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Friday, November 6, 2026

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David Orr on X

Google $GOOG Key bear argument: Search is their largest business and likely faces a long term headwind instead of long term tailwind. At least probably, since they are doing a good job incoperating fast AI responses into search. Android (and iOS and Windows) are threatened. The work culture is weak (but seems to be improving). Key bull argument: Most of their other businesses are good/great and growing. A couple are big AI winners. TPUs in particular are a likely key AI ingredient if either/both inference and electricity efficiency matter a lot (I think yes to both). YouTube is a big AI winner. Cloud/compute biz wins from AI, deals are structured in a way with no downside for $GOOG (but plenty of downside for the companies locking into the contracts). Management are fantastic capital allocators.

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AMD Q3 FY26, Annotated

AMD's Q3 revenue rose 45% to $13.4 billion as data center reached $8.5 billion, 64% of sales, driven by EPYC and Instinct ramps.

AMD $660B
Chipstrat 2 clicks

ARM Q2 FY3/27 Earnings Review

Arm reported Q2 revenue of $1.443 billion, up 27%, as licensing rose 50% while royalties grew 8%; Q3 guidance calls for $1.54 billion.

ARM $181B
Cestrian Capital Research

AppLovin 3Q26: Business Update

AppLovin's 3Q26 revenue rose 55% year over year and margins reached 78.2%, driven by AXON model gains, while publisher bidding pressure…

APP $118B
Speedwell Memos 2 clicks

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