Highlights

Updated Nov 12, 2026, 10:15 PM ET

Nvidia is in crisis after CEO Jensen Huang’s admitted affairs and alleged ties to a Chinese spy, triggering FBI/DOJ/national security probes, Democratic and Republican congressional inquiries, class-action litigation, and scrutiny of Megaspeed chip exports and large China-related deals; Huang has resigned as CEO and director, Colette Kress is interim CEO, Harvey Jones is chair, and Nvidia stock is down roughly 30–34% from its high with single-day drops of 5–11% and >$300B in market cap lost, while rivals AMD and Broadcom gain and Chinese GPU makers rally.
Kalshi odds put only a 30% chance on Huang remaining as CEO amid succession concerns and heavy Wall Street focus on the stability of Nvidia’s $164.5B+ in funding commitments and $750B+ deal pipeline.
Northwestern Polytechnical University and other Chinese institutions are reportedly acquiring or renting restricted Nvidia H200 chips despite U.S. export controls, intensifying U.S. political pressure on Nvidia.
Nebius cut its 2026 revenue outlook to $3B due to delays and fines at a New Jersey Microsoft-linked site, sending shares down 17%, but raised 2027 revenue guidance to $12–13B while planning $40B of 2027 capex; Microsoft has tightened oversight of late third‑party projects.
CoreWeave posted Q3 revenue of $3.66B, up 168% YoY, but a $709M net loss; it is financing a $132.5B backlog via contract-backed loans instead of expensive unsecured debt, has raised prices ~35%, and now charges >$40M per MW annually on short-term contracts; despite Bernstein’s capacity-risk warning, strong results drove a 20% share surge and lifted peers like Nebius and Nvidia.
Fractile raised $720M in a Series C at a $7B+ valuation to develop UK-based AI chips, targeting first shipments next year to secure domestic compute for the UK economy.
OpenAI generated $10B in Q3 revenue, up 50% QoQ, but still has a deeply negative adjusted margin of -109%; Anthropic reported much larger Q3 revenue of $17B with an $81B annual run rate versus OpenAI’s $50B, while both face intense competition from major tech platforms and open-source labs.
Anthropic has filed for a Nasdaq IPO under ANT, offering 825M shares at $70–78 for a $57.8–64.4B valuation and total proceeds of $84.6–93.7B including $26B of concurrent private sales to AMD, Broadcom, Google, Nvidia and others; a separate narrative pegs an aspirational $1.4T valuation and shows founders collectively selling shares worth $236–264M while retaining 51.1% voting power via Class F stock, and Reed Hastings committing $300M.
OpenAI launched a beta Business Hub to let verified firms build specialized agents and track limited engagement metrics, positioning ChatGPT more as a discovery platform than a direct commerce hub; it also quietly acq-hired AI travel startup Odessia after the latter raised $6M from Sequoia and shut down.
Anthropic introduced Claude Meetings, Whiteboards, Sheets and Claude Data for enterprise collaboration and analytics, embedding AI into calls, visual workspaces and data warehouses for Team and Enterprise customers.
Meta’s Muse AI agent now has over 10M U.S. users, is available on Apple Watch, Wear OS and iPad, supports voice/text/video chat and avatar-based interactions, and offers a paid plan at $20/month for 500M tokens weekly; it is expanding to business calls for paid users and will add email creation for free users.
Google upgraded Search to Gemini 4 Hydrogen, a faster (2.5x vs Gemini 3.8 Flash) multi-level reasoning model rolled out globally across consumer and developer surfaces including AI Studio, API and Pro/Ultra tiers.
Google unveiled TPU 8tx (co-developed with AMD) and TPU 8i Max to reduce reliance on external chipmakers, adding on-the-fly training, enhanced security, and doubled memory/power, further deepening its AI infrastructure moat.
AWS released AWS Emulator, a Rust-based local tool that emulates AWS APIs so developers can test workloads and agents without cloud charges, supporting multiple services and deployment modes via Linux packages and Docker.
Databricks launched Genie, an AI agent aimed at companies with 150+ employees that executes multi-step tasks using custom ontologies and Unity Gateway for cost control, positioning Databricks as a horizontal AI-workflow layer.
AI agents remain unreliable for complex unsupervised tasks; Plurai raised $13M seed to use synthetic data and digital twins to post-train small open-weight models, targeting cheaper, more robust agent behavior.
Fireworks AI disclosed a second cyber breach in two months, exposing billing data, datasets and chat transcripts via a compromised cloud provider, with attackers apparently trying to monetize stolen LLM tokens.
N-able temporarily disabled its N-Central product to patch zero-day vulnerabilities (Able2Shell) that allowed root access; though it reports no successful exploitation, the disclosure highlights enterprise software security risk.
