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OPENAI HAS CUT ITS FUNDING TARGET BY $10 BILLION AND NOW SEEKING $20B AT A $1.25 TRILLION VALUATION: FT

BINANCE FACES WHAT COULD BE THE BIGGEST CRYPTO HACK IN HISTORY Blockchain researchers spotted billions of dollars in suspicious transfers from Binance's hot wallets to newly created addresses, with some funds quickly moved to other wallets. One of the initial Ethereum transfers involved roughly $1.6B in USDT and 167,000 ETH. Estimates of total suspicious outflows have now reached approximately $5.9B across multiple blockchain networks, although the amount actually stolen remains unconfirmed. In response, Tether and Circle have frozen more than $2.38B in stablecoins linked to the incident, preventing those funds from being transferred further. Binance founder CZ says it “does look like a hack” and expects customer funds to be fully covered. Binance says user funds remain safe and is investigating the security issue. Some customers have also experienced withdrawal disruptions. For context, the previous largest crypto hack was the $1.5B Bybit theft in February 2025. If the full reported amount is confirmed stolen, this would surpass that record by nearly four times.

$INTC -20% 🩸

DEXCOM $DXCM Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $1.34B (Est. $1.33B) 🟢; +11% YoY 🔹 Adj. EPS: $0.73 (Est. $0.67) 🟢; +20% YoY 🔹 Non-GAAP Gross Margin: 65.1% (Est. 64.4%) 🟢; +380 bps YoY 🔹 Non-GAAP Oper Income: $339.5M (Est. $314M) 🟢 🔹 Adjusted EBITDA: $435.2M (Est. $419M) 🟢 Raises FY26 Guide: 🔹 Revenue: $5.20B-$5.25B (Est. $5.23B) 🟡 🔹 Non-GAAP Gross Profit Margin: 64% 🔹 Adjusted EBITDA Margin: 32% Geographic Revenue: 🔹 U.S.: $969.8M; +14% YoY 🔹 International: $374.7M; +5% YoY Announcements: 🔹 CONNECT Trial: Published in The New England Journal of Medicine 🔹 Stelo: Launched the fully redesigned experience 🔹 Dexcom G7 15 Day: First two international regulatory clearances Other Q3 Metrics: 🔹 Organic Revenue Growth: +11% 🔹 GAAP Oper Margin: 24.3%; +420 bps YoY Key Updates: 🔹 Share Repurchase Authorization: Up to $1.0B Comments: 🔸 “This performance enabled us to again raise our full-year revenue and operating margin guidance and reinforces our confidence in our ability to deliver on the long-term objectives we outlined at Investor Day.”

AMAZON $AMZN Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $201.9B (Est. $202.3B) 🟡; +12% YoY 🔹 EPS: $1.89 (Est. $1.96) 🔴; w/ Anthropic gain 🔹 Operating Income: $28.1B (Est. $26.2B) 🟢 🔹 AWS Sales: $46.0B (Est. $45.4B) 🟢; +39% YoY 🔹 CapEx: $77.3B (Est. $57.47B) 🟢 Q4 Guide: 🔹 Revenue: $240.0B-$247.0B (Est. $244.5B) 🟡 🔹 Op. Income: $28.5B-$33.5B (Est. $33.1B) 🟡 🔹 Revenue Growth: +12%-+16% YoY Segment Net Sales: 🔹 North America: $112.9B (Est. $113.39B) 🔴 🔹 International: $43.1B (Est. $43.21B) 🔴 Other Q3 Metrics: 🔹 Advertising: $19.6B (Est. $20.87B) 🔴 🔹 Subscription: $14.0B (Est. $13.69B) 🟢 🔹 AWS Operating Income: $17.8B 🔹 Free Cash Flow (TTM): -$42.4B Key Updates: 🔹 Anthropic: $9.5B pre-tax gain in Q3’25 included in non-operating income 🔹 AWS: $184B annualized revenue run rate; over 39% YoY growth 🔹 AgentCore: Tens of thousands of customers; 2x more agents deployed in Q3 🔹 Alexa for Shopping: 400M+ customers; interactions up 570% YoY Comments: 🔸 “Our AWS investment in functionality and infrastructure is working, with over 39% year-over-year revenue growth in Q3 ($184 billion revenue run rate) and projected revenue growth rates of over 40% both in 2027 and in 2028”

