GOOG251128C260000.US

Just shared some changes we’re making to the teams at @GoogleDeepMind.

@DemisHassabis is stepping up to become Chair of @GoogleDeepMind & Chief Scientist of Alphabet, in addition to leading @IsomorphicLabs. He’ll be able to dedicate his time and focus on shaping the future of AGI and scientific discovery. It’s work that is vitally important to Alphabet and humanity, and I can’t imagine a better person than Demis to do it. He’ll stay closely connected to Koray and the GDM teams.

@Koraykv will become the SVP, @GoogleDeepMind, responsible for all aspects of model development, GDM research, and @Geminiapp & dev teams. Koray has been at GDM for 13 years and is a world-renowned expert in the field, starting our deep learning team and driving breakthroughs like WaveNet & DQN. GDM is in great hands!

Excited for this next chapter. You can read my note along with the message Demis sent to @GoogleDeepMind here:

Source: Sundar Pichai

📊 𝐈𝐍𝐕𝐄𝐒𝐓𝐎𝐑 𝐍𝐎𝐓𝐄: Lynx Equity Reiterates Bullish View on $Sandisk(SNDK.US) SanDisk Ahead of Earnings

👉 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀:

➤ 𝗟𝘆𝗻𝘅 𝗘𝗾𝘂𝗶𝘁𝘆 says "𝗟𝗼𝗮𝗱 𝘁𝗵𝗲 𝘁𝗿𝘂𝗰𝗸 𝘂𝗽" on 𝗦𝗮𝗻𝗗𝗶𝘀𝗸.

➤ Firm reiterates $𝟮,𝟰𝟱𝟬 price target on 𝗦𝗮𝗻𝗗𝗶𝘀𝗸.

➤ Analyst expects memory and flash suppliers to capture much of ~$𝟰𝟬 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 in incremental hyperscaler AI capex.

➤ Amazon's higher AI spending was cited as supporting rising memory costs.

➤ Analyst expects memory and flash 𝗔𝗦𝗣𝘀 to rise through the rest of 𝟮𝟬𝟮𝟲.

➤ Price support for data center 𝗗𝗥𝗔𝗠 and flash is expected through 𝟮𝟬𝟮𝟳.

➤ Lynx expects SanDisk to report a 𝗯𝗲𝗮𝘁-𝗮𝗻𝗱-𝗿𝗮𝗶𝘀𝗲 earnings quarter.

➤ Firm believes AI demand will continue to exceed compute capacity.

➤ Analyst sees 𝗭-𝗡𝗔𝗡𝗗 as a key long-term AI inference technology.

👉 𝗪𝗵𝘆 𝗧𝗵𝗶𝘀 𝗠𝗮𝘁𝘁𝗲𝗿𝘀:

➤ Reinforces the bullish outlook for 𝗺𝗲𝗺𝗼𝗿𝘆 and 𝗳𝗹𝗮𝘀𝗵 stocks amid AI spending.

➤ Suggests hyperscaler AI investments could sustain pricing power for memory suppliers.

➤ Positive earnings guidance from SanDisk could strengthen sentiment across the AI memory sector.

👉 𝗘𝘅𝗽𝗲𝗿𝘁 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁:

𝗟𝘆𝗻𝘅 𝗘𝗾𝘂𝗶𝘁𝘆:

"Memory and storage names are direct beneficiaries of the ~$40bn in incremental capex at hyperscalers to be spent in the second half of 2026. Ahead of the AMZN print, we had called out the incremental $15bn capex at GOOG was to be applied to higher prices at memory and flash. AMZN confirmed our view. In raising its capex by $20bn, AMZN explicitly called out the incremental capex for paying for higher memory costs. We think this applies to the other hyperscalers too. We think it is safe to say that the bulk of the ~$40bn in incremental capex is headed to memory and flash suppliers. It is an embarrassment of riches, to say the least. With this powerful tailwind chasing limited supply, we think it is safe to say ASPs are to rise sequentially through the rest of 2026. And with hyperscalers indicating higher capex in 2027, we expect price support for data center SKUs of DRAM and Flash thru end of 2027. We expect SNDK management to say supply/demand imbalance is to last through the end of the decade."