A coalition including Public Citizen sued Anthropic, Google, Meta, OpenAI and SpaceX in San Francisco seeking to halt AI development under California unfair-competition law, citing public health and extinction risks, adding legal overhang to the sector.
New York’s RAISE Act requires AI firms with >$500M revenue to register by Jan 1, 2027, publish safety frameworks and report incidents within 72 hours, with fines up to $3M; California and Illinois have similar regimes, raising compliance costs for large AI players.
Irene Solaiman warns that open AI platforms are increasingly targeted by hackers, with recent attacks on OpenCode, OpenAI and Fireworks prompting security tightening by Hugging Face and GitHub while they try to preserve researcher access.
Matter’s Sundrop app uses on-device Apple Vision/Core ML to create baby-photo recaps without cloud or generative AI, charging $39.99/year, reflecting consumer demand for private, subscription-based AI utilities.
a16z-backed Phota Labs raised $5.6M seed for an AI photo-enhancement app that personalizes styles while preserving authenticity via invisible watermarks and plans a freemium model and Android expansion.
Helix, founded in 2025, raised $6M to build on-device voice identity tech for CAPTCHA replacement and distress detection; it explicitly cannot reliably detect lies or AI agents, limiting some high-risk use cases.
Kora Systems is developing a new Linux OS with integrated AI and autonomous agents, targeting 50M users by 2027 and monetizing through subscriptions to its Cortex AI engine and agentic services.
Adobe and Google expanded their strategic partnership: Acrobat will be embedded into Google Workspace, Gemini models will power AI features in Acrobat and Photoshop, and Google’s imaging/video models will feed Adobe’s Firefly, Premiere and Express, deepening cross-platform lock-in.
Adobe’s MAX updates added Firefly Builder (beta), Model Context Protocol integration with ChatGPT, third-party model support, and new AI capabilities in Photoshop, Premiere and Topaz Labs plug‑ins, strengthening its AI-enabled creative suite.
X introduced a video clipping tool that lets users cut and repost segments with source attribution and monetization via Original Content Rewards, boosting creator engagement and ad inventory.
Spotify enhanced its AI DJ for 94M+ Premium users with multiple English and Spanish voices and less commentary, rolling out to 95 markets and reinforcing stickiness among paid subscribers.
Reddit launched AI-powered Reviews for 10k products across platforms, aggregating community content into structured shopping guidance with abuse controls, likely improving ad and affiliate monetization ahead of the holidays.
Google launched the Pixel Tag at $29.99, an item tracker using Bluetooth and UWB, with IP67 rating, loud speaker and replaceable battery, targeting Android users and competing with Apple’s AirTag.
Amazon’s Ring created Ring Robotics with two AI-enabled devices: a $270 indoor Drone Cam (Jan 27) and a $1,000 Rover Cam for business patrols (Dec 16), using AI Pilot navigation to expand Ring’s hardware and subscription ecosystem.
Cosm is partnering with Disney for immersive Star Wars dome films on 87-foot 12K screens in March to coincide with the franchise’s 50th anniversary, building on prior Hollywood collaborations to drive venue traffic and content revenues.
X launched an enhanced live-streaming and creator ecosystem earlier in the year (long-form video, paywalled threads, live-streaming studio grants), now adding clipping and reward structures to deepen engagement and revenue.
Nebius, CoreWeave, Fractile and broader AI-infrastructure investment underscore that AI data-center capex is surging, with much of the physical buildout funded through long-dated contracts and leveraged balance sheets, creating both growth optionality and leverage risk.
AI-sector commentary highlights uncertainty about long-term profitability, potential commoditization of models, heavy infrastructure needs, and regulatory/tax risks, even as current leaders like Nvidia and TSMC enjoy outsized near-term economics.
MIT’s use of Anthropic’s Fable 5.2 to prove the Aaronson‑Ambainis conjecture demonstrates AI’s growing role in frontier research, with PSI working to commercialize theoretical advances, potentially expanding AI’s scientific TAM.
Nine Korean deep-tech startups, including AI brain-health winner Voinosis, pitched at DETO 2026 for TechCrunch’s Startup Battlefield, signaling a pipeline of new AI and robotics entrants aiming at the U.S. market.
Kunal Shah plans to simplify WhatsApp via AI features such as summaries and bill-payment tools, pairing growth in financial services with a strong privacy stance to protect its 3B‑user base.
Kora, Matter, Phota, Helix and similar startups show a trend toward on-device, privacy-focused AI products monetized via subscriptions rather than pure ad models.

