Florin Marian 🇷🇴 🤝🇪🇺🤝🇺🇸

SK HYNIX $SKHY Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $78.9B (Est. $74.8B) 🟢; +328% YoY 🔹 Oper Profit: $62.8B (Est. $58.5B) 🟢; +632% YoY 🔹 Oper Margin: 80%; +3,300 bps YoY; record high 🔹 QoQ: Revenue +32% / Oper Profit +38% Q4 Guide: 🔹 DRAM Bit Growth: Mid-20% QoQ 🔹 NAND Bit Growth: Mid-single% QoQ incl. Solidigm Q3 Pricing & Volume: 🔹 DRAM ASP: High-20% QoQ; bits ~+10% QoQ 🔹 NAND ASP: Mid-20% QoQ; bits slightly lower QoQ Profitability: 🔹 Gross Margin: 85.7% (Est. 85.2%) 🟢 🔹 EBITDA: $66.1B; 84% margin; +486% YoY 🔹 EPS: $41.07; +205% YoY Financials: 🔹 Cash: $86.3B; +311% YoY 🔹 Interest-Bearing Debt: $11.9B; -34% YoY 🔹 Net Debt-to-Equity: -32%; -2,800 bps YoY 🔹 Operating Cash Flow: $41.3B; +281% YoY 🔹 Total Assets: $295.5B 2027 Market Outlook: 🔹 DRAM Demand Bit Growth: +mid-20% YoY 🔹 NAND Demand Bit Growth: +high-teens% YoY 🔹 2027 CapEx: To rise significantly vs 2026 🔸 Memory demand expected to outpace supply through 2030 Product & Technology: 🔹 HBM4: Expected to surpass HBM3E in HBM shipment and revenue share in Q4 🔹 2027 HBM: Negotiations finalized; profitability gap with conventional DRAM expected to narrow meaningfully 🔹 M15X: Ramp-up accelerating to full capacity by end-2026 🔹 321L NAND: Over 50% of domestic capacity in Q4 Business Highlights: 🔹 LTAs: Signed with 14 key customers incl. major global CSPs; standard 5-year term; over 50% of 2027-2028 capacity secured 🔹 Q3 Dividend: ~₩20,000/share (~$15.08), incl. a ₩10,000 special dividend from realized Kioxia gains 🔹 Share Acquisition: ₩20T (~$15.1B) for the quarter, incl. ~₩10T for executive & employee compensation 🔸 Quarterly revenue topped ₩100T for the first time Note: 🔹 Net Profit: $30.0B; +216% YoY 🔸 Includes a $24.6B non-operating loss: a $17.3B investment-asset loss and an $8.8B FX loss as the won strengthened FX used for USD conversion: $1 = ₩1,326 (mid-market; Oct 27, 2026)

Breaking: Elon Musk ordered the Starlink slowdown that blindsided Ukraine on.wsj.com/4sgcpBv

Hedge Funds dumped tech stocks last week at the fastest pace in AT LEAST a decade 🚨

Ukraine has “already lost” the war against Russia, says @Alice_Weidel, co-leader of the Alternative for Germany party, which is leading German opinion polls. She told @zannymb, that Germany should pull the plug on support for Ukraine against Vladimir Putin’s invasion. Watch the full interview at 6pm London time (1pm in New York): bit.ly/4yrcX9s

I just saw this in person, and I am still asking how this wasn’t AI 😂

Very big deal

🚨 Alemanya dona suport a l’aprovació del sistema de conducció autònoma supervisada de Tesla (FSD) a tota la Unió Europea 🇩🇪🇪🇺 Després de negociar directament amb Tesla, el govern alemany ha arribat a un acord sobre els punts que generaven més dubtes i el ministre de Transport assegura que treballarà perquè el sistema s’aprovi a Europa «tan aviat com sigui possible». Entre els acords: ✅ El sistema podrà superar el límit de velocitat fins a un màxim del 10%
✅ El conductor continuarà sent responsable de la conducció
✅ Tesla ha ofert canviar el nom de “FSD” a “Tesla Assisted Driving” Fa només uns dies Alemanya encara expressava dubtes sobre la seva aprovació. Un pas ENORME per l’FSD a Europa. 🇪🇺

Jensen Huang on Elon Musk building Terafab: “If anybody could do it, he can” “Elon likes to talk about these things, and so we spent a lot of time talking about it” But this one perfectly describes Elon: “You can’t discourage Elon from doing it....that’s his superpower. Once he decides to go do something, it’s hard to stop him”

.@DavidSacks makes a good case here that the “AI will kill humanity” headlines were orchestrated: they leaped into mainstream media from the dormant X account of an Anthropic employee who quit after six weeks. David names purported perpetrators and calls out the role @WSJ played.