Microsoft $MSFT Outlook 🔹 Q2 Revenue: $96.0B-$97.1B (Est. $95.62B) 🟢 🔹 Q2 Azure: +49% to +50% CC (Est. +44.6%) 🟢 🔸 Azure: Demand continues to exceed available supply 🔸 CY26 CapEx: ~$170B, lowered on 3rd-party capacity delays (Prior: ~$175B); spend to accelerate in H2 FY27 🔸 Some third-party GPU-as-a-service contracts delayed to H2 FY27 Q2 Segment Guidance: 🔹 Agents and Infra: $80.1B-$80.7B; +24%-25% YoY 🔹 Devices and Consumer: $15.9B-$16.4B Q2 Product Outlook: 🔹 M365 Commercial Cloud: ~+19% CC 🔹 M365 Consumer Cloud: Low-teens growth, down sequentially 🔹 Industry Solutions Cloud: Mid- to high-single-digit growth 🔹 Frontier & Support Services: Low- to mid-single-digit growth 🔹 Productivity & Server Licensing: Mid- to high-single-digit decline 🔹 Search & Advertising ex-TAC: Low-double-digit growth 🔹 Xbox Content & Services: Mid- to high-single-digit growth 🔹 Windows OEM & Devices: Mid-30s decline Q2 Financial Guidance: 🔹 Revenue Growth: +18%-19% YoY 🔹 COGS: $32.7B-$32.9B; +26%-27% YoY 🔹 Operating Expenses: $18.5B-$18.6B 🔹 Operating Margin: Down slightly YoY 🔹 Microsoft Cloud Gross Margin: ~65%, down YoY on mix shift to Azure 🔹 CapEx: Over $50B 🔹 Other Income/Expense: ~-$300M, excluding OpenAI 🔹 Effective Tax Rate: ~20% Additional Commentary: 🔸 Commercial Bookings: Healthy growth, impacted by significant prior-year Azure commitments FY27 Outlook: 🔹 Free Cash Flow: Expected to remain positive 🔸 May access additional funding sources when attractive 🔸 Cost guidance includes the employee voluntary exit offer

$NOW -18% Following a slowdown in expected contract growth, despite accelerating AI adoption. Q3 cRPO grew 21% in constant currency, but ServiceNow expects growth to slow to 18.5% in Q4, below Street's 19.7% estimate. cRPO measures contracted revenue expected to be recognized over the next 12 months, making it an important indicator of future growth. Management explained several factors behind the weaker outlook: • Early renewals accounted for roughly half of Q3's cRPO beat, pulling some deals forward from Q4. • More on-premise government contracts are creating a 25-basis-point headwind to Q4 cRPO growth. • AI deployment support is shifting roughly 50 basis points of Q4 subscription growth into professional services. Meanwhile, AI momentum remains strong: • AI net-new ACV grew 65% YoY • Agentic AI consumption rose 13x YoY • FY26 AI ACV target raised to $1.7B from $1.5B • FY26 free cash flow margin target raised to 36% Despite this momentum, ServiceNow raised its full-year subscription revenue outlook by just $15M at the midpoint. Management argues that timing and accounting effects explain part of the slowdown.

