Super Micro
NAS: SMCI said it plans to raise $7 billion in equity-related sales to cover the costs of hardware component purchases. The company also said it’s received $39 billion in artificial intelligence server orders in recent weeks.
CSL
CSL appears to be approaching a profitability low point in FY26, with FY27 expected to mark a return to earnings growth. Management’s transformation initiatives, lower plasma collection costs, and the removal of excess immunoglobulin (Ig) inventory from the US market should support margin recovery and earnings improvement. While challenges remain from competitive pressures in Ig, albumin, KCentra and Vifor pricing, the company is positioned to deliver modest profit growth.
Key Bull Points
- FY27 earnings recovery expected: FY26 is likely the trough year, with FY27 benefiting from easier comparisons, including the removal of ~$300m of excess Ig inventory and ~$300m in transformation savings.
- Behring margins should improve: Lower plasma collection costs from nomogram collections are expected to drive a noticeable gross margin recovery, supported by around a 10% increase in plasma collected per donor at no extra cost.
- Transformation programme provides meaningful support: CSL expects approximately $300m of gross cost savings in FY27, equivalent to roughly 8% of FY26 NPATA guidance, helping offset industry pricing pressures.
- Impairments are largely irrelevant to cash flow: The estimated $5 billion impairment charge is non-cash, with the main benefit being lower future amortisation expenses, which could modestly support reported NPAT.
- Valuation remains attractive: Despite lowering the price target to $158/share (from $175), the stock trades at a significant discount to the broader market multiple, offering potential upside as earnings recover in FY27.
Marvell Technology
Marvell Technology, Inc. – Common: Noted – Jensen Huang’s high-profile backing of the chipmaker at Computex.
Expected Revenue & Growth: Driven by accelerating AI data center and custom silicon demand, Marvell raised its growth guidance significantly during its last earnings call:
- Q2 FY2027 Revenue Guidance: Guided to $2.7 billion (±5%).
Year-over-Year (YoY) Growth: Represents ~35% YoY growth (beating previous consensus of $2.6 billion).
Sequential Growth: Represents ~12% sequential growth from Q1 FY2027.
- Full-Year FY2027 Revenue Outlook: Raised to ~$11.5 billion (up from prior guidance of ~$11.0 billion).
YoY Growth: Approximately 40% growth year-over-year.
- Full-Year FY2028 Revenue Outlook: Raised to ~$16.5 billion.
YoY Growth: Approximately 45% growth compared to
Marvell
Nvidia CEO Jensen Huang, speaking onstage at Computex in Taipei, called the chipmaker the “next trillion-dollar company,” highlighting Marvell’s critical role in high-speed data center connectivity.
Next Earnings Date: Expected Date: August 20, 2026 (to August 27, 2026)
Following stellar bookings and AI demand, Marvell’s management has significantly upgraded its near-term and long-term revenue projections:
Upcoming Quarter (Q2 FY2027) Guidance: Expected Revenue: $2.70 billion (with a range of +/- 5%).
Growth Rate: Represents ~35% Year-over-Year (YoY) growth
Full-Year FY2027 Guidance: Expected Growth: Projected to grow ~40% YoY to nearly $11.5 billion (strongly upgraded from the previous 30% growth guidance).
FY2028 Guidance: Expected Revenue: Upgraded to $16.5 billion (up from its prior guidance of $15.0 billion).
Expected Profit (EPS) Growth: Profit margins and earnings per share are scaling upward alongside high-margin datacenter optical and custom ASIC programs: Upcoming Quarter (Q2 FY2027) Guidance: Growth Rate: Represents an estimated ~35.8% YoY growth compared to the prior-year period.
Key Growth Drivers
- AI Interconnect Business: Expected to grow over 70% YoY in FY2027, driven by skyrocketing demand for optical PAM4 DSPs as data centers transition from 800G to 1.6T speeds.
- Custom ASIC Silicon: Marvell holds custom silicon partnerships with all five major U.S. hyperscalers (e.g., Microsoft’s Maia chip, Amazon, Google TPUs). This custom compute segment is expected to more than double in FY2028 and is targeted to reach over $10 billion by FY2029.
