The Transcript

$UBER CFO: AI investment returns increasingly visible through reduced hiring intensity “The hiring ramp we have for the remainder of the year is significantly lower than what we thought it would be when we came into this year.”

$SMCI SVP last week: "So from a demand perspective and NeoClouds, it's quite -- I think it's quite evident to everyone that the NeoClouds are getting large contracts from the hyperscalers, and there's a dispersion of these workloads across the NeoCloud base that's fueling the NeoClouds and the advent of more and more, so on top of the -- some of the model builders expanding. "

$QCOM CFO: Custom silicon revenue begins later this yea " we are working with a hyperscaler, and we're going to have revenue starting later this year from that engagement. So very excited. This is, I think, an opportunity that's going to be very material for us in '27. And then hopefully, it's a stepping stone to an ongoing engagement and then scaling up from there."

$JPM CEO this week: "I think asset prices are high, including JPMorgan stock. I'm not that fond of buying stock at these prices, or companies. We're quite patient with capital. It's not burning a hole in our pocket at all. It's just there for a while, no problem."

$INTC CEO: "When I took over, the balance sheet [was] pretty horrible. And so I tried to recruit some talent. They said they're almost a bankrupt company. Why should I join you? I love you, but not this one. So I really focus on the balance sheet to strengthen that."

$INTC Intel CEO: "We used to have memory business. We sold it to SK Hynix. So right now, we have to figure out a way to really secure some of the memory requirement to serve our customer. So those are the things that we are focused on."

$BOX CEO @levie : Enterprise AI spend is escaping the 3–7% IT budget constraint and migrating into line-of-business OpEx "Enterprises are saying okay, I'm quite surprised by these bills and it's like an uncomfortable acceptance surprise as opposed to like I'm not doing this anymore surprise because they're empirically getting the productivity gains or they just wouldn't be paying the bills. It's just now they are saying, 'oh okay this is a very real expense in the business. So one of the nuance sort of shifts that's going to happen is I think the first two to three years of AI, the IT budget could kind of consume the AI costs. And this would show up as, okay, the company upgraded to Microsoft Copilot, or they added on the AI product of XYZ vendor. They could kind of get the Cursor licenses within the IT spend. And as you know, IT spend is basically somewhere between like 3% to 7% of corporate revenue in a company. Sometimes lower, sometimes higher, but it's kind of trapped at that. So then the question is, well, where's the other 60%, 70%, 80% of revenue in an organization? It's opex and just general-purpose opex across the business. And so if AI is truly adding this productivity gain to your engineering team, or your client onboarding process, or your marketing team, then clearly you don't want to be trapped by this sort of 3% to 7% in the business. It's going to escape that and move to the line-of-business budgets."

SentinelOne CEO: "We had a solid start to the year, highlighted by record net new ARR growth and a landmark milestone as our emerging solutions reached half of our total company ARR" $S : -17% AH

Okta CFO: "Okta is off to a strong start to the new fiscal year, highlighted by cRPO strength, robust free cash flow, and the return of capital to shareholders." $OKTA : +9% AH

NetApp CEO: "Fiscal year 2026 was a landmark year for NetApp with record results across revenue, gross profit, operating income, cash flow from operations, and free cash flow" $NTAP : +15% AH

Gap CEO: "Gap brand delivered a standout quarter with a double-digit comp, marking one of the brand’s strongest performances in over two decades." $GAP : -14% AH

American Eagle CEO: "We entered 2026 with strong momentum, delivering double-digit top-line growth and operating income ahead of guidance." $AEO : -11% AH <Sydney Sweeney could only do so much.>

$DELL CFO: “Execution was exceptionally strong across the business, from supply chain to sales to pricing, driving record revenue of $43.8B, record EPS, record Q1 cash flow of $4.1 B and continued strong shareholder returns of $2.1 B. We entered FY27 with clear momentum, raising our full-year revenue outlook to $167B at the midpoint, up nearly 50% Y/Y.”

Dell COO: "Our record Q1 performance reflects strong in-quarter demand...We’re increasing our AI server revenue expectations for FY27 to $60B, which only goes to show the AI opportunity shows no signs of slowing." $DELL : +19% AH

$MDB : "Total revenue was $687.6M for the first quarter of fiscal 2027, an increase of 25% Y/Y. Subscription revenue was $666.1M, an increase of 25% Y/Y, and services revenue was $21.5M, an increase of 22% Y/Y."

