智通财经APP获悉，中信证券发布研报称，2025年11月25日晚间，阿里巴巴(09988)发布2026财年第二季 度财报，云收入同比+34%，AI相关产品收入连续9个季度实现三位数同比增长；本季度资本开支为315 亿元，过去四个季度在AI+云基础设施的资本开支约1200亿元。阿里持续坚定投入AI基础设施，Capex 持续增长，将引领其他云厂商跟进投入，该行认为这标志着国产算力的自主可控进程正在稳步推进，国 产算力有望迎来行业拐点。建议关注国产算力投资机遇，聚焦卡位精准、长期竞争力凸显的龙头。 阿里持续坚定强化AI投入：2025年9月11日，阿里巴巴在港交所公告，拟发行于2032年到期零息可转换 优先票据，本金总额为约32亿美元，并将把票据发行的募集资金净额用于一般公司用途，其中约25.6亿 美元(80%)将投入云计算基础设施建设，包括扩建数据中心、技术升级及服务优化。此前，阿里巴巴 25Q2财报显示，单季Capex高达386.8亿元，同比增长220%，环比增长57%，创下单季度历史新高；阿 里云业务收入同比增长26%，增速创下2022年以来新高；AI相关产品收入已连续第八个季度实现三位数 同比增长；同时公司已 ...

Core Insights - The discussion centers around the implications of Meta's potential acquisition of Google's Tensor Processing Units (TPUs) and its impact on the AI chip market, particularly concerning competitors like Nvidia and AMD [2][3][4][8]. Group 1: Meta and Google's Deal - Access to Google's AI accelerator chips is seen as beneficial for Meta, as it could provide a cost-effective alternative to Nvidia's chips, despite slightly lower performance [2][3]. - The deal poses a greater threat to AMD than to Nvidia, as AMD holds a weaker position in the market compared to Nvidia [3][7][8]. - Google's recent tripling of Nvidia chip purchases indicates its recognition of Nvidia's superior performance, yet the TPUs remain valuable for specific applications like inferencing [8]. Group 2: Market Dynamics and Competitors - Microsoft's stock has been negatively impacted by concerns regarding OpenAI's competitive position against Google's Gemini, which is reportedly outperforming OpenAI's latest model [10][12]. - Oracle's stock has also suffered due to its strong ties with OpenAI, leading to a significant decline in its stock price [13]. - Despite recent stock declines, Microsoft's overall market position and revenue growth remain strong, particularly in its Azure and software businesses [12][18]. Group 3: Alphabet's Performance - Alphabet's stock has surged approximately 92% over the last six months, nearing a $4 trillion market cap, making it a standout performer among major tech companies [14][15]. - The company's strengths in AI, including leading foundation models and unmatched consumer market distribution, have been increasingly recognized by the market [16][18]. - Alphabet's growth was previously underestimated due to regulatory challenges, but these have since been resolved, leading to a significant stock rally [18]. Group 4: Amazon's Position - Amazon is viewed as an underappreciated player in the AI and cloud computing space, similar to Alphabet's previous position before resolving legal issues [19][20]. - The company has developed its own internal chip program and leads in cloud computing for businesses and government [20][21]. - Amazon's retail business is experiencing rapid growth, supported by automation and robotics, positioning it as a strong AI winner with attractive valuations [21][22].

Q1 FY2026 Earnings November 25, 2025 Safe Harbor Non-GAAP Financial Measures and Other Key Performance Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, this presentation includes the following non-GAAP financial and other key performance measures: non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income per share (diluted), free cash flow, Annual Recurring Revenue (or A ...

SAN JOSE, Calif., Nov. 25, 2025 (GLOBE NEWSWIRE) -- Nutanix, Inc. (NASDAQ: NTNX), a leader in hybrid multicloud computing, today announced financial results for its first quarter ended October 31, 2025. “We saw solid demand for our cloud platform in our first quarter, with bookings that were slightly ahead of our expectations, ARR growth of 18% year-over-year, another healthy quarter of new logo additions, and solid free cash flow performance,” said Rajiv Ramaswami, President and CEO of Nutanix. “We also co ...

But I do want to bring Sam back into the conversation and welcome our next guest. Joining us now, Patty Shinvasan, the CEO of Digital Ocean. Patty, thank you for taking the time to be with both of us today on the show.If you wouldn't mind just starting by telling our viewers a little bit about Digital Ocean. >> Yeah, thank you for having me here today on the show. Um, Digital Ocean is a public company listed in the New York Stock Exchange.Uh, we are just shy of a billion dollars of run rate. Um, we have ove ...

The AI sphere is abuzz lately with news and rumors that the latest Google TPU, Ironwood, is powering the Gemini3 model, outpacing OpenAI on many metrics including intelligence and performance. Now, The Information, echoed by Bloomberg and CNBC, is reporting that Alphabet’s Google is preparing to make its TPUs available beyond Google Cloud, with Meta Platforms as the lead design win. Google is also rumored to be pitching the Ironwood Pod to other hyperscalers and large enterprises as an Nvidia alternative. C ...