NVIDIA $NVDA WILL REPORT Q3 EARNINGS ON TUESDAY, NOV. 17

MARVELL $MRVL IS SAID IN ADVANCED TALKS TO BUY $LITE LUMENTUM HOLDINGS

MICROSOFT $MSFT Q1’27 EARNINGS HIGHLIGHTS 🔹 Revenue: $92.3B (Est. $90.69B) 🟢; +19% YoY 🔹 Adj. EPS: $4.89 (Est. $4.73) 🟢; +18% YoY 🔹 Oper Income: $45.9B (Est. $44.06B) 🟢; +21% YoY 🔹 Adj. Net Income: $36.4B (Est. $35.13B) 🟢 🔹 Azure: $33.2B (Est. $32.32B) 🟢; +48% YoY 🔹 Azure Growth ex-FX: +48% (Est. +45.2%) 🟢 🔹 Azure Growth: +48% YoY (Est. +44.7%) 🟢 🔹 Microsoft Cloud: $63.9B; +30% YoY 🔹 Commercial RPO: $677B (Est. $705.6B) 🔴 Agents and Infra: 🔹 Agents & Infra Revenue: $76.8B (Est. $75.6B) 🟢 🔹 Agents and Infra Operating Income: $40.6B 🔹 Industry Solutions: $5.3B (Est. $5.4B) 🔴 Devices and Consumer: 🔹 Devices & Consumer Revenue: $15.5B (Est. $15.0B) 🟢 🔹 Devices and Consumer Operating Income: $5.4B 🔹 Search & Advertising: $6.6B (Est. $6.4B) 🟢 🔹 XBOX: $5.4B (Est. $5.0B) 🟢; -2% YoY 🔹 Windows OEM & Devices: $3.6B (Est. $3.5B) 🟢 Financials: 🔹 CapEx: $39.4B (Est. $46.59B) 🟢 🔹 CapEx to Revenue: ~42.7% Key Updates: 🔹 OpenAI Impact: $207M net gain; $0.03 EPS impact Capital Return: 🔹 Returned $10.2B to shareholders via dividends & share repurchases CEO Commentary – Satya Nadella: 🔸 “By helping organizations build and own their own intelligence, and earning trust through agent safety and security, we are translating our innovation into growing adoption and real-world impact across every industry.” CFO Commentary – Amy Hood: 🔸 “Results exceeded expectations across revenue, operating income, and earnings per share.”

$EBAY Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $3.2B (Est. $3.12B) 🟢; +14% YoY 🔹 Adj. EPS: $1.51 (Est. $1.41) 🟢; +12% YoY 🔹 GMV: $23.2B; +15% YoY FY26 Guide: 🔹 Revenue: $12.62B-$12.67B (Est. $12.54B) 🟢 🔹 Adj. EPS: $6.25-$6.30 (Est. $6.15) 🟢 Q4 Guide: 🔹 Revenue: $3.19B-$3.24B (Est. $3.2B) 🟡 🔹 Adj. EPS: $1.48-$1.53 (Est. $1.48) 🟡 Cash Flow: 🔹 Free Cash Flow: $749M 🔹 Operating Cash Flow: $875M Announcements: 🔹 eBay Live: record quarter; multibillion-dollar annualized GMV run rate 🔹 TCGplayer: surpassed $1B in trailing-12-month GMV 🔹 Goldin: record GMV; $3.65M rare Declaration of Independence sale 🔹 Depop: acquired for $1.4B in cash Other Q3 Metrics: 🔹 Active Buyers: 147M; +10% YoY 🔹 Non-GAAP Operating Margin: 26.3%; -70 bps YoY 🔹 Advertising Revenue: $607M 🔹 Recommerce Purchases: 47% monthly; 35% in 2025 Capital Return: 🔹 Returned: $827M, including $689M buybacks and $138M dividends 🔹 Q4 Dividend: $0.31/share Comments: 🔸 “Our third quarter results demonstrate that eBay's strategy is delivering strong GMV growth and meaningful earnings expansion” 🔸 “eBay's strong third quarter results reflect continued momentum across our business priorities and customer segments as more consumers embrace recommerce”

FORTINET $FTNT Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $2.08B (Est. $2.06B) 🟢; +20% YoY 🔹 Adj. EPS: $0.91 (Est. $0.86) 🟢; +23% YoY 🔹 Billings: $2.34B; +29% YoY 🔹 Free Cash Flow: $865M FY26 Guide: 🔹 Revenue: $8.1B-$8.2B (Est. $8.12B) 🟡 🔹 Adj. EPS: $3.54-$3.58 (Est. $3.44) 🟢 🔹 Billings: $9.6B-$9.7B 🔹 Gross Margin: 79.7%-80.3% 🔹 Operating Margin: 36.5%-37.5% Q4 Guide: 🔹 Revenue: $2.16B-$2.25B (Est. $2.16B) 🟡 🔹 Adj. EPS: $0.93-$0.95 (Est. $0.87) 🟢 🔹 Billings: $2.8B-$2.9B 🔹 Gross Margin: 78%-80% 🔹 Operating Margin: 35.5%-37.5% Segment Net Revenue: 🔹 Product: $765M; +37% YoY Other Q3 Metrics: 🔹 Non-GAAP Operating Margin: 38.2% 🔹 Operating Cash Flow: $946M Capital Return: 🔹 Authorization Increased: $1.2B; $2B remaining Comments: 🔸 “allowing us to raise our 2026 billings guidance for the third time this year.” 🔸 “Our strong momentum is driven by our continued leadership in the AI era.”