Warren Ruffett

$ARM HOLDINGS Q2’27 EARNINGS HIGHLIGHTS 🔹 Revenue: $1.44B (Est. $1.38B) 🟢; +27% YoY 🔹 Adj. EPS: $0.52 (Est. $0.47) 🟢; +33% YoY 🔹 Non-GAAP Oper Income: $638M (Est. $569M) 🟢 Revenue Mix: 🔹 Royalty Revenue: $670M (Est. $712M) 🔴; +8% YoY 🔹 License & Other Revenue: $773M (Est. $661M) 🟢; +50% YoY Q3 Guide: 🔹 Revenue: $1.54B ± $50M (Est. $1.53B) 🟡 🔹 Adj. EPS: $0.56 ± $0.04 (Est. $0.55) 🟡 🔹 Non-GAAP OpEx: ~$825M Announcements: 🔹 Arm AGI CPU: Up to $2B revenue opportunity across FY27–28 🔹 Physical AI: Launched Arm Total Design with 80+ companies Key Updates: 🔹 Server Share: 15% in 2024 → 50%+ in 2025; 60%+ expected by end-2026 🔹 Arm-based PCs: ~20% of global shipments Comments: 🔸 “demand for our silicon business continues to accelerate, with growing customer commitments giving us even greater confidence in achieving up to $2 billion in Arm AGI CPU revenue across fiscal 2027 and 2028.”

QUALCOMM $QCOM Q4’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $10.44B (Est. $10.11B) 🟢; -7% YoY 🔹 Adj. EPS: $2.17 (Est. $2.16) 🟢; -28% YoY 🔹 GAAP EPS: $1.17 Q1 Guide: 🔹 Revenue: $10.4B-$11.2B (Est. $10.48B) 🟡 🔹 Non-GAAP EPS: $2.15-$2.35 (Est. $2.27) 🟡 🔹 GAAP EPS: $1.03-$1.23 Segment Revenue: 🔹 QCT Revenue: $9.02B (Est. $8.74B) 🟢; -8% YoY 🔹 Handsets: $5.14B (Est. $5.22B) 🔴; -26% YoY 🔹 Automotive: $1.99B (Est. $1.71B) 🟢; +89% YoY 🔹 IoT: $1.89B (Est. $1.82B) 🟢; +4% YoY 🔹 QTL Revenue: $1.30B (Est. $1.30B) 🟡; -7% YoY Announcements: 🔹 Amazon Collaboration: Multi-generational product collaboration for AI data centers Other Q4 Metrics: 🔹 QCT EBT Margin: 24% Capital Return: 🔹 Buybacks: $1.01B 🔹 Dividend: $0.92/share Comments: 🔸 “Fiscal 2027 marks the start of our non-handset revenue inflection, including the ramp of our Data Center business. Non-handset revenues are projected to grow by more than 60% year-over-year, and we are reiterating our fiscal 2027 Data Center revenue target of $5B.”

$IBM Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $17.1B (Est. $16.82B) 🟢; +5% YoY 🔹 Adj. EPS: $2.95 (Est. $2.86) 🟢; +11% YoY 🔹 Free Cash Flow: $3.0B FY26 Guide: 🔹 Constant Currency Revenue Growth: 4%-5% 🔹 Free Cash Flow: ~$1B increase YoY Segment Revenue: 🔹 Software: $7.8B; +8% YoY, +9% cc 🔹 Consulting: $5.3B; flat, +2% cc 🔹 Infrastructure: $3.7B; +4% YoY, +5% cc Other Q3 Metrics: 🔹 Constant Currency Revenue Growth: 6% 🔹 Hybrid Cloud (Red Hat): +11% YoY 🔹 Automation: -3% YoY 🔹 Data: +19% YoY, +20% cc 🔹 IBM Z: -20% YoY, -19% cc 🔹 Distributed Infrastructure: +31% YoY, +32% cc Financials: 🔹 Adj. Gross Margin: 58.5%; -0.2 pts YoY 🔹 Adj. Net Income: $2.8B; +12% YoY 🔹 Operating Cash Flow: $4.0B 🔹 Cash & Marketable Securities: $11.1B 🔹 Debt: $63.8B Comments: 🔸 “Our clients are now deploying Super Intelligence in ways that transform entire operating models, instead of simply addressing narrow or novel problems.” 🔸 “For the full year, we continue to expect constant currency revenue growth in the range of four-to-five percent, and we now expect free cash flow to increase by more than $1 billion year-over-year.”