Core Insights - The narrative around Alphabet has shifted from skepticism to optimism, with the company emerging as a leader in large language models (LLMs) and AI infrastructure [1] - Meta Platforms plans to purchase and rent Alphabet's TPUs, potentially allowing Alphabet to capture up to 10% of Nvidia's annual revenue, indicating a significant shift in the AI hardware landscape [2] - Alphabet's stock has shown relative strength against the broader market and Nvidia, raising questions about its potential as a leading AI player [4] Alphabet's AI Position - Alphabet's TPU strategy and LLM performance are diverging positively from competitors, with custom TPUs designed for large-scale machine learning offering better efficiency and cost-effectiveness [6] - The latest Gemini model demonstrates significant improvements in reasoning, mathematics, coding, and multimodal tasks, leveraging Alphabet's extensive data scale and product integration [7][8] Valuation Comparison - Alphabet trades at 30.3x forward earnings, above its five-year median of 22.6x, with expected earnings growth of 16.4% annually over the next three to five years, while Nvidia trades at 41.8x forward earnings with a projected growth rate of 46.3% [9] - Both companies are attractively valued relative to their growth rates, with Nvidia's PEG ratio below 1 indicating a compelling long-term setup [10] Competitive Landscape - Alphabet and Nvidia occupy different but complementary positions in the AI stack, suggesting that both can emerge as winners despite competitive narratives [11] - The long-term theses for both companies remain strong, benefiting from structural AI demand, leading to considerations for appropriate investment allocations [12]

Core Insights - The AI landscape is rapidly evolving, with Google gaining significant momentum through its custom AI chips and execution of Gemini 3, shifting from a struggling position to a favored one in a short time frame [2][3] - The competition is not solely between Google and Nvidia; rather, it involves Google against other hyperscalers like Amazon and Microsoft, particularly in the context of custom silicon [5][4] Google’s AI Strategy - Google is effectively leveraging its custom AI chips, known as TPUs, which are designed to operate within its cloud ecosystem, providing a competitive edge in distribution [3][4] - The narrative surrounding TPUs suggests they may not easily surpass Nvidia's offerings due to their restrictive nature, which limits flexibility for enterprises [4] Amazon’s Position - Amazon, as the largest cloud computing player, is expected to lead in AI but is currently perceived to be lagging behind Google in terms of custom chip development and AI model recognition [6][7] - The disappointment surrounding Amazon's custom AI chip, Tranium, indicates a gap in momentum compared to Google, with Amazon's AI models not gaining significant traction in the market [7][8]

Core Insights - Alibaba reported earnings that exceeded revenue expectations, generating nearly $35 billion in the September quarter, but net profits fell by 53% due to increased competition, weak consumer demand, and rising AI costs [3][4] - The company's cloud infrastructure business saw a significant revenue increase of 34%, indicating a strong focus on AI and cloud investments [3][9] - Alibaba is undergoing a strategic transformation from a traditional e-commerce model to an AI-first, cloud-driven technology company, committing over $50 billion in the next three years to enhance cloud capacity and AI infrastructure [9][10] Financial Performance - Revenue for the September quarter reached approximately $35 billion, surpassing expectations, while net profits decreased by 53% [3] - Cloud revenue increased by 34%, showcasing strong growth in this segment [3][6] - Free cash flow declined, raising questions about the sustainability of increased capital expenditures on AI [5][4] Strategic Transformation - Alibaba is shifting its business model towards AI and cloud technology, investing heavily in AI infrastructure and chip development [9][10] - The company aims to build an end-to-end AI ecosystem, integrating AI across various sectors including commerce and logistics [10][11] - This transformation positions Alibaba for scalable growth and reinforces its competitive advantage against both domestic and global tech rivals [11] Market Sentiment and Technical Analysis - Following the earnings report, Alibaba's shares initially rose but later experienced a pullback, attributed to profit-taking and broader market sentiment [4][12] - The stock is currently trading below its 50-day moving average, indicating a bearish pattern that needs to be addressed for potential upside momentum [12][13] - Key resistance levels to watch include the October 29 high around $180 and the October 2 high around $190 [12][13] Competitive Advantages in AI - Chinese AI models, including Alibaba's, are noted for their efficiency and cost-effectiveness, optimized for scale [16] - China has made significant investments in renewable energy, giving it an edge in energy efficiency for AI development [17] - The large domestic user base in China allows for rapid commercialization and iteration of AI applications, providing a competitive advantage over US counterparts [19]

stocks on the move as well as some calls. We're going to start with Zoom. We talked about it yesterday, Josh, with you heading into the print.They did post a stronger than expected earnings. They uh beat upbeat guide as well. Take a look at that.You made a nice uh you made a nice call on that yesterday. They also increased the buyback. What do you think now.>> I mean, you can't sell it. um they just delivered everything that people have been waiting for four years to see this company deliver this entire pos ...