Macquarie Tech

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Macquarie Technology Group

Full-Year FY26 Consensus Forecast: Analysts expect full-year FY26 revenue in the range of A$380M – A$390M, representing a year-over-year revenue growth of roughly 3% to 5% compared to FY25

Valuation & Comparative Context

  • Trailing P/E (TTM): ~48.5x – 50.7x (based on recent reported 12-month net profit).
  • Why the Forward P/E expand relative to Trailing: Net profit after tax (NPAT) is temporarily compressed in the near term due to significant growth capital expenditures—specifically heavy ongoing investments into data centre capacity (e.g., IC3 SuperWest) and increased depreciation/financing costs.

EV/EBITDA Multiple: Shares trade at a forward EV/EBITDA of approximately 17.5x – 18.0x, reflecting strong underlying EBITDA cash flow performance relative to net bottom-line profit.

Micron

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Micron Technology, Inc. – CommonNext Earnings Date: September 22 – 29, 2026

Q4 FY2026 Revenue & Profit Expectations: Following record-breaking Q3 results ($41.46 billion revenue, $25.11 EPS), management and analysts expect another massive surge for Q4:

  • Expected Revenue: ~$50.0 Billion (Management guided $49.0B – $51.0B).
  • YoY Revenue Growth:* ~390%+ YoY (compared to $10.2B in Q4 FY25).

Micron is using its AI-driven cash glut to reinvest heavily in global fab capacity (Idaho, New York, Taiwan, Japan) to meet sold-out HBM demand, while simultaneously raising dividends and expanding share buybacks.

Massively Scaling CapEx (The Primary Focus). The vast majority of Micron’s cash flow is being reinvested to build out next-generation manufacturing capacity and advanced packaging.

  • Record CapEx Budget: Micron has aggressively scaled its Fiscal 2026 CapEx projection to ~$27 billion (up from initial $18B–$20B guidance) and expects quarterly CapEx in Fiscal 2027 to remain elevated above $10B per quarter.
  • U.S. Mega-Fabs:

* Boise, Idaho: Accelerating construction of its leading-edge DRAM fabs. First wafer output was pulled forward to mid-2027.
* Clay, New York: Groundbreaking on its multi-decade, $100B mega-fab complex to secure long-term U.S. DRAM supply.

  • Global Capacity & M&A:

* Acquired a fabrication facility from PSMC in Taiwan (~$1.8B) to rapidly expand DRAM wafer production.
* Expanding cleanrooms and advanced packaging capacity in Singapore, Taiwan, and Japan to handle HBM4 assembly.

Iren

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IREN is under Algo Engine buy conditions.

  • Revenue is projected to accelerate sharply to ~$3.0B (+300%+ YoY growth) as capacity from GPU deployments and AI Cloud contracts (e.g., Microsoft partnership) scale up.

Operational Context

  • Strategic Pivot: IREN is transitioning from pure-play Bitcoin mining to high-performance computing (HPC) and AI Cloud infrastructure.
  • Key Driver: While near-term net income faces headwinds from high buildout capex, AI Cloud revenue grew significantly quarter-over-quarter in recent periods.

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Applied Optoelectronics

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Applied Optoelectronics, reported its Q2 2026 results on August 6, 2026, delivering $191.9 million

Next Earnings Date: November 5, 2026 (Q3 2026 results).

    Expected Revenue Growth

    • Q3 2026 Revenue Guidance: $255.0 million – $290.0 million
    • Midpoint: ~$272.5 million
    • YoY Growth: ~128% – 130% increase compared to Q3 2025.

    Revenue Segment Highlights

    • Data Center Segment: $107.7 million (+140.4% YoY, +32.3% QoQ), representing ~56% of total revenue.

    * 800G Transceivers: $12.8 million (more than doubled sequentially and up >10x YoY).
    * 400G Transceivers: $48.4 million (up >4x YoY, +27.4% QoQ).

    • CATV Segment: Record $80.6 million (+43.8% YoY, +20.6% QoQ), driven by 1.8 GHz / DOCSIS 4.0 network upgrades.

    Coherent

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    Coherent is under Algo Engine buy conditions.

    Earnings Announcement (Q4 & Full-Year FY2026): Wednesday, August 12, 2026 (Post-market)

    strategic equity investment and multi-year supply agreement with NVIDIA, fortifying cash balance ($1.59 Billion in cash/equivalents) to fund capacity expansion.

    Q4 FY2026 revenue guidance represents expected year-over-year top-line growth of 24.9% to 34.1%, with the midpoint implying a ~29.5% YoY expansion driven by continued momentum in AI data center optical transceivers.

      CoreWeave

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      CoreWeave, is rated a buy with the stop loss at $85

      Rather than functioning as a general-purpose cloud provider (like AWS, Microsoft Azure, or Google Cloud), CoreWeave operates as a dedicated AI Hyperscaler built strictly for high-density, high-throughput AI workloads, model training, and real-time inference.

      Consensus Expectations for Q2 2026; Tuesday, August 11, 2026, after the market closes

      • Revenue Estimate: ~$2.56 Billion
      • YoY Growth: +111% (compared to $1.21 Billion in Q2 2025).

      Super Micro

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      Super Micro Computer, is rated a buy, with a stop-loss at $29.33

      Upcoming Earnings Release (Q4 FY2026): Tuesday, August 11, 2026 (After Market Close)

      • Revenue: Expected around $11.0 Billion (representing ~91% YoY growth, at the lower end of management’s $11.0B–$12.5B guidance range due to shipment timing

      Trailing P/E trades around ~16x–17x.

      IONQ

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      {IONQ}

      Upcoming Earnings Event: Q2 2026
      Reporting Date: Wednesday, August 5, 2026 (After market close at 4:30 PM ET)*.

      • Revenue Guidance: Management guided Q2 revenue in the range of $65.0 Million to $68.0 Million.
      • Consensus Estimates:

      * Revenue Consensus: ~$66.4 Million (+220% YoY).

      Fundamental Highlights & Balance Sheet

      • Liquidity: IonQ holds a massive liquidity cushion of ~$3.1 Billion in cash, cash equivalents, and marketable investments.
      • Commercialization: ~60% of revenue stems from commercial (enterprise) contracts rather than pure government grants, with 35% coming from international markets.
      • Vertical Integration: The ongoing acquisition and integration of semiconductor foundry SkyWater Technology ($1.8B deal) aims to onshore and scale chip manufacturing for IonQ’s next-gen systems.

      Space X

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      Space Exploration Technologies reported better-than-expected revenue for the second quarter in the company’s first earnings report since its record IPO in June. The stock dropped about 8% in extended trading as capital expenditures soared.

      Here’s how the company did compared with analysts’ estimates, according to LSEG

      • Revenue: $7.81 billion vs. $6.93 billion expected
      • Loss per share: Loss of 9 cents vs. loss of 26 cents expected

      Revenue jumped 92% from $4.1 billion a year earlier, SpaceX said in a statement on Tuesday, while the company’s net loss narrowed to $541 million from $1 billion.

      SpaceX lost $4.9 billion last year, largely due to hefty investments in AI infrastructure.