Ac t i o n | 16 Feb 2026 20:54:33 ET │ 18 pages NVIDIA Corp (NVDA.O) Preview – Investors Looking Past Earnings to GTC 2026 CITI'S TAKE NVIDIA reports Jan-Q earnings on 2/25. We model Jan-Q sales of $67B above Street $65.6B and expect Apr-Q guide of $73B vs Street $71.6B. We expect continued strong ramp of B300 with Rubin launch to drive a 34% H/H acceleration in CY2H26 sales vs 27% in CY1H26. We believe most investors are looking past the earnings to annual GTC conference in mid- March for NVIDIA to talk ab ...

Ac t i o n | Google TPU sales to grow 4x or ~$65B by FY27 — We model FY26/27 AI revenues of $63B/$102B driven by better-than-expected TPU ramps. We believe AVGO's five announced customers are Google, Meta, Bytedance, Anthropic and Fujitsu based on supply chain discussions, while its two additional engagements are with OpenAI and Apple. Gross margin dilution from Anthropic rack shipments — Given Anthropic's estimated ~$10B rack sales in 2H26 and ~$11B in 1H27 (per AVGO), which we assume ~55% gross margins, w ...

Core Insights - Cognex Corporation has appointed Dr. Sami Atiya and Mr. Chris Donato to its Board of Directors, effective March 2, 2026, as part of its strategy to enhance leadership in AI technology for industrial machine vision and to double its customer base over the next five years [1] Group 1: Board Appointments - Dr. Sami Atiya brings 30 years of executive leadership experience in automation, robotics, AI, and medical technology, having previously held significant roles at ABB Ltd. and Siemens AG [1] - Mr. Chris Donato has 25 years of experience in enterprise sales and profitable growth, previously serving as President and Chief Revenue Officer at Zendesk, Inc. and holding various leadership roles at Oracle Corporation [1] - The appointments follow an extensive search by the Board's Nominating, Governance and Sustainability Committee, reflecting a commitment to enhancing the Board's skills and experiences [1] Group 2: Leadership Transition - Robert Willett, former CEO of Cognex, and Dr. Dianne Parrotte will retire from the Board effective March 2, 2026, after making significant contributions during their tenures [1] - The addition of Dr. Atiya and Mr. Donato marks the appointment of six independent directors since 2021, indicating a strategic focus on governance and expertise [1] Group 3: Company Strategy - Cognex aims to become the leading provider of AI technology for industrial machine vision, emphasizing the importance of customer experience and growth in its strategic objectives [1] - The company has a longstanding focus on AI to enhance the capabilities of its vision sensors and systems, which are critical for manufacturing and distribution efficiency [1]

Group 1 - The article discusses a class action lawsuit against China Liberal Education Holdings Limited (CLEUF) for securities fraud, with a deadline for filing a lead plaintiff motion set for March 31, 2026 [1] - The lawsuit arises from a significant drop in CLEU's stock price, which fell from $7.75 to $0.148 per share, representing a 98.1% loss, following the disclosure of 240 million previously undisclosed exchanged shares [1] - Allegations in the lawsuit include that the defendants made materially false statements and failed to disclose adverse facts about the company's operations, including involvement in a pump-and-dump scam [1] Group 2 - The article also mentions that CLEU was delisted by NASDAQ in June 2025, further impacting investor confidence [1] - Investors are encouraged to contact Glancy Prongay Wolke & Rotter LLP for more information on participating in the class action lawsuit [1]

Core Viewpoint - The Schall Law Firm is investigating potential fraud claims against PennyMac Financial Services, Inc. (PFSI) for possible violations of securities laws, particularly regarding misleading statements and undisclosed information [1] Financial Performance - PennyMac reported a pretax income of $37.3 million for its servicing segment in Q4 2025, a significant decrease from $157.4 million in the previous quarter and $87.3 million in Q4 2024 [1] - The company's retax income, excluding valuation-related items, was $47.8 million, reflecting a 70% decline from the prior quarter, primarily due to increased realization of mortgage servicing rights (MSR) cash flows as lower mortgage rates led to higher prepayment activity [1] Market Reaction - Following the announcement of its financial results, PennyMac's shares experienced a sharp decline of 33.3% the next day [1]

Oracle Corporation Research Summary Company Overview - **Company**: Oracle Corporation (ORCL.N) - **Industry**: Software - **Market Cap**: $522.3 billion - **Current Share Price**: $178.18 (as of January 22, 2026) - **Price Target**: Revised from $320.00 to $213.00 [1][2][9] Key Insights Financial Performance and Projections - **Backlog Growth**: Oracle's backlog of contracted customer commitments increased by $426 billion, reaching $523 billion, primarily driven by AI compute infrastructure contracts, notably with OpenAI, which accounts for approximately $300 billion (60% of the backlog) [12][14]. - **EPS Estimates**: Revised FY28 and FY30 base case EPS estimates are $8.51 and $10.02, significantly below Oracle's targets of $10.65 and $21.00, due to cautious views on GPU monetization, higher capital expenditure (capex) needs, and increased financing costs [2][14][23]. - **Cumulative Cash Capex**: Estimated at $275 billion for FY26-FY28, compared to consensus estimates of $189 billion, indicating a substantial increase in investment needs [2][17][44]. Debt and Financing - **Debt Forecast**: Gross adjusted debt is projected to exceed $400 billion by FY28, with gross adjusted leverage anticipated to peak at over 5x, raising concerns about credit ratings and financing risks [2][41][40]. - **Lease Liabilities**: Expected to reach approximately $185 billion by FY30, contributing to the overall debt burden [13][40]. - **Financing Strategy**: Oracle is expected to pursue a piecemeal financing approach, potentially raising $65 billion in new bonds, $25 billion in new term loans, and $55 billion in chip-related financing solutions [42][50]. Market Position and Risks - **Execution Risks**: The company's ambitious GPUaaS revenue target of $130 billion by FY30 is viewed with skepticism due to potential counterparty risks and the significant capital intensity of the required infrastructure [27][28]. - **Credit Recommendations**: A cautious view is maintained on Oracle's credit, recommending buying 5Y CDS protection and selling benchmark bonds due to anticipated spread widening [24][66]. - **Core Business Performance**: Recent CIO survey data indicates no significant improvement in Oracle's core business strength, raising concerns about achieving aggressive revenue targets in AI Database and AI Data Platform segments [62][65]. Strategic Outlook - **GPUaaS Model**: The new GPUaaS operating model suggests a need for substantial investment and highlights the potential for earnings volatility if execution does not meet expectations [27][33]. - **Potential Upside**: While the current estimates reflect significant risks, there is potential for upside if Oracle can align equipment and lease costs effectively with customer contracts [53]. Conclusion Oracle Corporation faces a challenging landscape with substantial investment needs and execution risks associated with its ambitious GPUaaS strategy. The revised price target reflects a cautious outlook, balancing the potential for growth against the backdrop of increasing debt and financing pressures.

