MarathonTrim-17.86%$108M4.39%Capital cycle / Contrarian value
Greenlea LaneHold$36M9.82%Concentrated long-term value
What managers sayⓘ
2026-09-02Aswath Damodaran (Musings on Markets)NeutralThe Scaling and Profitability Trade off: Venture Capital's Weakest Link!Detail →
2026-08-20Aswath Damodaran (Musings on Markets)NeutralAI's Bar Mitzvah Moment: From Hype & Hope to Business Questions!Detail →
2026-08-20Oakmark FundsNeutralBill Nygren, Portfolio Manager and Co-CIO U.S. on value investing in the AI eraDetail →
2026-08-18Colossus (Invest Like the Best / Business Breakdowns)NeutralBen Thompson on Big Tech, China, and the AI Boom Running Out of Money - [Invest Like the Best, EP.487]Detail →
2026-08-17Sands CapitalBullAI Sentiment Versus FundamentalsDetail →
2026-08-13Baillie GiffordNeutralEdinburgh Worldwide enlightenment: has the long-term case changed?Detail →
2026-08-12Scottish American Investment Company / SAINTS (Baillie Gifford)NeutralBaillie Gifford Saints Investment Trust FactsheetDetail →
Earnings Callsⓘ
Q1 2026April 29, 2026
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This quarter's results exceeded expectations, primarily driven by strong growth in AI-powered search and cloud business, especially cloud revenue surpassing $20 billion for the first time.
Key Data: Total revenue $109.9B, +22% YoY; cloud revenue $20B, +63% YoY, operating profit margin rising from 17.8% to 32.9%; cloud backlog reached $462B, nearly doubled QoQ.
Business Progress: AI products became the core growth engine — cloud GenAI revenue up nearly 800% YoY, Gemini Enterprise paid MAU up 40% QoQ; TPU hardware direct sales became a new revenue stream; Wiz acquisition completed, performance exceeded expectations.
Guidance and Outlook: Full-year CapEx raised to $180–190B, with a clear indication that 2027 CapEx will significantly increase; cloud faces low single-digit percentage margin pressure due to Wiz acquisition; most TPU revenue expected to be recognized in 2027.
Risk/Highlight Signals: Management repeatedly emphasized "constrained computing resources", stating cloud revenue could have been higher with sufficient capacity; also noted that large infrastructure investments will drive up depreciation and energy costs.