Cloud & Digital Infrastructure

Mr. Koraphat Vorachet, Assistant Managing Director and Head of Research at Krungsri Securities (KSS), revealed that Thailand Focus 2026 sends a positive signal to the Thai capital market, with increased interest from foreign investors and Thailand's readiness as a new investment base, especially in the data center business amid the accelerating AI adoption trend. KSS assesses that the Fed is likely to hold interest rates until the end of the year and may cut rates later in the year, which would be positive for capital flows into emerging markets, including the Thai stock market. It views that foreign net selling on some days should not be used to judge the direction of fund flows based on a single day's data, while the return to long positions in TFEX is a signal to watch. On fundamentals, Thai listed companies' earnings have grown for six consecutive quarters and have the potential to expand further in Q3/2026, with this earnings cycle possibly longer than the 2010-2011 cycle, which saw growth for about seven consecutive quarters. KSS favors sectors that benefit from the investment cycle, including commercial banks, power plants, industrial estates, construction, and power grid businesses, and selects DELTA and GULF as top picks. DELTA is supported by the AI investment cycle, while GULF benefits from data center investment and the country's energy policy.

Asia Plus Securities research department has issued an analysis of construction contractor stocks, viewing that Data Center investment in Thailand is still in its early stages, thus giving an "overweight" investment rating and recommending "buy" for STECON with a target price of 23 baht, and "buy" for CK with a target price of 24 baht. It stated that Thailand is entering a major Data Center investment cycle driven by the global AI trend, with cumulative investment promotion applications for Digital Infrastructure exceeding 1 trillion baht, which will be a key catalyst for the Thai construction sector over the next 2-3 years, creating construction and system work opportunities worth approximately 150 billion baht. STECON has Data Center work on hand worth another 13 billion baht and is awaiting results of additional bidding for projects worth over 50 billion baht. Meanwhile, CNT has a backlog of 25.536 billion baht, with over 83% being Data Center work, reflecting its status as the most prominent pure-play Data Center contractor in the market. PYLON benefits from demand for foundation work exceeding its production capacity. CK is still in the phase of studying opportunities and selecting only highly reliable projects. SEAFCO holds a cautious view due to concerns over timeline and construction quality.

Nvidia reported fiscal 2027 second-quarter results with revenue of $96.22 billion, beating analyst expectations of $92.17 billion, and net income more than doubled from a year ago to $53.95 billion, or $2.22 per share, compared with $24.76 billion, or $1.87 per share, in the same period last year. The data center business, the main growth driver, posted sales of $89 billion, up 117% year over year, amid strong AI demand. Chief Financial Officer Colette Kress said the company expects fiscal 2028 revenue to grow 70%, higher than the 44% analysts had forecast. Despite supply constraints, Nvidia remains a key player in the AI industry and provides financial support through guarantees and agreements to fund new data center construction. Nearly four years after OpenAI launched ChatGPT, latest-quarter revenue more than doubled from $46.7 billion in the same period a year earlier. However, investors have become more cautious as the stock has risen only 13% this year, while competition from Advanced Micro Devices, Google, and others intensifies, and memory costs have surged due to global shortages.

Veeva Systems reported fiscal Q2 2027 revenue of $928 million, beating analysts' estimates of $905.3 million, and said it expects the first go-lives of its AI product Falcon this year while maintaining over 70% share in the CRM space. CEO Peter Gassner called it "another strong quarter" and "our best CRM quarter ever," with commercial subscriptions up about 13% year-over-year. The company has over 180 customers live on Vault CRM, up from over 150 in the prior quarter, and management noted that one of its top 20 customers turned on AI in CRM for its entire field force. Gassner said Veeva is "the rate limiter" in Falcon's rollout, with five early adopters and first go-lives expected this year, and that interest is very high. CFO Brian Van Wagener said nothing material for the fiscal year is factored into guidance, and the company expects to win back some Salesforce customers, with the bulk likely in 2027 and 2028.