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Sep 29, 2026 to Nov 13, 2026 · 388 companies

Technology Earnings Report — 2026-09-29 to 2026-11-13

Report generated: 2026-11-13 00:06:24 EST

Overview

Companies reported: 388 (2026-09-29 - 2026-11-13). Technology sector results were overwhelmingly driven by surging demand for AI infrastructure, which fueled record revenue and order backlogs across semiconductor equipment, chipmakers, and data center providers. While AI-exposed segments delivered double-digit growth and margin expansion, a clear divergence emerged as traditional consumer electronics faced headwinds from soft smartphone demand and inventory corrections. This dynamic was exemplified by massive revenue surges for companies like CoreWeave (CRWV) and Applied Materials (AMAT), contrasting sharply with distressed outliers such as GoPro (GPRO) and Spruce Power (SPRU).

Leaderboard

Top 5 by Revenue Growth (YoY)

#	Company	Ticker	Revenue Growth YoY	Revenue
1	Boost Run Inc.	BRUN	496%	$39.9 million
2	CoreWeave Inc.	CRWV	168%	$3.66 billion
3	Energous Corp.	WATT	167%	$3.4 million
4	Netlist Inc.	NLST	149%	$105.1 million
5	GCT Semiconductor Holding Inc.	GCTS	148.6%	$1.1 million

Note: CoreWeave (CRWV) reported a net loss of $709 million despite the revenue surge.

Top 5 by Net Income Growth (YoY)

#	Company	Ticker	Net Income Growth YoY	Net Income
1	Strategy Inc	MSTR	599.6%	$19.53 billion
2	Sandisk Corp	SNDK	n/a	$8.101 billion
3	Netlist Inc	NLST	n/a	$85.4 million
4	Core Scientific Inc	CORZ	n/a	$1.2 billion
5	KULR Technology Group Inc	KULR	n/a	$4.47 million

Net income growth rates for Sandisk, Netlist, Core Scientific, and KULR are not explicitly stated as percentages in the summaries; values are derived from reported current and prior year figures where available or noted as n/a where only current figures or non-comparable prior periods (e.g., one-time gains) are provided without a stated growth rate.