Core Insights - Oracle's role as the Trusted Technology Partner for TikTok USA secures its exclusive cloud services, effectively locking out competitors like AWS and Google Cloud [1] - The TikTok USA joint venture is valued at approximately $14 billion, with Oracle's equity stake ensuring significant future revenue for its cloud business [2] - The regulatory approval of TikTok's U.S. divestiture is a stabilizing catalyst for Oracle, changing the narrative around its stock [3] Company Strategy - Oracle's acquisition of a controlling interest in TikTok's U.S. operations is a strategic infrastructure play rather than a pivot to social media [2][4] - By transitioning from a vendor to an owner, Oracle builds a revenue moat, ensuring that TikTok's substantial data storage and processing needs are met exclusively by Oracle [5] - The partnership with MGX, focused on AI, indicates a long-term strategy to leverage TikTok's data for advanced applications beyond content algorithms [8] Financial Position - Oracle's liquidity position is strong, with approximately $19.8 billion in cash and marketable securities, allowing it to fund the TikTok investment without new debt [12] - The $2.1 billion investment for a 15% stake in TikTok is seen as an efficient use of capital, transforming idle cash into a revenue-generating asset [13] - Concerns about liquidity are countered by the revenue security provided by the TikTok deal, which helps stabilize Oracle's financial outlook [15] Market Dynamics - The deal positions Oracle as a leader in the cloud infrastructure space, moving away from its legacy database roots [14] - TikTok's massive user base ensures a constant demand for Oracle's cloud services, validating its significant investments in data centers [7][10] - The integration of TikTok into Oracle's U.S. cloud regions is expected to shift market perceptions from cash burn to revenue lock-in, supporting stock price recovery [15]

Core Viewpoint - Michael Burry has taken a bearish stance on Oracle Corporation, indicating concerns about the company's strategic positioning and financial health [1][3][6] Company Overview - Oracle is a leading database software company that has recently expanded into cloud-computing services, which has required significant debt to enhance data center capacity [2] Financial Concerns - Oracle currently has approximately $95 billion in outstanding debt, making it the largest corporate issuer outside the financial sector in the Bloomberg high-grade index [4] - The company's shares have experienced a significant decline of about 40% from their peak in September [3] Investor Sentiment - Burry's decision to short Oracle reflects his dissatisfaction with the company's investments and strategy, although he did not provide specific details about the put options [3][6] - Burry has expressed caution regarding shorting larger tech companies like Meta, Alphabet, and Microsoft, believing they will maintain their market dominance despite potential challenges [5]

Core Viewpoint - Michael Burry has taken a bearish stance on Oracle Corporation, indicating concerns about the company's strategic positioning and financial health [1][3][6] Company Overview - Oracle is a leading database software company that has recently expanded into cloud-computing services, which has required significant debt to enhance data center capacity [2] Financial Concerns - Oracle currently has approximately $95 billion in outstanding debt, making it the largest corporate issuer outside the financial sector in the Bloomberg high-grade index [4] - The company's shares have experienced a significant decline of about 40% from their peak in September [3] Investor Sentiment - Burry's decision to short Oracle reflects his dissatisfaction with the company's strategy and investments, although he did not provide specific details about the put options [3][6] - Burry has expressed caution regarding shorting larger tech companies like Meta, Alphabet, and Microsoft, suggesting that their diversified business models may help them maintain dominance despite potential challenges [5]

Core Insights - Oracle Corporation's stock closed at $198.38 on December 22, reflecting a gain of over 3% amid significant trading volume, indicating a shift in market focus from AI chip manufacturing to infrastructure needs [3] - The AI market is transitioning from hardware procurement to deployment, with Oracle positioning itself as a critical utility provider for AI chip operations rather than a direct competitor in chip manufacturing [4][5] Company Performance - Oracle's transition from a legacy software company to a cloud infrastructure leader is evident, with second-quarter fiscal year 2026 growth metrics surpassing many hyperscale competitors [5] - Oracle Cloud Infrastructure (OCI) revenue increased by 68% year-over-year, while revenue from graphics processing units (GPUs) surged by 177%, highlighting strong demand for AI-related services [7] Strategic Moves - The company has a significant backlog of signed contracts, providing strong revenue visibility and supporting aggressive data center capacity expansion to meet rising demand [6] - Oracle's strategic pivot to Chip Neutrality, including the sale of its stake in Ampere for a $2.7 billion pre-tax gain, indicates a focus on partnerships with Nvidia and AMD, reducing manufacturing risks while capitalizing on the AI boom [8]