"At the ongoing FMS conference, we attended Samsung’s keynote. The focus was on the so-called Z-NAND technology where a flash chip (~2+TB) does the bulk of storage of AI model parameters and DRAM takes a backseat. 2-3 year out, we think this is where AI Inferencing is headed. We think the NAND cycle outlasts the DRAM cycle. We think SNDK offers superior risk/reward to the upside over a multi-year horizon. We would be loading the truck up at current levels."

Foxconn: July sales rose 54.2% year-on-year to NT$946.5 billion, a fresh record high and the 1st time over NT$900 billion in a single month, on strong demand and pull-in orders for AI-related products & components. July was up 15.2% over June.

The prior record for a single month was October, 2025, NT$895.7B.

AI rack shipments are expected to maintain this momentum in the 3rd quarter, with both quarter-on-quarter and year-on-year growth. Foxconn’s 2nd quarter investors' conference is set for Aug. 12. $NVIDIA(NVDA.US) $Amazon(AMZN.US) $Alphabet(GOOGL.US) $Microsoft(MSFT.US) $Meta Platforms(META.US) $Oracle(ORCL.US) $Alibaba(BABA.US) $Baidu(BIDU.US) $Tencent(TCEHY.US)

Source: Dan Nystedt

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. Palantir $Palantir Tech(PLTR.US) reported Q2 2026 revenue of $1.94B, up 93% YoY, with U.S. revenue surging 115% to $1.57B. U.S. commercial revenue jumped 149% to $764M, U.S. government revenue rose 90% to $809M, GAAP net income climbed 324% to $1.06B with a 55% margin, and adjusted free cash flow reached $1.22B with a 63% margin. The company posted a Rule of 40 score of 155%, $3.4B in TCV, $2.1B in U.S. commercial TCV, $6.2B in U.S. commercial RDV, ended the quarter with $9.2B in cash, and raised FY guidance to $8.15B, implying 82% YoY growth. CEO Alex Karp: “Demand for AI sovereignty has now been unleashed. And Palantir is the only company that has demonstrated it can transform tokens into actual economic value. Our customers trust us to provide them with maximal control over their operations, data, and decisions. Their competitive advantage should never become the training data for future models. This quarter was otherworldly. The sovereign AI revolution makes us very optimistic about the future."

2. The stock market had one of its best days in 2026: semiconductors, software, and hyperscalers participated together. Throughout the year, one sector would go up in tech while the others go down, but with oil falling 7% and the market trying to move on from the deleveraging event of last week, markets seem to be more positively looking at the companies spending capex like $Microsoft(MSFT.US) $Alphabet(GOOGL.US) $Meta Platforms(META.US) and $Amazon(AMZN.US) which all had strong moves today, Microsoft had the largest single day increase in marketcap last week at $448B with $NVIDIA(NVDA.US) having the record of $441B in April 2025. The companies getting the capex (semis) did strongly and the companies making sense of the models in the enterprise, software companies, were also green. It's the first day in months that all 3 sectors $SPY $IGV $SMH participated together in a rally.

3. Trump said the U.S. will hold off on attacking Iran after Iran and other Middle Eastern countries asked Washington to pause once the outline of a potential deal was agreed. He said any agreement must include the full reopening of the Strait of Hormuz and the removal of Iran’s nuclear threat. The pause appears conditional on a deal being reached quickly, while Iranian officials quoted by state-linked media denied asking for a halt. Trump said Iranian leadership is “duplicitous,” adding that while they publicly deny talks, “they know we are” negotiating toward a solution.

4. The top 10 most active options today by contracts traded were $NVIDIA(NVDA.US) with 4.4M contracts, $Tesla(TSLA.US) with 2.9M contracts, $Apple(AAPL.US) with 1.7M contracts, $Amazon(AMZN.US) with 1.5M contracts, $Microsoft(MSFT.US) with 1.4M contracts, $Micron Tech(MU.US) with 1.3M contracts, $Meta Platforms(META.US) with 886K contracts, $Alphabet(GOOGL.US) with 792K contracts, $SpaceX(SPCX.US) with 786K contracts, and $Intel(INTC.US) with 759K contracts.