MongoDB CEO: "We delivered better-than-expected first quarter results...Based on the momentum we are seeing in the business, we are raising our fiscal 2027 guidance" $MDB : +22% AH

Costco Wholesale Corporation Q3 FY26 Earnings: —Net sales: +11.6% YoY to $69.15B —Net income: +15.3% YoY to $2.19B —Comp sales: +9.8% (U.S.: +9.4%) —Comp sales ex-fuel & FX: +6.6% (U.S.: +6.8%) —E-commerce sales: +21.5% $COST : +0.3% AH

$DKS Executive Chair: Foot Locker posted its first positive comp quarter since Q4 2024 “For the global Foot Locker business, we delivered slightly positive comps… This marks the first quarter of positive comps for the Foot Locker business since Q4 of 2024… the U.S. Foot Locker

$LOGI CEO: Logitech has internally deployed thousands of AI agents. "So we've built more than 3,000 now agents and assistance in the last 18 months. And those -- I would say, some of those are huge home runs, massive productivity increases."

$DIS Disney CFO: Disney+ profitability has improved dramatically “Back when I got here a couple of years ago, the business was losing $1 billion a year… last year, you lost $4 billion. This year, you lost $1 billion… we committed to double-digit margins, and you saw last

$CRM Salesforce CEO: "Underscoring our confidence in the future, we commenced the largest ever $25B accelerated share repurchase, or ASR, representing half of our $50B share repurchase authorization. Combined with our buyback program, this reduced Q1 diluted share count 10% Y/Y"

$SNOW +36% Pre-Market

Hormel CEO: "We delivered strong second quarter results marked by profitable growth and improved performance ...This was an excellent quarter and gives us even greater confidence in our ability to deliver our full-year outlook." $HRL : +9% PM

Kohl’s CEO: "We are pleased with our start to 2026" $KSS : +18% PM

Burlington CEO: "We are pleased with our strong performance in the first quarter...We are raising our full year Fiscal 2026 sales and earnings guidance, passing through the entire upside from the first quarter to the full year." $BURL : -16% PM

Dollar Tree double beat CEO: "Our first quarter results reflect continued progress across the business and demonstrate the strength of Dollar Tree’s position as the preferred destination for value, convenience, and discovery." $DLTR : +13% Pre-Market

Best Buy CEO: "Today we are pleased to report better-than-expected results for the first quarter. Our comparable sales grew 2% versus last year, higher than our outlook, with positive comps across the majority of our major product categories ..." $BBY : +9% PM

$NVDA CEO Jensen Huang: "The second half of this year is going to be very, very busy with Grace Blackwell, Vera Rubin, and we have a surprise new product that we haven’t told anyone about yet."

$V CFO last week: "It was an outstanding quarter. It was the best quarter of growth that we've seen in over a decade, excluding kind of the pandemic recovery period.”

$BAC CEO says that they are increasingly focused on AI token economics and measurable ROI before scaling projects broadly. "The amount of money we spend on this can't be infinite because it's got to have value. And so we test every project" https:// fiscal.ai/company/NYSE-B AC/investor-relations/669251/ …

$BAC CEO today: Consumer spending still holding up "So each year, consumers will move about $4.5 trillion to $5 trillion from their Bank of America checking accounts out into the economy. And that's moving at 5% for this month so far, the first 20 days over last year. And April moved likewise. In the first quarter moved likewise, which is consistent with a strong underlying economy"

HP CFO: "We delivered strong second-quarter results, with 9% revenue growth and even stronger earnings and free cash flow" $HPQ : +0.1% AH

Agilent CEO: "It was an excellent second quarter..." $A : +11% AH

$MRVL Marvell CEO: "Marvell delivered record Q1 FY 27 revenue of $2.4B, up 28% Y/Y, and guided Q2 revenue to $2.7B at the mid-point, representing 35% Y/Y growth. We expect revenue growth to continue accelerating each quarter throughout FY 27, driven by continued strength in our data center business"

Marvell CEO: "We are seeing exceptional AI-related bookings, and as a result, we are significantly raising Marvell’s revenue outlook for both fiscal 2027 and fiscal 2028 compared with the guidance we provided last quarter." $MRVL : +6% AH

nCino CEO: "We delivered an exceptional first quarter, again outperforming all of our financial guidance." $NCNO : +13.2% AH

$SNOW CEO: "Snowflake delivered a milestone quarter, with product revenue of $1.33 billion, up 34% year-over-year, marking the strongest sequential dollar growth in our history...We are seeing strong momentum from both AI-driven acceleration of our core platform and growing adoption of our first-party AI products, positioning Snowflake to lead in this new era."