Kasikorn Securities Public Company Limited holds a positive view on NVIDIA Corporation's performance, assessing that the growth trend of the artificial intelligence (AI) business remains strong, as reflected in its revenue estimate for fiscal year 2028, which is expected to grow at least 70% year-over-year, with potential for higher growth if constraints on land, power, and data center building shell (Land, Power, and Shell: LPS) ease. Meanwhile, NVIDIA's stock price rose approximately 4% in pre-market trading. NVIDIA reported adjusted profit for the second quarter of fiscal year 2027 of $53.9 billion, up 109% from the same period last year, and approximately 6% above market expectations. Revenue increased 106%, beating expectations by about 4%, driven significantly by data center revenue, which grew 117% due to deliveries of the Blackwell Ultra platform. Gross profit margin (GPM) stood at 75%. NVIDIA disclosed total commitments of approximately $366 billion, comprising about $279 billion in supply agreements for raw materials and equipment, approximately $29 billion in cloud leases with Cloud Service Providers (CSPs), and an additional $56 billion in commitments to support AI Labs and customers in expanding infrastructure. Additionally, NVIDIA has guarantees of approximately $109 billion for the SB Energy data center project under the PORT-pike technology initiative, which is planned to be leased to OpenAI for 20 years. The first phase has a power capacity of 4.25 gigawatts and is expected to be completed in fiscal year 2029. The project will use approximately 1.5 million NVIDIA GPUs and has the potential to generate revenue of approximately $150-200 billion, with potential for additional capacity expansion of 3.8 gigawatts in the future. KS Research noted that NVIDIA is aware of market concerns about Circular Finance but assesses the risk as limited, as its compute platform is fungible and durable, allowing GPUs to be reallocated to other customers if a particular project does not succeed. Meanwhile, it expects that next year, about a quarter of customers may be supported through NVIDIA's balance sheet. For the third quarter of fiscal year 2027, NVIDIA guides revenue of $108 billion, up 89% year-over-year and about 4% above market expectations. However, GPM is expected to decline slightly to 74% due to the initial ramp of the Vera Rubin platform, which has higher initial costs. GPM is expected to bottom out at approximately 71-72% in the fourth quarter of fiscal year 2027 before recovering to 72-73% in fiscal year 2028, driven by price increases expected to take effect from the first quarter of fiscal year 2028. KS Research views the guidance of at least 70% revenue growth for fiscal year 2028 as a significant signal reflecting NVIDIA's confidence in AI demand trends and improved supply chain visibility, with potential for higher growth if Land, Power, and Shell constraints ease. Jensen Huang, CEO of NVIDIA, emphasized that "Compute is revenue," noting that current token usage is profitable and demand for compute is accelerating significantly. While initially only some AI Labs were rushing to invest in increasing compute capacity, now many Frontier AI Labs are accelerating expansion of compute capacity to meet continuously rising AI demand. For new technologies, including Vera Rubin, Vera CPU, and Groq 3LPX, they are currently in full production and began shipping in August 2026, with orders from all customers, and are expected to contribute approximately 20% of data center revenue in the next quarter. NVIDIA also disclosed that revenue per gigawatt for Vera Rubin is approximately $40 billion per GW, compared to about $25 billion per GW for Grace Blackwell, with potential to rise to $60-80 billion per GW in the future. Furthermore, KS Research believes that AI Clouds and IE customers will be another key growth driver, in addition to hyperscalers, which currently have a backlog of approximately $2 trillion. The development toward Recursive Self-Improvement (RSI) is likely to significantly accelerate demand for AI compute compared to the Agentic AI era. In summary, KS Research assesses that NVIDIA is transitioning from a GPU manufacturer and seller to a key player and supporter in the comprehensive AI ecosystem, covering compute, networking, data centers, and related infrastructure, reflecting strong long-term growth potential. Although the company may face near-term pressure on GPM from new technology costs, it is likely to offset these impacts through price increases.

NVIDIA reported record Q2 fiscal 2027 results with total revenue of $96 billion, more than doubling year-over-year, and guided Q3 revenue to $108 billion plus or minus 2%. The company also provided a preliminary expectation for fiscal 2028 revenue to grow approximately 70% year-over-year, calling it a supply-constrained outlook. CFO Colette Kress said NVIDIA is resetting margin expectations due to extreme pricing conditions in memory, guiding Q4 gross margins to 71%-72% and 72%-73% for fiscal 2028. The company announced an expanded AWS relationship with an additional 2 million GPUs deployed through fiscal 2029, and detailed a NeoCloud revenue-sharing structure. NVIDIA returned a record $26 billion to shareholders in Q2, including $20 billion in buybacks and $6 billion in dividends.

Salesforce reported better-than-expected fiscal second-quarter results, sending shares up about 12% in after-hours trading on Wednesday. Revenue came in at $11.35 billion, up 11% year over year and above the LSEG estimate of $11.32 billion. Net income rose 87% to $3.53 billion, with adjusted earnings per share of $5.90. The company also raised its full-year revenue guidance to $46.1–$46.4 billion, up from $45.9–$46.2 billion, driven by rapid growth in its AI business. Annualized revenue from its Agentforce AI product surpassed $1.5 billion, up 240% from the same period last year, and it recorded a $2.6 billion gain from its strategic investment in Anthropic. Meanwhile, Salesforce and Anthropic announced an expanded partnership to launch Claudeforce, a tool that lets sales staff access Salesforce data and work directly through Claude. This marks the first time Salesforce has appended "force" to another company's product name. Claudeforce will be available as a plugin with 37 ready-made sales skills, with plans to add Slack integration in the future. The move comes amid concerns about a "SaaSpocalypse" where generative AI could replace traditional software, but Salesforce's CEO insists this is not a SaaSpocalypse and views AI as an opportunity rather than a threat.

