IREN Limited has contracted $4 billion of annual recurring revenue tied to 2026 capacity, though only $1 billion was operational by late August. Horizon 1 acceptance has validated execution, while Horizons 2 through 4 are the key test for the company’s December commissioning targets. Customer prepayments cover 45% to 55% of GPU capex, and equipment financing can fund approximately 90% of GPU costs. IREN trades around 5.8 times FY2027 consensus sales, falling to 2.2 times FY2028 revenue as capacity scales.

Fluence Energy cut its FY2026 guidance for a second time in six weeks, citing ongoing supply-chain and execution issues. The company said it plans to “rightsize growth” to reduce working-capital needs and avoid raising additional capital. The analyst argued FY2027 revenue is unlikely to be close to the $4.0 billion consensus and lowered a price target to $6.20 from $10.30 while reiterating a “Sell” rating.

Nebius has issued $5.75B in convertible notes, with annual interest expense exceeding one-quarter of quarterly EBITDA, fueling concerns about its financing position. Shareholders have approved issuing up to 20% new shares without preemptive rights, adding to dilution risk alongside net insider selling. Management said current pricing power may last only 18–24 months and expects normalization in 2027–2028 as supply catches up with demand.

Broadcom says it has locked in about $350 billion of AI chip shipments for the next two fiscal years. It is targeting AI revenue of $115B in 2027 and $230B in 2028, based on secured supply and customer power constraints. AI now represents 56% of total revenue, while operating margin remains at 67.9%. The stock’s valuation has compressed to about 11.5x management’s $30+ 2028 EPS target.

SanDisk said demand for AI-related storage is running ahead of expectations, with customers extending NBMs and increasing NAND purchases. Management said competitors are spending about 2.7 times more capital per petabyte, underscoring what it described as the company’s capital-efficiency advantage. The stock trades at 7.6x forward earnings; a return to an 11x multiple would imply about $2,350 per share, or 44% upside.

Microsoft said Azure’s annualized revenue has surpassed $100 billion. The company’s data-center expansion plans suggest compute capacity could triple to 38 GW by 2032, signaling confidence in long-term cloud demand. Copilot usage is stabilizing, which management says could support further monetization and platform scaling.

Dell Technologies reported fiscal Q2 2027 revenue of $47.0 billion and adjusted EPS of $7.04, both record highs. Infrastructure Solutions Group revenue surged 89% year over year to $31.8 billion, fueled by strong AI server demand, while Client Solutions Group delivered its strongest commercial growth in more than four years. Management raised its full-year revenue outlook to $192 billion and lifted its EPS guidance to $25.50.

Oracle reported record results for the first quarter of fiscal 2027. Oracle Cloud Infrastructure (OCI) revenue rose 121% year over year, helping drive strong overall revenue growth. The company also raised its outlook for future performance.

Adobe reported third-quarter results that beat market expectations on both revenue and profit, and it raised its full-year guidance. The company posted a record $6.8 billion in quarterly revenue. Annualized recurring revenue tied to AI rose 150% year over year, highlighting strong momentum in AI commercialization. Adobe’s valuation is viewed as attractive, and analysts remain optimistic about its performance.