Themes

AI infrastructure demand is the primary growth driver across the sector, fueling record revenue and order backlogs for semiconductor equipment (Applied Materials, Onto Innovation, KLA), chipmakers (AMD, Marvell, Astera Labs), and data center infrastructure providers (CoreWeave, Cerebras, Core Scientific).
Hyperscalers and cloud providers are accelerating capital expenditure on high-performance computing, leading to significant revenue surges for networking and optical components suppliers (Cisco, Arista, Lumentum, Applied Optoelectronics) and AI-specific hardware vendors (Super Micro Computer, NVIDIA ecosystem partners).
Strong demand in automotive and industrial sectors is supporting growth for power management and connectivity specialists (Diodes, onsemi, Infineon partners, TE Connectivity), with many companies citing double-digit growth in these end markets.
Software and infrastructure companies are seeing accelerated adoption of AI-native platforms and agentic workflows, resulting in higher net dollar retention and ARR growth for firms like Datadog, ServiceNow, Palantir, and Fortinet.
A divergence in performance is evident between AI-exposed segments and traditional consumer electronics, with the latter facing headwinds from smartphone softness and inventory corrections, while AI-related segments post record performance.
Supply chain constraints, particularly regarding advanced packaging capacity and power availability, are emerging as key bottlenecks, leading to extended lead times and capacity expansions for equipment makers and data center operators.
Pricing power remains robust for companies with differentiated AI and high-performance computing solutions, allowing for margin expansion despite rising input costs for memory and logistics in other segments.
Strategic capital allocation is shifting toward aggressive share repurchases and dividends for cash-rich leaders (Apple, Microsoft, Broadcom, Cisco), while growth-stage AI companies are prioritizing debt financing and equity raises to fund massive infrastructure build-outs.
M&A activity is concentrated in AI and cybersecurity, with companies acquiring specialized IP and talent to enhance their AI capabilities and secure sovereign environments, though some transactions face regulatory scrutiny.
Cost discipline and operational efficiency are critical themes for mature software and IT services firms, with many executing restructuring plans to improve margins and redirect resources toward high-growth AI initiatives.

Market Outlook & Trends

Revenue growth is being driven primarily by AI infrastructure buildouts, with hyperscalers and data center demand offsetting softness in consumer electronics; companies like Cerebras (CBRS), CoreWeave (CRWV), and Nvidia ecosystem partners (e.g., Applied Materials (AMAT), Marvell (MRVL)) report record bookings and multi-year contracts, while others like Diodes (DIOD) and Silicon Labs (SLAB) cite strong automotive and industrial segments.
Backlog levels are reaching historic highs across the sector, with Cisco (CSCO) noting the "very early stages of a multi-year networking supercycle," Cerebras (CBRS) reporting $26.1 billion in remaining performance obligations, and Avnet (AVT) and TE Connectivity (TEL) seeing order surges driven by AI and connectivity solutions.
Capacity constraints and extended lead times remain a key theme, particularly in semiconductors and equipment; Diodes (DIOD) and Microchip (MCHP) report tight channel inventory and lengthening supply chain lead times, while Applied Optoelectronics (AAOI) and CoreWeave (CRWV) face delays in power availability and construction for new data center campuses.
Pricing power and margin expansion are evident in high-growth segments, with Cerebras (CBRS) and Netlist (NLST) achieving record gross margins, while others like Diodes (DIOD) and Microchip (MCHP) guide for margin expansion to 37% and 64-65% respectively, though some companies like TransAct (TACT) and Netgear (NTGR) face margin pressure from product mix shifts and component costs.
Capital allocation is shifting toward aggressive infrastructure investment and M&A to secure supply and technology; CoreWeave (CRWV) raised $4.2 billion in convertible notes and increased capex to $37-39 billion, while companies like Applied Materials (AMAT), AMD (AMD), and Marvell (MRVL) are executing significant acquisitions to bolster AI and semiconductor capabilities.
Risks identified by management include geopolitical tensions, export control disruptions, and regulatory hurdles; Peraso (PRSO) and Netlist (NLST) highlight risks related to supply chain and patent litigation, while Intel (INTC) and AMD (AMD) note regulatory uncertainties and intense competition impacting returns on AI investments.
Several companies are pivoting toward recurring revenue models and software-as-a-service to stabilize earnings, with Rekor (REKR), ServiceNow (NOW), and Fortinet (FTNT) reporting strong ARR growth and high retention rates, while others like SoundHound AI (SOUN) and Palantir (PLTR) are transitioning from license deals to hosted structures to improve margin stability.
Financial guidance is being raised by many leaders reflecting strong demand, with companies like Shopify (SHOP), Datadog (DDOG), and Fortinet (FTNT) increasing revenue and profitability outlooks, while others like TransAct (TACT) and ADI Global Distribution (ADIG) have lowered guidance due to supply chain delays and residential market weakness.
Liquidity positions are generally strengthening, with many firms raising capital through equity or debt offerings to fund growth; Cerebras (CBRS) secured $7.8 billion in liquidity, while others like Netlist (NLST) and CoreWeave (CRWV) have significantly increased cash reserves to support their expansion plans.
Strategic consolidation and M&A activity is accelerating, with companies like Broadcom (AVNW), AMD (AMD), and Marvell (MRVL) pursuing acquisitions to expand their AI and semiconductor portfolios, while others like Rackspace (RXT) and Core Scientific (CORZ) are focusing on converting capacity into high-margin operations within the enterprise AI stack.