Salesforce and Anthropic have announced a new partnership to integrate Claude into Salesforce's agentic enterprise platform and workflows, introducing prebuilt sales skills and enabling agents to automate tasks directly within both Claude and Salesforce. The collaboration, which Salesforce plans to extend across its product suite including Slack, is positioned as a key step in the company's long-term push into AI-powered enterprise SaaS solutions. For investors, this move reinforces the narrative of Salesforce as a workflow and data hub, potentially raising switching costs and supporting revenue and margin growth. The key test will be whether Salesforce quantifies Claude-driven agentic and AI annual recurring revenue or customer expansions in upcoming earnings updates through late 2026, which would help judge if the partnership is strengthening its AI moat or being offset by competing CRM and AI bundles from hyperscalers.

GULF expects continued growth in H2 performance due to rising electricity demand from data center and electric vehicle expansion. It plans to commercially operate new power plants with a combined capacity of about 700 megawatts, including six solar and solar-plus-battery projects totaling 623 megawatts, which will gradually reach COD in September, November, and December, adding 600 million baht in annual profit. This includes the Chiang Mai community waste-to-energy plant (10 megawatts) slated for operation in October 2026, contributing 120 million baht annually, and 60-70 megawatts of rooftop solar under GULF1. The LNG import business is expected to import 5 million tons, generating 1.5 billion baht in profit, along with increased profit sharing from ADVANC. This year, total revenue and EBITDA are expected to grow 12-15%. The company also unveiled a five-year investment plan (2026-2030) worth 130-140 billion baht, focusing on renewable energy, natural gas power plants, LNG terminals, and digital businesses under Gulf Edge, such as data centers, cloud, and AI, as well as the Laem Chabang deep-sea port Phase 3 project. It plans to offer 20 billion baht in bonds in October 2026 to institutional, high-net-worth, and retail investors, including via the Paotang app, to refinance existing bonds and fund working capital and business expansion, with emphasis on overseas projects and data centers.

The Ministry of Energy has unveiled a new Power Development Plan (PDP), targeting a renewable energy share of over 60%, and if carbon capture costs remain high, it could push renewables up to 80–90% to achieve the Net Zero goal by 2050. The plan will be officially launched next month, along with unlocking Direct PPA to allow all industries unlimited access to clean energy, after previously limiting it to data centers at 2,000 megawatts. The government reaffirms the 'pay-as-you-use' principle to avoid burdening the public with electricity costs, and plans to invest through borrowing over 220 billion baht to support the transition to clean energy. The government plans to borrow 200 billion baht to support citizens who lack capital for investment, particularly in renewable energy generation such as installing solar panels on rooftops and land. Meanwhile, B.Grimm Power and Digital Edge DC are preparing to invest in building two large data center campuses in Chonburi and Rayong to support the region's digital hub status.

DEPA revealed that Thailand has outstanding infrastructure and high-speed networks, successfully attracting global hyperscale cloud providers to invest in the country. However, it still has weaknesses in advanced knowledge and skills, particularly in deep tech and AI. According to the IMD World Digital Competitiveness Ranking, Thailand ranks 37th out of 70 countries overall, and 29th in technology infrastructure. Public and private investment toward AI ranks 37th, and future readiness ranks 45th, due to a shortage of specialized personnel and very low levels of AI research. Mr. Teeranan Sihahong, Chairman of the Digital Economy Promotion Agency, stated at Thailand Focus 2026 that the new strategic plan will focus on developing high-level human capital, upgrading business organizations to high-value digitalization, promoting AI adoption among SMEs, and laying the foundation for future innovations such as quantum computing and autonomous robotics. However, it is still a draft that may change in the next two months. Meanwhile, Mr. Saruj Thipsena, Country Manager for Google Cloud Thailand, said that Thais use AI in daily life at one of the highest rates in the world, but the use of AI to enhance work productivity still lags behind Singapore and the Philippines. The main challenge is setting clear policies and business goals within organizations to drive cross-departmental data coordination. The industry trend is moving toward Institutional AI, where systems are connected through AI agents, requiring a new breed of personnel who act as AI Agents Managers. He also supports the ASEAN Digital Economy Framework Agreement (DEFA) to create common standards and intelligent infrastructure such as smart grids.