Snowflake double beat. —Expands AWS collaboration with a $6B commitment —To acquire Natoma to strengthen secure connectivity for AI agents CEO: "AI continues to be a powerful tailwind for Snowflake, and Q1 marks a clear inflection point in that journey." $SNOW : +33% AH

$CRM slide on their Agentic Work Units

Salesforce CEO: "This was an outstanding quarter for Salesforce — record revenue, record deals, and cash flow" $CRM : -3% AH

$BKNG Booking CEO: "Do you remember worst year of travel ever? 2020. Pandemic. We still made almost $1 billion in EBITDA… we were the only large company I know of that actually made money, let alone almost $1 billion"

$MA CFO: "“We continue to have tremendous confidence in the long-term potential for the business. We continue to believe that, this is a great time to be opportunistic and exercise greater amount of buybacks.”"

$MTCH Group CEO: "So our approach to it is we have to pay for these AI tools. For us, it's $5-10 million bucks a year that we're spending on AI tools from basically nothing — yeah, 18 months ago, new OPEX. So we're slowing down hiring somewhat, and that's how we're choosing to fund it. In terms of when do we start to see the actual benefit? CEOs and CFOs are starting to ask the question more and more. I'm asking it more and more. I think we're benefiting from it, but it's hard to feel it.""

$SNDK CEO: Sandisk is attempting to structurally eliminate NAND-industry boom-bust dynamics "We want to get rid of the cyclicality or at least dampen the cyclicality -- or at least when the cyclicality comes have different techniques to deal with it than we have in the past. The

Dick’s Sporting beats on revenues + Raises low end of FY26 guidance CEO: "We're very proud of our company's Q1 results." $DKS : -1% PM

Bath & Body Works CEO: "Our first-quarter results exceeded guidance, but remain below the standard our brand is capable of delivering." $BBWI : +0.2% PM

Abercrombie CEO: "We delivered record first quarter net sales and our 14th consecutive quarter of growth..." $ANF : +4% PM

$MU on a tear:

On tokenization: $MA CFO: "~40% of all our transactions are currently tokenized. That's the good news. The even better news is that means 60% are not tokenized, which means there's tremendous runway.”" $V CFO: "over 50% of e-commerce transactions are now tokenized, and that's 30% up year-over-year. And so good progress as we -- on kind of the look back, if you will."

Zscaler double beat but disappoints on guide. CEO: "We delivered strong Q3 fiscal 2026 results with record profitability. ARR grew 25%, or 21%..." $ZS : -17% AH

Digital Turbine double beat CEO: "Fiscal 2026 was a successful year for Digital Turbine. Emboldened by our upside financial performance & ongoing business momentum, we are pleased to provide guidance above current estimates for fiscal 2027." $APPS : +20% AH

$MA CFO: "Agents will not necessarily be emotionally attached to shopping from the same merchant... more transactions result in more revenue from Mastercard.”

$GS CEO: "The historical pattern is clear: The U.S. economy can and will adapt to major advances in technology. What’s also clear is that stark forecasts by even the most brilliant minds often miss their mark."

$UBER COO in this interview on @RapidResponseHQ says: —Token consumption at Uber internally is compounding faster than their budget anticipated —Current AI productivity gains in say coding remain difficult to connect to measurable consumer outcomes.

$UBER COO: AI ROI remains difficult to quantify "I mean, the headline stats make your head explode, right? When you hear companies talking about, hey, 25% of code commits over the last quarter were AI-driven, or our token usage went from X to Y, or percentage of employees, all these sort of numbers. It's amazing, and I think it's this massive transformation of society. But then you sometimes go and talk to your senior engineering leaders, and you're saying, okay, how many projects that were on the cutting room floor got moved above the line because of the productivity gains, because 25% of our code commits were via cloud code last quarter? That link is not there yet, right? That link is not there yet, right? Like, I mean, I think maybe implicitly there's more that is getting shipped, but it's very hard to draw a line between one of those stats and, okay, now we're actually producing like 25% more useful consumer features, right? And that line is hard to draw. I think over the coming quarters and years, maybe that will become clearer, but I think today it's hard, even if some of the underlying metrics are trending in a really astronomical direction" https:// youtube.com/watch?v=y_mQ6x LcKyc …

$DBOX

BP's board unanimously decides to remove Chairman Albert Manifold with immediate effect: "This follows serious concerns raised to the Board related to important governance standards, oversight and conduct." $BP : +4% today

$RACE CEO: "This has been probably one of the most exciting projects that we ever developed in Ferrari, simply because it was not just developing another model. This is going to be the most versatile Ferrari ever produced."

$BABA CEO: “This quarter, Cloud Intelligence Group's annualized AI-related product revenue has surpassed RMB 35.8 billion, continuing to maintain triple-digit growth. AI-related product revenue now accounts for 30% of Cloud Intelligence Group's external revenue. We expect that in about 1 year, AI-related product revenue will cross the 50% threshold, becoming the primary engine driving the cloud business' revenue growth.

$WMT CFO: Walmart’s core retail growth is unlocking higher-margin platforms like ads, membership, marketplace, and fulfillment services. “If our core business is performing well and we're growing share like we did in the first quarter, then we have the opportunity to expand those businesses. And in particular, eCommerce growth of 26% around the world, Marketplace growth of nearly 50% in Walmart U.S. is a very important driver that allows for things like advertising and membership to continue the momentum that they've had."

$NVDA CFO: NVIDIA expects nearly $20B of standalone CPU revenue this year. “Vera CPU opens a brand-new $200 billion TAM for NVIDIA, a market we have never addressed before, and every major hyperscale and system maker is partnering with us to get it deployed. We have visibility to nearly $20 billion in total CPU revenue this year, setting us up to become the world's leading CPU supplier"

During his last ever question on a $WDAY call, Keith Weiss said that he thinks investors are mistaking lower AI coding costs for lower enterprise software ownership complexity and operational costs: "...they're looking at it too narrowly in terms of what creates that TCO."

$ZTS Zoetis CEO: "Pet owners demonstrated increased price sensitivity with soſter demand for premium products in preventive and chronic care, where Zoetis leads amid a more cautious spending environment…While competition is not new to us, what was different in Q1 was the pace and level of activity. More entrants across more markets, with competitors leaning more heavily on aggressive pricing and incentives for extended periods of time to drive share, particularly in a soſter end market."

$LYV Live Nation CEO: AI is helping Ticketmaster enter complex international markets far faster than before. “We'll be selling our first tickets in Japan this year on Ticketmaster. Japan is obviously, it's a totally different alphabet. It's a very different way that people buy

$MS analyst Keith Weiss has been covering $WDAY for 2 decades now and this week was his last call: "It's really been a privilege covering Workday over these past 2 decades and seeing what you guys have built here."

$NVDA CFO: Vera Rubin remains on track despite market rumors about thermal design delays. “We’re on track. It’s false news. We are on time. We have indicated the second half and today we announced that it will be there in Q3.”

$NVDA CFO: "While the U.S. government has approved licenses for H200 to be shipped to China-based customers, we have yet to generate any revenue, and we are uncertain whether any imports will be allowed into the country. As a result, consistent with last quarter, we are not

RyanAir CEO: "Oil prices have spiked hugely but we're very well hedged. We're 80% hedged out to March '27 at $67 a barrel. The spot price today is—on Jet is about $150 a barrel. So, we're in great shape" $RYAAY

$GOOG $GOOGL Alphabet CEO @sundarpichai admitting there are areas they're not at the frontier in AI: "If you look at overall capabilities including text, multimodality, voice or audio, reasoning in general, overall intelligence, I think we're very capable. When it comes to

$NVDA CFO: "We generated record free cash flow, $49B, up from $35B in Q4....Given confidence in our long-term free cash flow outlook and our commitment to sharing our success with shareholders, we are increasing our quarterly dividend from $0.01 to $0.25 per share...As we indicated at GTC, we plan to return roughly 50% of free cash flow to shareholders this year."

$MU EVP this week: "Our financial outlook has strengthened since our last earnings call. We're on track for another substantial record free cash flow in fiscal Q3. Our balance sheet has never been stronger" Their last earnings call was 2 months ago.

$FIG Figma CEO: "As of the end of Q1, pro teams that purchase AI credit add-ons had more seats per team and an average annualized spend of over 3x than that of teams that haven't purchased add-ons."