The Number That Matters The AI infrastructure buildout is the largest capital deployment cycle in technology history. Combined hyperscaler spending exceeded $400 billion in 2025, with 2026 projections pushing toward ~$600 billion. The bubble bears point to this spending and declare it unsustainable, arguing the whole market will collapse because AI is not yet profitable.…

Apple delivered a record-breaking December quarter, posting its best revenue and earnings performance ever, driven by an exceptionally strong iPhone cycle and continued Services momentum. Revenue reached $143.8 billion (+16% YoY), with EPS of $2.84 (+19% YoY), reflecting both top-line strength and favorable margin dynamics. Performance was broad-based across geographies, with double-digit growth in most…

Microsoft delivered a strong Q2 FY26 performance, exceeding expectations across revenue, operating income, and EPS, while continuing to invest aggressively in AI infrastructure to support rapidly expanding demand. Revenue grew 17% year over year, with operating income up 21%, underscoring the durability of Microsoft’s core franchises even amid elevated capital spending.  The defining milestone of…

TSMC’s 4Q25 results confirm what we have been saying for months: the AI infrastructure buildout is not slowing down, and TSMC sits at the center of it. Revenue of $33.7B beat the high end of guidance. Gross margin of 62.3% exceeded the guide by over 100 basis points. Management guided to close to 30% USD…

Note: I had the chance to attend both the CES 2026 Financial Analyst QA and the Industry Analyst QA, as well as time with management. I’m sharing nuggets learned from the QA and my meetings, as well as things from the NVIDIA CES 2026 announcements and management commentary that stood out and are telling about…

As I publish this, the world’s political and business leaders are gathering in Davos, once again debating the future of the global economy, geopolitical stability, and the role technology will play in shaping what comes next. Artificial intelligence, digital sovereignty, and resilience are central to those conversations, not as abstract policy ideas, but as urgent strategic…