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Palantir shattered Q2 expectations with revenue up 93% year-over-year to $1.94 billion, beating consensus by $140 million, while U.S. commercial revenue exploded 149% to $764 million. EPS of $0.41 beat estimates by 17%. Full-year 2026 guidance was raised to $8.15 billion — a $498 million raise in a single quarter — and the spike wiped out an estimated $3 billion in short-seller paper gains.
AMD posted record Q2 revenue of $11.5 billion — up 50% year-over-year — with data center revenue surging 107% to $6.7 billion. Despite beating on every metric and guiding Q3 to $13 billion, shares dropped roughly 7% after Elon Musk declared on SpaceX's earnings call that SpaceX would build exclusively on Nvidia's Vera Rubin architecture. Bank of America reiterated Buy with a $620 price target, raising its 2027 EPS estimate 20% to $15.88.
Musk's "we have decided to build exclusively on Nvidia because we think the Vera Rubin architecture is the best architecture" was the week's dominant single quote in tech. Nvidia closed at $219.22 on August 5, up over 15% for the week. Q1 FY27 revenue was already reported at $81.6 billion — up 85% year-over-year — with non-GAAP EPS of $1.87 beating the $1.77 consensus. Analyst consensus target sits at $337.50 with 86% of analysts bullish.
A rare public strategy split on Wall Street: JPMorgan prefers chip hardware names — Nvidia and AMD among 9 Buy-rated semi stocks with at least 30% implied upside — arguing rising capex directly benefits GPU makers. Morgan Stanley counters that the consensus bar for chipmakers is now too elevated, favoring hyperscaler spenders Microsoft, Alphabet, and Amazon instead. Polymarket gives Nvidia a 56% probability of remaining the world's most valuable company through year-end.
Microsoft wrapped fiscal year 2026 with $331.8 billion in revenue, up 18% year-over-year, with AI and cloud as the primary growth engines. The company declared a cash dividend of $0.91 per share with an August 20 ex-date. Morgan Stanley specifically names Microsoft as a preferred AI spender over pure semiconductor plays, and shares are up roughly 16% during this earnings cycle.
UBS analyst Karl Keirstead kept his Buy rating on Oracle but slashed the price target from $285 to $245, flagging concerns over Oracle's aggressive, debt-funded AI data center buildout and the looming risk of a credit rating downgrade. With Oracle trading around $144, the cut still implies significant upside but signals that Wall Street is watching Oracle's balance sheet as carefully as its AI pipeline.
Micron has drifted 28% below its June 25 52-week high — not on bad earnings, but on a combination of AI valuation anxiety, Samsung memory pricing fears, and renewed headlines about Chinese AI chip competition from DeepSeek. Analyst consensus remains Buy, with an average price target of $1,548.86 and Deutsche Bank holding a $2,000 target. The disconnect between fundamentals and price action is notable.
IonQ dropped Q2 results on August 5 with 755% revenue growth and raised full-year 2026 guidance to $270 million. The company closed its SkyWater Technology acquisition on July 31 and announced two new U.S. government and defense contracts. Jefferies maintained its Buy rating and flagged IonQ's September 8 Investor Day as the next major catalyst. The stock bounced over 20% after sliding from $69.28 to $41.72 between June and early August.
Broadcom jumped 6.6% on August 4 on no company-specific news — pure sector sympathy buying driven by Palantir's blowout quarter signaling robust AI infrastructure demand. Broadcom's own earnings are due September 2, which will be the next hard catalyst. The move underscores how tightly correlated AI infrastructure names have become to each other's sentiment.
CrowdStrike has climbed 60% year-to-date, and its 2026 Threat Hunting Report — documenting AI baked into adversary operations — gave analysts fresh cover for target increases. Morgan Stanley raised its target to $227 from $172, Stifel to $230 from $220, and Citigroup to $250 from $195. The Fal.Con 2026 conference sold out at record pace. The market thesis: AI agent proliferation is widening the attack surface, and Falcon is the pick-and-shovel play on that fear.