Nike really said, “yep, this is the ad that’s gonna make people buy shoes” 😂

ZSCALER $ZS Q4'26 EARNINGS HIGHLIGHTS 🟢 Revenue $898.2M vs $877.6M est | +25% YoY from $719.2M 🟢 Non-GAAP EPS $1.19 vs $1.09 est | +34% YoY from $0.89 🟢 Non-GAAP OpInc $218.4M | +37% YoY from $158.9M | record 24% margin (vs 22%) 🟢 ARR $3.771B | +25% YoY | net new ARR $246M 🟢 Q1'27 rev guide $935–$939M vs $926.1M est | ~19% YoY 🟢 Q1'27 Non-GAAP EPS guide $1.15–$1.16 vs $1.08 est 🟢 FY27 rev guide $3.908–$3.938B vs $3.90B est | +16.6–17.5% YoY 🟢 FY27 Non-GAAP EPS guide $4.86–$4.90 vs $4.60 est ARR / Growth Engine: 🔹 ARR $3.771B | +25% YoY ▪️ Net new ARR $246M | +24% YoY ▪️ Ex-Red Canary ARR $3.630B | +20% YoY | net new +17% ▪️ Red Canary contributed $141M ARR 🔹 Deferred revenue $2.926B | +19% YoY Full Year FY26: 🔹 Revenue $3.353B vs ~$3.33B est | +25% YoY from ~$2.67B ▪️ Ex-Red Canary revenue $3.209B | +20% YoY 🔹 Non-GAAP EPS $4.21 vs ~$4.13 est | +28% YoY from $3.28 🔹 Non-GAAP OpInc $767.1M | 23% margin | +32% YoY from $580.1M 🔹 GAAP net loss $63.2M | GAAP diluted EPS ($0.39) 🔹 Operating cash flow $1.130B | 34% of sales 🔹 FCF $779.1M | 23% of sales | +7% YoY from $726.7M Q4 Profitability & Cash: 🔹 GAAP OpLoss $15.5M | (2%) of sales vs ($32.2M)/4% prior 🔹 GAAP net loss $3.4M | GAAP EPS ($0.02) vs ($0.11) 🔹 Non-GAAP NI $198.2M | +35% YoY from $146.7M 🔹 Operating cash flow $279.3M | 31% of sales 🔹 FCF $60.8M | 7% of sales vs $171.9M / 24% prior ▪️ CapEx + IUS $218.5M vs $78.7M prior (equipment pull-forward) 🔹 Cash & cash equivalents $928M | ST investments $2.546B Outlook (woven): 🔹 Q1'27 Non-GAAP GM ~80% | Non-GAAP OpInc $215–$217M | ~23% OM | +25–26% YoY 🔹 FY27 ARR $4.396–$4.426B | +16.6–17.4% 🔹 FY27 Non-GAAP GM ~80% | Non-GAAP OpInc $924–$932M | ~+21% YoY 🔹 FY27 FCF margin ~23.0–23.5% 🔹 Q1 diluted shares ~170M | FY27 ~173M | Non-GAAP tax rate 21% CEO Commentary: Jay Chaudhry, CEO/Chairman/Founder: AI is one of the most significant opportunities in Zscaler’s history — connecting users, workloads, branches, and now agents directly to apps without putting them on the network. Continued innovation across Zero Trust SASE, Agentic SecOps, Data Security, and Security for AI is driving platform adoption as the cybersecurity platform for the AI era. Kevin Rubin, CFO: Strong Q4 with revenue and ARR both +25% YoY, net new ARR +24%, and record 24% non-GAAP operating margin. Growth engine broadening beyond seats via non-seat solutions, Z-Flex momentum, record large-deal activity, and improving sales productivity heading into FY27. $ZS printed a clean beat-and-raise into the AI-agent security pitch — but FY27 still clocks ~17% ARR, so the tape has to decide if margin + agents offset the growth step-down.