Zscaler
Despite delivering a strong “beat” on both top and bottom lines for the quarter, the stock tumbled in extended trading. This sell-off was primarily driven by mixed Q4 revenue guidance and near-term cautious commentary on hardware costs and sales team transitions.
Q3 FY2026 Financial Highlights (The “Beat”)
- Revenue: $850.5 million (up 25% YoY), beating Wall Street expectations of $835.6 million.
- Non-GAAP EPS: $1.08, outpacing analyst projections of $1.01.
- Annual Recurring Revenue (ARR): Reached $3.525 billion, up 25% YoY (up 21% excluding the Red Canary acquisition, which contributed $127 million).
- Operating Margin: Hit a record all-time high of 23% (non-GAAP).
- Free Cash Flow (FCF): $136.0 million (up 14% YoY), representing a robust FCF margin.
Evolution
Evolution Mining is under Algo Engin ebuy conditions.
released its H1 FY26 half-year financial results (for the six months ended 31 December 2025) on February 11, 2026, followed by its March 2026 Quarterly Report on April 15, 2026.
The company delivered record-breaking financial performance, driven primarily by soaring commodity prices and disciplined cost management.
Key Financial Highlights (H1 FY26 vs. H1 FY25)
- Statutory Net Profit After Tax (NPAT): $766.6 million, up 110% (from $365.1 million in H1 FY25).
- Underlying NPAT: $785 million, up 104%.
- Revenue: $2.79 billion, up 37% (from $2.03 billion).
Zoom
Zoom Video Communications, Inc. – Class A Common shares are higher following a highly impressive quarterly earnings report that significantly outpaced Wall Street projections.
Q1 Fiscal Year 2027 financial results (for the quarter ended April 30, 2026) on May 21, 2026.
The company delivered a double-beat on both top and bottom lines and raised its full-year guidance
Key Financial Highlights (Q1 FY27)
- Revenue: $1.24 billion, up 5.5% YoY (4.6% in constant currency), beating analyst expectations of $1.22 billion.
Hewlett Packard
Hewlett Packard Enterprise Company Common is under Algo Engine buy conditions.
Upcoming Earnings Announcement: Q2 Fiscal 2026
- Earnings Date: Monday, June 1, 2026 (after market close)
- Consensus Estimates:
* Expected Non-GAAP EPS: ~$0.51 to $0.55 (Consensus is around $0.54, representing a substantial year-over-year increase)
* Expected Revenue: ~$9.75B – $9.78B
HP shares have been buoyed by strong financial results from Lenovo Group, HP soared over 15.0%, and Dell surged to a fresh historic record high as investors preemptively positioned ahead of earnings next week.
Latest Reported Earnings: Q1 Fiscal 2026 (Reported March 9, 2026)
HPE delivered a highly profitable first quarter, notably beating profitability and cash flow expectations, driven by strong networking demand and early synergy capture from the Juniper Networks integration:
- Revenue: $9.3 billion, up 18% year-over-year (matching consensus expectations of ~$9.31 billion).
- Non-GAAP Diluted EPS: $0.65, beating analyst expectations of $0.59 and exceeding the company’s guidance of $0.57 – $0.61.
- GAAP Diluted EPS: $0.31.
- Free Cash Flow (FCF): $708 million, up $1.6 billion year-over-year (a strong result as Q1 is seasonally a cash outflow quarter).
Key Segment & Business Highlights
- Networking Surge: Revenue in the Networking segment soared 151.5% YoY to $2.7 billion (representing nearly 30% of total revenue). This was driven by WiFi-7 uptake, strong data center switching orders, and the rapid integration of Juniper.
- AI Backlog: HPE built up a record $5 billion AI systems backlog, primarily from enterprise and sovereign customers, which is expected to translate into revenue in the second half of fiscal 2026.
- Supply Chain Management: The company has been managing industry-wide DRAM and NAND shortages via multi-year supply agreements and agile surcharge pricing.
Raised Fiscal Year 2026 Outlook
On the back of the Q1 results, HPE management raised its outlook for the full fiscal year:
- FY26 Non-GAAP EPS Guidance: Raised to $2.30 to $2.50 (up from previous guidance).
- FY26 Free Cash Flow Guidance: Increased to at least $2.0 billion (up from the previous target of $1.7B – $2.0B).