Key Numbers

Cisco Systems (CSCO) reported record quarterly revenue of $18.5 billion, up 24% year-over-year, with GAAP net income rising 59% to $4.6 billion.
Applied Materials (AMAT) posted record Q4 FY2026 revenue of $10.41 billion, a 53% year-over-year increase, and non-GAAP EPS of $4.16, up 92% year-over-year.
CoreWeave (CRWV) saw revenue surge 168% year-over-year to $3.66 billion, while Adjusted EBITDA rose 169% to $2.26 billion.
Arista Networks (ANET) reported Q3 2026 revenue of $3.66 billion, a 58.5% year-over-year increase, with non-GAAP diluted EPS rising to $1.20.
Super Micro Computer (SMCI) recorded net sales of $19.9 billion in Q1 FY2027, a 298% year-over-year increase, with net income reaching $1.594 billion.
AMD (AMD) achieved record quarterly revenue of $13.4 billion, up 45% year-over-year, driven by a 97% surge in Data Center segment revenue to $8.5 billion.
Marvell Technology (MRVL) reported preliminary Q3 FY2027 revenue consistent with guidance, while announcing an all-stock acquisition of Lumentum at an enterprise value of $115 billion.
Palantir Technologies (PLTR) reported total revenue of $2.313 billion, a 96% year-over-year increase, with GAAP net income of $1.128 billion.
Microsoft (MSFT) posted revenue of $92.3 billion, up 19% year-over-year, with Azure revenue surging 48% and commercial remaining performance obligations increasing 73% to $677 billion.
Apple (AAPL) reported total quarterly revenue of $114.5 billion, a 12% year-over-year increase, with iPhone revenue reaching a September quarter record of $57.6 billion.

Outliers

CoreWeave (CRWV) posted the strongest report with Q3 revenue surging 168% year-over-year to $3.66 billion and a record $132.5 billion revenue backlog, driven by aggressive infrastructure expansion and massive demand for AI compute capacity.
Applied Materials (AMAT) delivered the most robust results among equipment makers, with Q4 FY2026 revenue hitting a record $10.41 billion (up 53% YoY) and non-GAAP EPS doubling to $4.16, fueled by a 64% surge in Semiconductor Systems.
GoPro (GPRO) issued the weakest report, citing substantial doubt regarding its ability to continue as a going concern, material weaknesses in internal controls, and a 41% contraction in gross margin to 12.7%.
Spruce Power (SPRU) reported the most concerning financial position with revenue declining 3% year-over-year to $29.7 million while cash reserves plummeted to $630,000, raising immediate liquidity concerns despite a return to net income.