5. The semiconductor index $SOX saw intraday moves of at least 2% in all 22 trading days in July, matching the extreme volatility last seen in 2020. Before that, a stretch like this had not occurred since the 2008 Financial Crisis. The SOX fell 21% in July, its worst month since October 2008, wiping out $2.2T in market cap. The move pushed 60-day realized volatility to roughly 66%, the highest since the pandemic peak of about 85% in 2020 and not far from the 75% level seen during the 2008 crisis.

6. Jeff Bezos filed a Form 144 on August 3 to sell 15M Amazon $Amazon(AMZN.US) shares, with an aggregate market value of roughly $4.07B. The filing lists an approximate sale date of August 3, 2026, and the sale is tied to a 10b5-1 trading plan adopted on November 14, 2025. The shares were originally acquired as founder stock, and the filing also notes Bezos contributed 220,200 shares to nonprofit organizations on May 4.

7. Hedge funds are moving back into tech stocks aggressively. In the week ending Thursday, funds recorded their largest net purchase of U.S. technology stocks since December 2022, marking the 3rd-largest weekly buy in at least 5 years. The buying was mainly driven by new long positions, with some short covering as well. Software, semiconductors, and semiconductor equipment saw the strongest demand, followed by tech hardware. Hedge funds also bought Magnificent 7 stocks for 4 straight days through Thursday.

8. Tesla $Tesla(TSLA.US) sales in Spain plunged 81.3% YoY in July to just 131 vehicles. Despite the sharp monthly decline, Tesla’s sales in Spain are still up 19.8% YoY through the first seven months of 2026, while the broader Spanish electrified vehicle market has grown 34.9% over the same period.

9. Grab $Grab(GRAB.US) reported record Q2 2026 results, raised full-year guidance, and announced an additional $750M share repurchase program. Revenue grew 22% YoY to $997M, On-Demand GMV rose 21% YoY to $6.5B, profit for the period reached $235M, and adjusted EBITDA increased 54% YoY to $168M. Grab also generated $450M of trailing 12-month adjusted free cash flow. The company raised FY26 guidance to $4.10B–$4.15B in revenue and $720M–$740M in adjusted EBITDA, while bringing cumulative buyback authorization to $1.75B since 2024. Grab has been buying back stock since March 2026, and management previously said it expects revenue to grow at a 20% CAGR from 2025 to 2028, with adjusted EBITDA tripling to $1.5B by 2028.

10. Leveraged and inverse ETFs tied to SK Hynix now hold roughly $5.5B in assets, the most of any single stock globally. Micron $Micron Tech(MU.US) follows at about $5.1B, while Nvidia $NVIDIA(NVDA.US) accounts for roughly $4.8B. Tesla $Tesla(TSLA.US) is the largest non-chip name on the list at around $3.7B. In total, semiconductor-related stocks now represent about $21B of leveraged and inverse ETF assets, while the 3x leveraged U.S. semiconductor ETF $SOXL took in $6.9B in July, its largest monthly inflow on record.

11. Bernstein sees the global server market reaching $1T by 2028, raising its forecasts for global server shipments and GPU AI server shipments to 15% and 22% CAGRs through 2028. The firm expects 8-GPU-equivalent server shipments to grow 48% in 2026, with rack shipments reaching 61,000 this year and 88,000 in 2027. Nvidia $NVIDIA(NVDA.US) Rubin and AMD $AMD(AMD.US) Helios racks are expected to start shipping in Q4. Bernstein also says planned and under-construction data center investment now totals roughly $1.2T, while major cloud providers’ 2026 capex estimates have risen nearly 15% since March, with combined spend projected around $1.1T by 2027. Custom ASICs are expected to represent roughly 45% of CoWoS-based AI chip shipments, with Google TPU shipments projected to grow about 90% in 2026.

12. Citadel’s Rubner says the early-summer excesses in the market have largely been unwound. Retail investors have reduced risk, leverage has normalized, concentration has eased, and many of the biggest technical headwinds have started to fade. As a result, he believes investors can shift more attention back to fundamentals rather than positioning. Position sizes and risk budgets are expected to rebuild gradually, supporting a lower-volatility grind higher instead of another sharp V-shaped recovery.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit