The one thing
The market paid for growth and charged for funding. Alphabet’s cloud revenue more than doubled to $30.7bn, and the stock closed −12.64% on Thursday, its worst day in our database, which goes back to January 2006. The same release showed negative free cash flow for a second quarter running (−$9.1bn) and $12.4bn of Alphabet’s own shares sold through its at-the-market programme to help pay for capex. Amazon’s trailing free cash flow is worse, at −$42.4bn, and it borrowed $48.1bn in the quarter, but AWS grew 39% and the stock closed down only 1.41% on Friday. Microsoft missed its capex number because third-party capacity arrived late, closed almost flat (−0.16%), and then priced $25bn of bonds out to 2066.
The rest of the week split along the same line. The suppliers of capacity rose: Vertiv +16.48% on organic orders that more than doubled, SK hynix +10.89% in Seoul on an 80% operating margin and contracts covering more than half of its 2027–28 output, KLA +5.45% on a $4.7bn December-quarter guide, Equinix +2.88% on record bookings. The companies that buy capacity, or sell into the budgets of those who do, fell: ServiceNow −26.95% and Fortinet −20.09% on recurring-revenue guides trimmed by a point or two; Intel −28.58% on Friday on a fourth-quarter margin guide cut by memory costs; Reddit −29.22% after saying AI answers in Google search are costing it more than a million referrals a week. Alphabet, ServiceNow, Intel and Reddit each had the worst day in their history in our database. On Friday the S&P 500 closed −1.82% and the semiconductor index −7.98%.
The week’s reactions, from our price database
| Name | Reported | Reaction day | At the open | Day move | vs S&P 500, pts | Size rank, last earnings days |
|---|---|---|---|---|---|---|
| Vertiv (VRT) | Wed 28, before open | Wed 28 | +16.51% | +16.48% | +16.21 | 3rd of 13 |
| SK hynix (000660.KS) | Wed 28, Seoul | Wed 28 | +3.65% | +10.89% | +4.25 vs Kospi | – |
| Cadence (CDNS) | Mon 26, after close | Tue 27 | +1.18% | +6.49% | +5.89 | 5th of 13 |
| DoorDash (DASH) | Thu 29, before open | Thu 29 | +5.68% | +5.61% | +5.92 | 7th of 13 |
| KLA (KLAC) | Wed 28, after close | Thu 29 | +2.10% | +5.45% | +5.76 | 4th of 13 |
| Equinix (EQIX) | Wed 28, after close | Thu 29 | +3.08% | +2.88% | +3.18 | 8th of 13 |
| Dominion (D) | Fri 30, before open | Fri 30 | +1.32% | +2.30% | +4.12 | 5th of 13 |
| Monolithic Power (MPWR) | Thu 29, after close | Fri 30 | −1.64% | +1.07% | +2.89 | 13th of 13 |
| Microsoft (MSFT) | Wed 28, after close | Thu 29 | +1.73% | −0.16% | +0.14 | 13th of 13 |
| NXP (NXPI) | Tue 27, after close | Wed 28 | −6.06% | −0.71% | −0.99 | 12th of 13 |
| Digital Realty (DLR) | Thu 29, after close | Fri 30 | +1.50% | −1.21% | +0.61 | 8th of 13 |
| Amazon (AMZN) | Thu 29, after close | Fri 30 | −4.62% | −1.41% | +0.41 | 11th of 13 |
| AEP (AEP) | Wed 28, before open | Wed 28 | −0.41% | −1.61% | −1.89 | 8th of 13 |
| GE Vernova (GEV) | Wed 28, before open | Wed 28 | −2.09% | −1.90% | −2.18 | 7th of 10 |
| Samsung (005930.KS) | Thu 29, Seoul | Thu 29 | −0.41% | −4.13% | −2.89 vs Kospi | – |
| nVent (NVT) | Fri 30, before open | Fri 30 | −3.81% | −8.81% | −6.99 | 4th of 13 |
| Alphabet (GOOGL) | Wed 28, after close | Thu 29 | −11.70% | −12.64% | −12.34 | 1st of 13 |
| Sandisk (SNDK) | Thu 29, after close | Fri 30 | −8.64% | −14.07% | −12.25 | 2nd of 7 |
| Fortinet (FTNT) | Wed 28, after close | Thu 29 | −26.49% | −20.09% | −19.79 | 3rd of 13 |
| ServiceNow (NOW) | Wed 28, after close | Thu 29 | −19.46% | −26.95% | −26.65 | 1st of 13 |
| Intel (INTC) | Thu 29, after close | Fri 30 | −25.76% | −28.58% | −26.76 | 1st of 13 |
| Reddit (RDDT) | Thu 29, after close | Fri 30 | −22.65% | −29.22% | −27.40 | 2nd of 11 |
October 2026. “At the open” is the opening price against the close before the results; “day move” is the reaction day’s close against that same close. “vs S&P 500” is the difference in percentage points; the two Korean names are compared with the Kospi. The size rank compares the move with the stock’s previous earnings-day moves in our database: 1st is the largest, and the last place the smallest.
Results, company by company
Hyperscalers
Alphabet · ★ Cloud revenue more than doubled to $30.7bn, but free cash flow was −$9.1bn and Alphabet sold $12.4bn of its own shares
Results (8-K, Exhibit 99.1). Revenue $127.58bn (+25%). Google Cloud $30.71bn, more than double a year ago, with operating income of $11.12bn (a 36% margin); the release calls TPU system sales “a meaningful contributor”. Search & other grew 12% to $63.35bn and YouTube ads 9% to $11.21bn. EPS fell to $2.12 from $2.87 after an $8.66bn loss on equity securities. Capex was $51.36bn against operating cash flow of $42.29bn, leaving free cash flow at −$9.07bn. In the quarter Alphabet sold $12.4bn (net) of Class A and C shares through its at-the-market programme and issued $28.7bn of senior notes. The $195–205bn 2026 capex range was reported as held on the call; it implies $63–73bn in the fourth quarter (our arithmetic).
Market reaction: opened −11.70% and closed −12.64% at $283.82 on Thursday, 12.34 points worse than the S&P 500, on 5.7 times its 20-day volume. No close in our database, which starts in January 2006, has been lower; the previous worst was −11.63% on 16 March 2020.
The read: The cloud was not the problem. What changed is that a company with Alphabet’s cash flow is selling equity to pay for capex, with a larger fourth-quarter spend still implied by the range. One session repriced what an equity-funded build-out is worth.
Microsoft · ★ Azure +48% and commercial RPO of $677bn; capex fell short because third-party capacity arrived late, and a $25bn bond followed
Results (8-K and 10-Q, fiscal Q1 2027). Revenue $92.3bn (+19%); operating income $45.9bn (+21%); GAAP EPS $4.92. Microsoft Cloud $63.9bn (+30%); Azure +48%. Commercial remaining performance obligation $677bn (+73%). Cash paid for property and equipment was $39.4bn; the CFO said some third-party capacity due in the quarter was delayed and that capex will pass $50bn in the December quarter. The 10-Q shows $10.0bn of revenue from OpenAI, a related party, in the quarter, with $7.2bn receivable at 30 September. On 29 October Microsoft priced $25bn of notes in ten tranches, rated Aaa/AAA, from a 2028 note at 4.850% to a 2066 bond at 6.350%.
Market reaction: opened +1.73% and closed −0.16% at $530.14 on Thursday, 0.14 points better than the S&P 500. The smallest of its last 13 earnings-day moves.
The read: Microsoft was the hyperscaler the market left alone. Its capex shortfall was a delivery problem at the neoclouds it rents from, not a decision to spend less, and the bond deal shows that even an AAA balance sheet now borrows for part of the build-out, at more than 6% for 30- and 40-year money.
Amazon · ★ AWS +39% and about $220bn of 2026 capex; trailing free cash flow −$42.4bn and $48.1bn of new debt
Results (8-K, Exhibit 99.1, and 10-Q). Net sales $201.9bn (+12%; Amazon says moving Prime Day into the second quarter took about four points off growth). AWS $46.0bn (+39%) with $17.8bn of operating income, a 38.7% margin. Operating income $28.1bn; EPS $1.89. The fourth-quarter guide is $240–247bn of sales and $28.5–33.5bn of operating income. Amazon still expects about $220bn of cash capex in 2026, and the 10-Q says capex will “meaningfully increase in 2027”. Gross purchases of property and equipment were $77.3bn in the quarter; trailing twelve-month free cash flow was −$42.4bn, against +$14.8bn a year earlier. Long-term borrowing in the quarter was $48.1bn, taking debt at face value to $180.9bn from $68.8bn at the end of 2025.
Market reaction: −7.30% after hours on Thursday and −4.62% at Friday’s open, then closed −1.41% at $240.35, 0.41 points better than the S&P 500. Only two of its last 13 earnings-day moves were smaller.
The read: AWS growing 39% on a $184bn run rate bought Amazon what Alphabet’s cloud could not: the benefit of the doubt on funding. Its balance sheet has changed more in nine months than in the previous five years, and it is funding the build-out with debt, as Alphabet is with equity.
Software and internet
ServiceNow · ★ Subscription revenue +21%, but the cRPO growth guide fell to 18.5%, and half of the quarter’s beat came from early renewals
Results (8-K, Exhibit 99.1). Subscription revenue $3.988bn (+21%); total revenue $4.106bn; current RPO $13.65bn (+20.5%). Non-GAAP operating margin 32.5% (33.5% a year ago); non-GAAP EPS $1.00. The fourth-quarter guide is $4.245–4.255bn of subscription revenue and 18.5% constant-currency cRPO growth, down from 21% in the third quarter; press reports put consensus near 19.8%. On the call the CFO said early renewals pulled about half of the third-quarter cRPO beat forward. The year-end AI ACV target rises to $1.7bn.
Market reaction: opened −19.46% and closed −26.95% at $109.67 on Thursday, 26.65 points worse than the S&P 500, on 6.6 times its 20-day volume. Its worst close in our database, which starts at its June 2012 listing; the previous worst was −17.75% on 23 April 2026.
The read: The stock fell further during the session than before the open. The market is treating a 2.5-point cut to the forward indicator, with half the beat borrowed from next quarter, as the start of AI-driven seat compression rather than one soft quarter, and the next software guides will be read the same way.
Fortinet · ★ Billings +29% and the revenue guide raised, but the service-revenue guide was cut
Results (8-K, Exhibit 99.1). Revenue $2.078bn (+20%); billings $2.336bn (+29%); product revenue $765m (+37%); service revenue $1.313bn (+12.7%). Non-GAAP operating margin 38%; non-GAAP EPS $0.91. Full-year guidance rises to $8.125–8.215bn of revenue and $9.568–9.718bn of billings, but service revenue is cut to $5.150–5.170bn from $5.180–5.220bn. Per CTech, revenue, EPS and billings beat consensus while services missed.
Market reaction: opened −26.49% and closed −20.09% at $139.10 on Thursday, 19.79 points worse than the S&P 500, on 4.8 times its 20-day volume. Only two closes since its November 2009 listing were worse: −25.07% on 4 August 2023 and −22.03% on 7 August 2025.
The read: Services are the annuity; the firewall refresh is the cycle. Raising billings while cutting services says the cycle is still running but the annuity behind it is slowing, the same recurring-revenue question that sank ServiceNow on the same day.
Reddit · ★ Revenue +53%, but Google search referrals are falling and daily users could drop by a low double-digit percentage
Results (8-K, Exhibits 99.1–99.2). Revenue $895m (+53%); net income $283m; adjusted EBITDA $402m. Daily active uniques 130.3m (+12%), but US users fell 2% and US logged-out users 4%. The shareholder letter says search referral traffic was “down meaningfully” in the third quarter and fell further in October, by more than 1m referrals a week on average, and that daily uniques “could fall in Q4, by a low-double-digit percentage”. The fourth-quarter guide is $1.000–1.030bn of revenue. Bloomberg reports that Reddit will start limiting access for logged-out users.
Market reaction: opened −22.65% and closed −29.22% at $91.73 on Friday, 27.40 points worse than the S&P 500. That is the worst day in our database since its March 2024 listing; the previous worst was −20.99% on 31 July 2026.
The read: Reddit is the first company to put a number on what AI answers in search do to the sites that feed them. Revenue is holding because logged-in and app users bring in most of it, so the cost shows up in users first, and Reddit is answering by closing the door to logged-out visitors.
DoorDash · ★ Revenue +34% and an agreement to buy Instacart for about $17bn
Results (8-K, Exhibit 99.1, and merger 8-K). Orders 993m (+28%); marketplace GOV $33.9bn (+36%; +23% excluding Deliveroo); revenue $4.616bn (+34%); adjusted EBITDA $1.06bn. DoorDash will pay $65.00 a share for Maplebear (Instacart), an equity value of about $17bn, with stock capped at 25% of the total and a JPMorgan 364-day bridge loan of up to $13.0bn behind it. DoorDash pays a $1.25bn reverse fee if antitrust blocks the deal; closing is expected at the end of 2027 or in the first half of 2028.
Market reaction: opened +5.68% and closed +5.61% at $179.00 on Thursday, 5.92 points better than the S&P 500.
The read: The market paid up for a mostly cash deal that keeps dilution low. The cost sits on the balance sheet, so the bridge loan is the number to watch against DoorDash’s aim of keeping its investment-grade rating.
Semiconductors and memory
Intel · ★ Data-centre revenue +78%, but a fourth-quarter guide cut by PC demand and memory costs
Results (8-K, Exhibit 99.1). Revenue $16.5bn (+21%); non-GAAP gross margin 44.1%; non-GAAP EPS $0.52 (GAAP $0.60). DCAI grew 78% to $7.3bn and Intel Foundry 58% to $6.7bn; Client Computing and Physical AI fell 5% to $8.1bn. The fourth-quarter guide is $15.0–16.0bn of revenue, a 38.0% non-GAAP gross margin and $0.25 of non-GAAP EPS. The CFO expects the PC slowdown to last “at least through the first half of next year”; Bloomberg reports that Intel sees the PC market down 12% in 2026 and 10% in 2027. Gross capex was $4.2bn and adjusted free cash flow $1.6bn.
Market reaction: opened −25.76% and closed −28.58% at $65.76 on Friday, 26.76 points worse than the S&P 500. That is the worst day in our database, which goes back to January 2006; the previous worst was −26.06% on 2 August 2024.
The read: Demand is not the problem: data-centre growth was the strongest in 15 years, per the CFO. The cost is memory, which Intel buys and the AI build-out has made scarce. A margin guide six points below the third quarter is the first hard number on what the memory shortage costs a company that buys memory rather than makes it.
Sandisk · ★ Revenue $11.0bn at an 85% gross margin and an 8-for-1 split; the stock still fell
Results (8-K, Exhibit 99.1, fiscal Q1 2027). Revenue $11.03bn, up 23% on the quarter and 378% on the year; Datacenter $4.80bn (+61% on the quarter). GAAP gross margin 85.0%; net income $8.1bn; non-GAAP EPS $49.51 before the split. Sandisk bought back $5.0bn of stock. The second-quarter guide is $12.2–12.6bn of revenue, an 84.5–85.5% non-GAAP gross margin and $55–57 of non-GAAP EPS. The 8-for-1 split has a record date of 9 November, with split-adjusted trading from 20 November.
Market reaction: opened −8.64% and closed −14.07% at $1,142.93 on Friday, 12.25 points worse than the S&P 500 and 6.50 points worse than the SMH semiconductor ETF. The second-largest of its seven earnings-day moves since the February 2025 spin-off.
The read: The market sold the buyer and the seller of memory on the same day: Intel for the cost, Sandisk because a PC market down 10% in 2027 would cut volumes. A guide for higher revenue at the same margin did not change that.
SK hynix · ★ Revenue 104.6tn won at an 80% operating margin, with long-term contracts for more than half of 2027–28 capacity
Results (company release, preliminary and unaudited). Revenue 104.62tn won, up 32% on the quarter and 328% on the year. Operating profit 83.33tn won, an 80% margin (76% in 2Q26); net profit 39.78tn won. HBM4 is shipping in volume. Long-term agreements with 14 major customers cover more than 50% of 2027–28 production capacity. Shareholder returns for 2026 are about 100tn won: at least 30tn of dividends and at least 60tn of buybacks and cancellations. No capex figure was given.
Market reaction: closed +10.89% at 1,487,000 won in Seoul on Wednesday, 4.25 points better than the Kospi, and added 2.62% on Thursday.
The read: An 80% margin is what a sold-out market looks like. The contract book is the new information: tying up more than half of 2027–28 output turns a cyclical product into something closer to a take-or-pay supply contract.
Samsung Electronics · ★ Operating profit 107.4tn won; chip profit just below consensus; the returns decision pushed to January
Results (company release). Revenue 195.3tn won, a record and up 14% on the quarter; operating profit 107.4tn won, both matching the 8 October preliminary figures. The chip division earned 106.5tn won on 147.1tn of revenue, against an LSEG consensus of 107.3tn cited by Reuters. Capex was 29tn won in the quarter, with about 84.4tn planned for 2026. Of a 90–110tn won return target for 2026, 35tn is done or planned; the remaining 55–75tn will be set at the late-January board meeting.
Market reaction: closed −4.13% at 232,000 won on Thursday, 2.89 points worse than the Kospi, a day after rising 9.01% on SK hynix’s results.
The read: The market wanted a returns number and got a date. Next to SK hynix’s 100tn won plan, Samsung’s 55–75tn is a range that competes with an 84.4tn won capex budget, and its chip margin of 72% compares with 80% at SK hynix.
KLA · ★ Revenue $4.14bn and a $4.7bn December-quarter guide; management sees 2027 equipment spending above $200bn
Results (8-K, Exhibit 99.1, fiscal Q1 2027). Revenue $4.136bn, against $3.658bn in the June quarter and $3.210bn a year earlier. Non-GAAP EPS $1.22 and GAAP $1.18, after the 10-for-1 split. December-quarter guidance is $4.7bn ± $0.2bn of revenue, $1.44 ± $0.11 of non-GAAP EPS and a 62.5% ± 1 point non-GAAP gross margin. Per call summaries, management put 2026 wafer-fab equipment spending in the mid-$150bn range and 2027 above $200bn.
Market reaction: opened +2.10% and closed +5.45% at $167.43 on Thursday, 5.76 points better than the S&P 500 and 6.51 points better than the SMH semiconductor ETF, on the day Alphabet fell 12.64%.
The read: A guide 14% above the quarter just reported says the memory makers’ capex plans are reaching the tool vendors. KLA rose on the day the chip names that depend on hyperscaler budgets fell.
NXP · ★ Revenue +19% and an in-line guide; the stock opened 6% lower and recovered most of it
Results (8-K, Exhibit 99.1). Revenue $3.786bn (+19%; +8% on the quarter). Non-GAAP gross margin 58.6%; non-GAAP operating margin 37.1%; non-GAAP EPS $4.20 (GAAP $3.48). Automotive grew 13% to $2.070bn, Industrial & IoT 39% to $802m and Communication Infrastructure & Other 54% to $503m; Mobile fell 4% to $411m. The fourth-quarter guide is $3.75–3.95bn of revenue and $4.14–4.58 of non-GAAP EPS. The board added a $5bn buyback.
Market reaction: −7.31% after hours on Tuesday and −6.06% at Wednesday’s open, but it closed −0.71% at $251.69, 0.99 points worse than the S&P 500. The second-smallest of its last 13 earnings-day moves.
The read: Automotive is 55% of revenue but grew only 13%; the growth came from Industrial and Communication Infrastructure, where the CEO points to data-centre demand. The investors who sold the in-line guide before the open had bought most of it back by the close.
Cadence · ★ Revenue +22%, a third raise to the 2026 outlook and an $8.2bn backlog
Results (8-K, Exhibit 99.1). Revenue $1.633bn (+22%), above the $1.595–1.625bn guide. Non-GAAP EPS $2.11; GAAP EPS $1.05. Non-GAAP operating margin 44.1%, down from 47.6% a year ago. Core EDA grew 20%, IP 24% and System Design & Analysis 30%. Full-year guidance is now $6.387–6.417bn of revenue and $8.37–8.43 of non-GAAP EPS. Backlog is $8.2bn, $4.2bn of it due in the next 12 months. Cadence bought back $400m of stock and added $2.5bn to the authorisation.
Market reaction: opened +1.18% and closed +6.49% at $343.08 on Tuesday, 5.89 points better than the S&P 500, on 2.1 times its 20-day volume.
The read: The stock rose through the session on an accelerating top line, even with the margin 3.5 points lower than a year ago. The market accepted the extra spending as investment in AI design tools rather than cost creep.
Monolithic Power · ★ Revenue +63% and a new CFO; up 1% on a day the semiconductor index fell 8%
Results (8-K, Exhibit 99.1, and Item 5.02). Revenue $1.202bn (+63.1%), with Enterprise Data up 164.6% to $506.7m. The fourth-quarter guide is $1.315–1.385bn of revenue. Tony Balow, VP Finance and formerly at Intel for 23 years, becomes chief financial officer.
Market reaction: opened −1.64% and closed +1.07% at $1,211.63 on Friday, 2.89 points better than the S&P 500 and 8.64 points better than the SMH semiconductor ETF. The smallest of its last 13 earnings-day moves.
The read: Rising 1% while the chip index fell 8% is the week’s split in one stock: data-centre power supply is on the capacity side; PCs and memory buyers are not.
Power and data-centre infrastructure
Vertiv · ★ Sales +61%, organic orders more than doubled, and the 2026 guide raised by $650m
Results (8-K, Exhibit 99.1). Net sales $4.313bn (+61%; +55% organic). Organic orders grew more than 100%; the release gives no backlog or book-to-bill figure. Adjusted operating margin 25.2% (+290 basis points); adjusted EPS $2.21 (+78%); GAAP EPS $1.95. Adjusted free cash flow $652m. The fourth-quarter guide is $4.313–4.513bn of net sales and $2.22–2.28 of adjusted EPS. Full-year 2026 net sales are now $14.45–14.85bn, up $650m at the midpoint, with adjusted EPS of $7.10–7.20 and adjusted free cash flow of $2.6–2.8bn.
Market reaction: opened +16.51% and closed +16.48% at $242.94 on Wednesday, 16.21 points better than the S&P 500, on 3.5 times its 20-day volume. Its third-largest move in 13 earnings days.
The read: Orders doubling while sales grew 55% organically means the order book is outrunning shipments. Vertiv put a number on its orders; nVent, two days later, did not, and fell.
GE Vernova · ★ Orders +96% organically to $29bn, backlog $197bn, guidance raised and a $9bn grid acquisition
Results (8-K, Exhibit 99.1). Orders $29bn (+96% organically). Revenue $12.6bn (+27%; +18% organically); net income $1.3bn; adjusted EBITDA $1.9bn, a 15.4% margin (+730 basis points). Free cash flow $5.4bn. Backlog rose $20bn in the quarter to $197bn. The 2026 guide rises to $46.5–47.5bn of revenue, a 13.5–14.5% adjusted EBITDA margin and $16–17bn of free cash flow (from $11.5–12.5bn). The buyback authorisation doubles to $20bn, and GE Vernova agreed to buy Trench Group for about $9.0bn.
Market reaction: opened −2.09% and closed −1.90% at $878.03 on Wednesday, 2.18 points worse than the S&P 500, after rising 4.67% on Tuesday ahead of the print.
The read: The free-cash-flow guide moved most: customers are paying deposits for gas turbines years ahead of delivery. The stock had run up into the print and gave a little back.
American Electric Power · ★ A $100bn five-year capital plan and 15 GW of new load signed in the quarter
Results (8-K, Exhibit 99.1). Operating EPS $2.23 (GAAP $2.18), against $1.80 a year earlier. AEP expects 2026 operating EPS at or above the top of its $6.25–6.55 range. It set a $100bn capital plan for 2027–2031, supporting rate-base growth of 13% or more a year, and a 9–11% a year operating EPS growth outlook for the same period. It signed 15 GW of new load commitments in the quarter and expects contracted load to reach 84 GW by 2031. The release does not say how the plan will be financed.
Market reaction: closed −1.61% at $128.20 on Wednesday, 1.89 points worse than the S&P 500 and 0.77 points worse than the XLU utilities ETF.
The read: 84 GW of contracted load is the demand behind GE Vernova’s turbine backlog, seen from the utility side. The open question is how much new equity a $100bn plan needs.
Equinix · ★ Record bookings and a third raise to the 2026 guide
Results (8-K, Exhibit 99.1). Revenue $2.571bn (+11%); adjusted EBITDA $1.321bn (+15%); AFFO per share $11.64 (+18%). Annualised gross bookings were a record $533m (+35%). The 2026 guide rises to $10.325–10.365bn of revenue and $43.71–44.11 of AFFO per share, with total capex of $5–6bn. On the call, management cited new-deal pricing up 12%.
Market reaction: opened +3.08% and closed +2.88% at $1,036.67 on Thursday, 3.18 points better than the S&P 500, on the day Alphabet fell 12.64%.
The read: Pricing up 12% on new deals is what scarce power does for a landlord with capacity already built, and Equinix earns it without carrying a hyperscaler build on its own balance sheet.
Digital Realty · ★ Record $855m of bookings, a $2.5bn backlog and a higher 2026 guide
Results (8-K, Exhibit 99.1). Revenue $1.9bn (+21%); core FFO $2.10 a share (against $1.89). Bookings were a record $855m at 100% share ($627m at Digital Realty’s share), and the backlog a record $2.5bn. Cash renewal spreads were +11.8%. The 2026 guide rises to $8.30–8.35 of core FFO a share and $7.050–7.125bn of revenue.
Market reaction: opened +1.50% and closed −1.21% at $180.70 on Friday, 0.61 points better than the S&P 500.
The read: Record bookings could not hold an early gain on a day the market sold most things tied to AI spending. The landlords’ pricing is intact; what the market is questioning is the tenants’ funding.
nVent · ★ Sales +44%, all of it organic, and the guide raised again, but no order figures
Results (8-K, Exhibit 99.1). Sales $1.515bn, up 44%, all organic. Systems Protection grew 54% organically and Electrical Connections 23%. Adjusted EPS $1.52 (+67%); free cash flow $268m. nVent now expects 2026 organic growth of 38–39% (was 32–34%) and adjusted EPS of $5.36–5.39 (was $5.00–5.10). The fourth-quarter guide is 26–29% organic growth. The release calls orders a record but gives no order or backlog figures.
Market reaction: opened −3.81% and closed −8.81% at $125.98 on Friday, 6.99 points worse than the S&P 500.
The read: The fourth-quarter guide implies organic growth slowing from 44% to 26–29%, and with no order dollars to set against it, the market sold the slowdown.
Dominion Energy · ★ Operating EPS $1.28 and the top half of the 2026 range, while the NextEra merger faces opposition in Virginia
Results (8-K, Exhibit 99). Operating EPS $1.28, against $1.06 a year ago; Dominion now expects to land in the top half of its $3.45–3.69 range for 2026. The roughly $67bn all-stock NextEra merger needs approval from Virginia’s State Corporation Commission, whose staff recommended on 19 October that it be rejected unless 57 conditions are met (WHRO). Hearings start on 17 November.
Market reaction: opened +1.32% and closed +2.30% at $66.62 on Friday, 4.12 points better than the S&P 500.
The read: The quarter is the smaller story. The 17 November hearing on the NextEra merger is the next date that matters for both stocks.
Left out. MediaTek reported on 30 October in Taipei. We could not reach its own release, and the figures we found come from a single secondary source, so it waits for the company’s documents. Updated after Friday’s close. The eight Friday reactions (Amazon, Intel, Sandisk, Reddit, Digital Realty, Monolithic Power, nVent and Dominion) went out in the email as intraday prices at 11:48–11:50 ET; they are now closes.
