performance computing architecture give them strong technical foundations. With the CEO coming from $TSM, MediaTek has a uniquely strong relationship with the foundry, giving them secured access to CoWoS advanced packaging capacity, which remains highly constrained, as well as early adoption of the latest process nodes - The scale of MediaTek's mobile chip volumes means that $TSM naturally prioritizes them as a customer, giving MediaTek consistent access to the most advanced process nodes. $AVGO serves five to six large AI ASIC customers and has to guarantee sufficient $TSM capacity across all of them, which introduces real supply risk for those end customers. On packaging, MediaTek has partnered with $INTC alongside its $TSM relationship, giving it a dual-supplier approach to CoWoS capacity and greater flexibility to support customers at high-volume manufacturing scale. - The expert sees CPO as an area where MediaTek has a genuine advantage over $AVGO. $AVGO has developed its own CPO solution internally but remains cautious about aggressively pushing it, given its existing high-margin electrical switch business. MediaTek, with less legacy business to protect, is being far more aggressive. The core benefit of CPO is power efficiency. By co-packaging the optical engine with the ASIC via an interposer, the electrical-to-optical conversion occurs within the package. - The expert believes that the 10-15% market-share target announced by CEO Rick Tsai is realistic and could be just the starting point. The foundation is MediaTek's TPU relationship with $GOOGL, spanning multiple generations, including V7, V8, and V9, with each successive generation offering higher ASP and greater IP content value. Beyond $GOOGL, the expert sees $META as a strong candidate for the second CSP win, given existing business relationships. - The expert puts the price gap between MediaTek and $AVGO at over 30%, which is large enough that CSPs have a real incentive to give MediaTek a shot once they prove their capability through the $GOOGL TPU program. That said, the expert does not see Hock Tan cutting margins to fight back. $AVGO has always commanded high margins because there was simply no credible alternative, and that is unlikely to change under Tan's leadership. If MediaTek delivers, that stubbornness on margin could cost $AVGO meaningful share.

"You truly have a fish that's swallowing the whale." Streaming is becoming a scale game, and most platforms aren’t big enough to compete. As studios race to compete with giants like $NFLX and $DIS, consolidation and control of major IP libraries are emerging as the go-to strategy to build a true global direct-to-consumer powerhouse. Watch Andrew Walker and Michelle Brophy break down $PARA's proposed acquisition of $WBD and what it could mean for the future of streaming. ⬇️ alpha-sense.com/resources/webi…

$TME Earnings: - Total revenues were RMB8.64 billion (US$1.24 billion), representing 15.9% year-over-year increase, primarily due to strong growth in revenues from online music services. - Diluted earnings per ADS was RMB1.41 (US$0.20), up from RMB1.26 in the same period of 2024. Non-IFRS diluted earnings per ADS was RMB1.60 (US$0.23), up from RMB1.47 in the same period of 2024. - Revenues from online music services were RMB7.10 billion (US$1.02 billion), representing 21.7% year-over-year growth. Revenues from music subscriptions were RMB4.56 billion (US$653 million), representing 13.2% year-over-year growth. Revenues from music services other than music subscriptions were RMB2.54 billion (US$363 million), representing 40.8% year-over-year growth. Mr. Cussion Pang, Executive Chairman of TME, commented: "In 2025, we executed our content-and-platform strategy with discipline, delivering accelerated revenue growth and sustained margin expansion. Fueled by the solid growth of our subscription services and the powerful momentum of music IP non-subscription offerings, we are deepening a differentiated, all-in-one music services platform. This enables us to unlock greater value from music IPs, creating new opportunities for artists, and address a larger market. As the competitive landscape in music continues to evolve, our track record in delivering integrated, expansive, and multi-faceted services gives us a distinct competitive edge. With disciplined investment and persistent innovation guided by long-term value creation, we are confident in spearheading industry advancement." Mr. Ross Liang, CEO of TME, continued: "Amid rapid advancements in AI technology and evolving consumer expectations, we remained agile, responding proactively on multiple fronts to better serve our users and strengthen our content platform flywheel. Our relentless focus on product enhancement and a multi-tiered, user-centric strategy drove effective subscriber conversion, deeper engagement, and increased wallet share throughout 2025. Notably, driven by differentiated, expansive content privileges and immersive experiences, our SVIP user base surpassed 20 million, with ARPPU continuing to trend upward. Our newly launched ad-supported subscription plan is gaining initial progress and will, over time, allow us to broaden user access and attract new audiences." research.alpha-sense.com/?docid=GDS-69b…