Third PointⓘNew$50M2.42%Aggressive value / Event-driven
Greenlea LaneTrim-1.11%$29M8.36%Concentrated long-term value
What managers sayⓘ
2026-07-17Baillie GiffordNeutralSpaceX: why US Growth invested at the IPODetail →
2026-07-10Patient Capital ManagementBullFinding Patience in... an Early 2000s Hip-Hop Song?Detail →
2026-07-09Patient Capital ManagementNeutral2Q26 Portfolio Activity & AttributionDetail →
2026-06-30The Capital Cycle (Marathon)NeutralPassive’s Massive AI Gamble (June 2026)Detail →
2026-05-06Aswath Damodaran (Musings on Markets)NeutralAn Ode to Restraint: Lessons from the Tim Cook LegacyDetail →
2026-04-23Aswath Damodaran (Musings on Markets)NeutralTo a Trillion(s) Dollars and beyond: A SpaceX IPO Odyssey!Detail →
2026-04-23Patient Capital ManagementNeutral1Q26 Quarterly WebinarDetail →
2026-04-08Patient Capital ManagementNeutral1Q26 Portfolio Activity & AttributionDetail →
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.