NVIDIA's fiscal second-quarter revenue reached $96.2 billion, a 106% year-over-year increase, with the Data Center segment contributing $89.0 billion, or 92% of total revenue. For the first time, the company disclosed its ACIE segment—covering AI Cloud, Industrial, Enterprise, and Sovereign AI—which generated approximately $40.0 billion, accounting for 45% of Data Center revenue and growing 138% year-over-year. Sovereign AI alone tripled year-over-year, signaling broader demand beyond hyperscalers. NVIDIA also announced $500 billion in compute financing memorandums of understanding with major financial institutions including Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR. The Vera Rubin platform is now in full production, with racks operational at CoreWeave, Google Cloud, Microsoft Azure, Oracle Cloud Infrastructure, and Nebius. For the third quarter, NVIDIA guides revenue of $108 billion, plus or minus 2%, excluding China Data Center compute revenue, with gross margins projected at 74.0%, plus or minus 50 basis points, down from 75.0% in the second quarter. The company returned approximately $26.0 billion to shareholders in the quarter and has $99.0 billion remaining under its repurchase authorization.

Amazon Web Services and Nvidia announced an expansion of their partnership to meet growing demand for AI infrastructure, planning to deploy 2 million additional Nvidia GPUs across AWS's global infrastructure in 2027-2028. The collaboration covers AI factories, CPUs, networking, open models, data processing, and robotics, with AWS adding Nvidia Blackwell Ultra, Rubin, and Rubin Ultra GPUs, and becoming the first major cloud provider to offer RTX PRO 4500 Blackwell Server Edition GPUs for Amazon EC2 G7 instances. The companies are also bringing Vera CPU-based infrastructure to AWS and building AI factories for the U.S. government, delivering 100,000 GPUs on secure infrastructure for federal and national-security workloads classified at Impact Level 6 and above. AWS CEO Matt Garman emphasized customer choice and seamless integration, while Nvidia CEO Jensen Huang noted that demand is running ahead of every forecast. Additionally, Nvidia's Nemotron open models are available on Amazon Bedrock and SageMaker, and Amazon Robotics is collaborating with Nvidia on next-generation robots using Nvidia's physical AI platform.

Anthropic has signed a deal to rent about $45 billion in AI compute from Nscale, a British AI infrastructure company, according to a source familiar with the deal. Nscale, founded in 2024, will supply Anthropic with compute via Nvidia's Vera Rubin chips, with capacity expected to start powering Anthropic's services in late 2027. The six-year deal, first reported by Bloomberg, is part of Anthropic's aggressive expansion of compute capacity over the past eight months to compete with rivals like OpenAI. Earlier this month, Anthropic signed a $10 billion deal with AI cloud startup Volta, and in July, a $5 billion deal with AMD. In May, it entered a large computing deal with SpaceX, and in April, it expanded partnerships with Amazon, Google, and Broadcom.

Nvidia's balance sheet is increasingly acting as the central bank of the AI boom, with the chipmaker's equity holdings surging to $95.6 billion and its broader investments reaching roughly $99 billion. The company is extending payment terms to customers, with accounts receivable jumping to $63.1 billion and average collection time rising to 60 days from 45. Nvidia has also committed $36 billion in agreements with AI cloud providers and disclosed up to $108.5 billion in guarantees, nearly all tied to the SB Energy data center buildout for OpenAI. Additionally, Nvidia is seeking to channel over $500 billion from outside investors into AI infrastructure, while returning $25.8 billion to shareholders through buybacks and dividends, exceeding its free cash flow of $21.3 billion.

Amazon.com Inc. will add an additional 2 million Nvidia Corp. graphics processing units to its data center fleet in the next two years, a sign that the company remains committed to the AI hardware leader's products despite its own competitive chipmaking efforts. The two companies said on Wednesday that Amazon would deploy some 2 million of Nvidia's high-end chips, which are designed to train and run artificial intelligence models, in 2027 and 2028. That's in addition to the 1 million Nvidia chips Amazon in March said that it would be installing in Amazon Web Services data centers, beginning this year. The chips in the latest deal include Nvidia Blackwell Ultra, Rubin and Rubin Ultra GPUs. Those products will likely carry a list price of at least tens of thousands of dollars a unit, though big customers can get discounts. Amazon and Nvidia didn't announce financial terms of their latest deal.