Sources
- Alphabet Inc., “Alphabet Announces Third Quarter 2026 Results”, 8-K Ex. 99.1, 28 Oct 2026. sec.gov
- Microsoft Corp., “Microsoft Announces First Quarter Results”, 8-K Ex. 99.1, 28 Oct 2026. sec.gov; Form 10-Q for the quarter to 30 Sep 2026, sec.gov; final pricing term sheet (free writing prospectus), priced 29 Oct, filed 30 Oct 2026, sec.gov; “Microsoft Corp (MSFT) (Q1 2027) Earnings Call Highlights”, GuruFocus, 29 Oct 2026, gurufocus.com
- Amazon.com, Inc., third-quarter 2026 results, 8-K Ex. 99.1, 29 Oct 2026. sec.gov; Form 10-Q for the quarter to 30 Sep 2026, 30 Oct 2026, sec.gov
- ServiceNow, Q3 2026 results, 8-K Ex. 99.1, 28 Oct 2026. sec.gov; call highlights, Yahoo Finance, 29 Oct 2026, finance.yahoo.com
- Fortinet, Q3 2026 results, 8-K Ex. 99.1, 28 Oct 2026. sec.gov; “Fortinet shares plunge 25% despite earnings beat”, CTech, 29 Oct 2026, calcalistech.com
- Reddit, Inc., Q3 2026 results and shareholder letter, 8-K Ex. 99.1–99.2, 29 Oct 2026. sec.gov; “Reddit to limit access for logged-out users in strategy shift”, Bloomberg via The Star, 30 Oct 2026, thestar.com.my
- DoorDash, Q3 2026 results and Instacart release, 8-K Ex. 99.1, 29 Oct 2026. sec.gov; Form 8-K (Instacart merger agreement), 29 Oct 2026, sec.gov
- Intel Corp., third-quarter 2026 results, 8-K Ex. 99.1, 29 Oct 2026. sec.gov; “Intel warning sparks chip rout as PC weakness clouds turnaround”, Reuters via Euronext, 30 Oct 2026, live.euronext.com; “Intel Q3 2026 outlook: PC slump, memory shortage”, The Next Web (citing Bloomberg), 29 Oct 2026, thenextweb.com
- Sandisk Corp., fiscal Q1 2027 results and stock split, 8-K and Ex. 99.1, 29 Oct 2026. sec.gov
- SK hynix, “SK hynix Announces 3Q26 Financial Results”, 28 Oct 2026. news.skhynix.com
- Samsung Electronics, “Samsung Electronics Announces Third Quarter 2026 Results”, 29 Oct 2026. news.samsung.com; “Samsung sees AI chip shortage worsening, keeps investors in suspense on returns”, Reuters via Investing.com, 29 Oct 2026, investing.com
- KLA Corp., fiscal Q1 2027 results, 8-K Ex. 99.1, 28 Oct 2026. sec.gov; call highlights, GuruFocus, 29 Oct 2026, gurufocus.com
- NXP Semiconductors, Q3 2026 results, 8-K Ex. 99.1, 27 Oct 2026. sec.gov
- Cadence Design Systems, Q3 2026 results, 8-K Ex. 99.1, 26 Oct 2026. sec.gov
- Monolithic Power Systems, Q3 2026 results, 8-K Ex. 99.1 (and Item 5.02), 29 Oct 2026. sec.gov
- Vertiv Holdings, Q3 2026 results, 8-K Ex. 99.1, 28 Oct 2026. sec.gov
- GE Vernova, Q3 2026 press release, 8-K Ex. 99.1, 28 Oct 2026. sec.gov
- American Electric Power, Q3 2026 earnings release, 8-K Ex. 99.1, 28 Oct 2026. sec.gov
- Equinix, Q3 2026 results, 8-K Ex. 99.1, 28 Oct 2026. sec.gov; Q3 2026 earnings call transcript, The Motley Fool, 29 Oct 2026, fool.com
- Digital Realty, Q3 2026 results, 8-K Ex. 99.1, 29 Oct 2026. sec.gov
- nVent Electric, Q3 2026 results, 8-K Ex. 99.1, 30 Oct 2026. sec.gov
- Dominion Energy, Q3 2026 results, 8-K Ex. 99, 30 Oct 2026. sec.gov; “SCC staff recommend axing Dominion–NextEra Energy merger as proposed”, WHRO, 20 Oct 2026, whro.org
- Share prices, opening gaps, day moves, volumes, index comparisons and record comparisons (against every daily close held: from January 2006, or from the listing for later IPOs), CoreValue price database (Yahoo Finance bars, stored and computed by CoreValue). US closes 27–30 Oct (Friday’s taken at 16:30 ET); Seoul closes 28–29 Oct.
CoreValue Research · Earnings Radar recap, dated Friday 30 October 2026. Results are as reported in the company filings and releases listed above; call commentary and consensus figures come from the secondary sources named in the text. Every share-price move is from the CoreValue price database, not from press reports. Broker research and Tegus/AlphaSense content were excluded under their terms. Not investment advice.
