The Transcript

This is all you need for a complete coverage of the Q4 25 earnings season Link: thetranscript.substack.com/subscribe

$MS analyst while talking to $DELL CFO: "Again, I look across my coverage, nobody is doing what you're doing in terms of AI servers. So where does the secret sauce come from for you guys?"

$PYPL CFO: Venmo monetization continues to accelerate. "We had Venmo better monetizing, growing at 20%. We also reaccelerated our processing business margin as well."

$SPG Simon Property Group COO: "From a physical retail perspective, nobody is looking at it and saying, well, I'm going to replace my physical stores with an AI agent and with my e-commerce only."

Trump to the Straight of Hormuz:

$HOOD CFO: "About 75% of our customer service tickets are now answered through AI."

Planet Labs CEO: "We delivered record revenue, with Q4 growing 41% Y/Y, and ended the year with $900M of backlog, representing 79% growth Y/Y. With this excellent backlog as well as our healthy pipeline, we project strong growth for this year and beyond." $PL: +15% AH

FedEx double beat + raises full-year guidance CEO: "...another quarter of strong financial results." $FDX: +9% AH

Micron CEO: "The step-up in our results and outlook are the outcome of an increase in memory demand driven by AI, structural supply constraints and Micron’s strong execution across the board" $MU

$PNC PNC Financial Services Group EVP on their data center lending book: "We do some data center lending. It's a relatively small part of our book. We've got about $2 billion or so of exposure to the large data center companies."

$NFLX CFO: "M&A as part of that, again, it's a tactic to accelerate our strategy. In the case of Warner Bros., it just happened to be an opportunity. It's rare to have an opportunity to have studio and IP assets at that scale that aren't attached to a lot of other legacy businesses that are not attractive to us. And we've been really clear, we don't have an interest in buying legacy linear assets and managing through that transition. So we'll continue to kind of stay focused on what are those opportunities, strategic accelerators, but again, no change to our focus."

$DELL CFO on their strong FY2027 growth guide driven by AI infrastructure demand with >20% revenue growth: "Look, we're coming off what was a record year for our company, highest revenue, highest EPS that we've had. And we want to make that all news, and we're guiding to make FY '27 the best ever"

Qatar Energy CEO: "I mean, these are long-term contracts that we have to declare force majeure. We already declared, but that ​was a shorter term. Now it's whatever the period is...For production to restart, first we need hostilities to ‌cease"

Alibaba CFO: "Our core businesses continued to deliver solid revenue growth..." CEO: “We have entered into an investment phase.... Robust AI demand further accelerated our Cloud Intelligence Group business, with revenue up 34%." $BABA: -6% today

Automobili Lamborghini: "Following the recent announcement of a new delivery record of 10,747 cars, [we close] 2025 with the highest revenue in its history, exceeding the €3B threshold for the 2nd consecutive year and reaching €3.20B up 3.3% compared to the previous year"

Or change the name to Meta AI 😉

$MU Micron CEO: "We are now seeing NAND demand significantly in excess of our available supply for the foreseeable future..We expect both DRAM and NAND industry bit demand in calendar 2026 to be constrained by supply. We continue to expect supply-demand conditions for both DRAM and NAND to remain tight beyond calendar 2026"

SL Green CFO: "I know my group, specifically in finance is using AI. And by the way, I'm not saying build this out, and then I'm going to get rid of all of you. I just repurpose them for higher functioning duties, but we're building that out with tenant partners" $SLG

Oil prices at $110+