Inner Circle
Honeywell International Inc. – Common is under Algo Engine buy conditions.
Quantum Computing Stocks Explode: The quantum sector was the standout performer of the session, fueled by reports of an impending $2 billion government award program to support domestic quantum firms.
- Infleqtion (INFQ) skyrocketed 31.44% to $14.70 after signing a $100 million potential funding Letter of Intent with the US Department of Commerce under the CHIPS Act.
- Rigetti Computing surged 30.57%, and IonQ climbed 12.25%.
- IBM (NYSE: IBM) also rallied over 12% on the back of the broader quantum momentum.
The most significant latest development regarding Honeywell’s quantum computing business, Quantinuum, is its official move to go public. Below is a breakdown of the latest milestones, filing details, financials, and recent catalysts as of May 2026:—
The IPO Filing (May 2026)
- Official S-1 Filed: On May 7, 2026, Quantinuum filed its Form S-1 registration statement with the SEC for an initial public offering.
- Ticker & Exchange: The company plans to list on the Nasdaq under the ticker symbol “QNT”.
- Underwriters: J.P. Morgan, Morgan Stanley, Jefferies, and Evercore ISI are leading the offering.
- Ownership: Honeywell remains the majority owner (holding approximately 54% of the company). Other high-profile backers include Nvidia, JPMorgan Chase, Fidelity, Mitsui, and Amgen.
Valuation and Offering Details
- Target Valuation: Market reports and chatter indicate Quantinuum is targeting a valuation of $20 billion or more. This is double its $10 billion private valuation from a funding round in late 2025.
- Target Proceeds: The IPO is expected to raise upwards of $1.5 billion.
Financial Disclosures (from the Prospectus)
The filing revealed the highly speculative, high-burn nature of the pure-play quantum computing sector:
- Q1 2026 Performance: Quantinuum brought in $5.2 million in revenue (a 73% drop YoY from $19.1 million in Q1 2025) and suffered a net loss of $136.6 million.
- FY 2025 Performance: For the full year 2025, the company posted $30.9 million in revenue and a net loss of $192.6 million.
- Cash Position: As of March 31, 2026, the company held $677.0 million in cash and cash equivalents.
Note:* At a $20 billion valuation, the stock would trade at an implied Price-to-Sales (P/S) multiple exceeding 600x. Investors are paying a premium for future potential, specifically pointing to their universal fault-tolerant machine, “Apollo,” slated for 2029.4. 4. Recent Catalysts (May 21, 2026)
On May 21, 2026, Quantinuum announced it received a letter of intent from the U.S. Department of Commerce.
- The proposal offers federal R&D funding under the CHIPS and Science Act to help solve bottlenecks in building fault-tolerant trapped-ion quantum computers.
- This government validation boosted broader market sentiment for quantum computing, and pushed Honeywell’s stock ($HON) up over 2% following the announcement.
Inner Circle
Largest Memory Suppliers
The memory industry is highly concentrated. Samsung, SK Hynix, and Micron collectively control roughly 70%+ of the global DRAM and NAND market.
Micron Technology (USA)
- Largest US memory producer
- Strong in:
- DRAM
- NAND
- HBM
- Key supplier for AI servers and cloud infrastructure
Micron has aggressively expanded US manufacturing and is one of the main Western alternatives to Korean memory suppliers.
Largest Suppliers of Advanced Semiconductor Nodes
These companies manufacture the most advanced logic chips (3nm, 2nm, AI accelerators, CPUs).
TSMC (Taiwan) — Clear Global Leader
TSMC dominates advanced-node manufacturing.
Intel Foundry (USA)
Intel is attempting a major comeback under its IDM 2.0 strategy.
Key goals:
- Compete in external foundry services
- Regain process leadership
- Build US and European manufacturing capacity
Intel is pushing:
- Intel 18A
- 2nm-class technologies
- Advanced packaging
Intel still trails TSMC commercially but is strategically important because Western governments want alternatives to Asian supply concentration.
The AI stack effectively cannot scale without:
- TSMC advanced nodes
- HBM memory from SK Hynix/Samsung/Micron
- ASML EUV machines -Supplies EUV lithography tools enabling advanced nodes
That trio is the backbone of modern AI compute infrastructure.
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