Dycom Industries reported record quarterly revenue of $2.01 billion for the second quarter of fiscal 2027, up 45.6% year over year and 16.7% organically, and raised its full-year revenue outlook to $7.48 billion to $7.66 billion. Adjusted EBITDA rose 54% to $315.5 million, representing 15.7% of revenues, while adjusted EPS grew 45% to $5.29 per share, both exceeding the high end of guidance. The company achieved a record total backlog of $12.2 billion with a book-to-bill of 1.2 times, and its Building Systems segment delivered an exceptional 24.5% adjusted EBITDA margin. However, the Communications segment's adjusted EBITDA margin fell 134 basis points year over year due to investments, wireless revenue deferrals, and higher fuel costs, with approximately $150 million of wireless revenues deferred from fiscal 2027 into fiscal 2028. Management expressed confidence in the wireless program and highlighted growth drivers including fiber-to-the-home, BEAD funding, and a $20 billion long-haul and middle-mile fiber opportunity.

Salesforce, the U.S. customer management software giant, raised its full-year revenue outlook on the 26th, expressing confidence that the adoption of new AI-powered autonomous agents in enterprises is accelerating and will boost sales. Shares rose 7% in after-hours trading. The company now expects fiscal 2027 revenue of $46.1 billion to $46.4 billion, up from its previous forecast of $45.9 billion to $46.2 billion. It also raised its full-year adjusted earnings per share outlook to $16.67 to $16.71, up from the prior $14.06 to $14.12. The updated outlook reflects Salesforce's growing momentum in AI-powered tools and autonomous agents that can automate sales, service, and marketing operations, which the company has identified as a key future growth driver. CEO Benioff said, "Demand for our AI and data products is growing at an incredible pace, and we expect annual recurring revenue (ARR) to soon surpass $4 billion."

Oracle shares climbed about 1.9% to $147.50 on Wednesday after Citi placed the stock on a 90-day positive catalyst watch, reiterating its buy rating and $330 price target, which implies nearly 124% upside. The move comes ahead of Oracle's next earnings report and October investor day, which must convince investors that the recent selloff was overdone. The company's fiscal fourth-quarter results showed cloud-infrastructure revenue surging 93% to $5.8 billion, while remaining performance obligations jumped 363% to $638 billion, including an $85 billion sequential increase. Customers have also prepaid or committed approximately $75 billion for AI hardware, easing some of Oracle's infrastructure burden. However, Oracle generated $32 billion in fiscal-year operating cash flow but burned $23.7 billion in free cash flow and raised $48 billion through debt and equity, with another roughly $40 billion potentially needed in fiscal 2027. The stock remains 23.44% below its $192.66 GF Value, indicating a wide valuation gap, but the company's massive backlog and clear opportunity suggest it could break free once cash generation accelerates.

Salesforce reported record second quarter fiscal 2027 results, with cRPO growth accelerating to 14% year-over-year in constant currency, and raised its full-year revenue guidance by $200 million, or $300 million in constant currency. The company posted revenue of $11.3 billion, up 11% year-over-year, including a $456 million contribution from Informatica, and non-GAAP diluted earnings per share of $5.90, up 103%. Agentforce and Data 360 annual recurring revenue reached nearly $3.9 billion, up over 210% year-over-year, with Agentforce ARR exceeding $1.5 billion. Salesforce now expects full-year fiscal 2027 revenue of $46.1 billion to $46.4 billion, up 11% to 12% year-over-year, and initiated third-quarter revenue guidance of $11.42 billion to $11.5 billion. The guidance includes the pending acquisitions of Contentful and Fin, which are expected to close in the coming weeks, and reflects a $100 million organic growth, $200 million from acquisitions, and a $100 million FX headwind.

Amazon has acquired Amsterdam-based software developer DuckLabs to strengthen its AWS analytics offerings, though financial terms were not disclosed. The deal does not include DuckDB, DuckLake, or Quack, which remain separate open-source projects under the nonprofit DuckDB Foundation. Founders Hannes Muhleisen and Mark Raasveldt will stay on to lead the team and technical work. Amazon expects the acquisition to make AWS analytics products easier to use and more economical, as cloud providers compete on data processing tools. The move is unlikely to materially affect Amazon shares in the near term but could bolster its broader cloud strategy.

TRUE has announced a strategic partnership with AWS to enhance its use of AI and study the deployment of Amazon's low-orbit satellite connectivity service, Leo, to expand broadband coverage in Thailand. After completing its structural cost cleanup, the company is now focusing on driving revenue growth. In the second half of the year, the B2C business continues to show steady growth, while B2B is slowing due to economic conditions. Data usage has increased 21% year-on-year. TRUE continues to maintain strict cost control and is leveraging AI and automation technologies to improve efficiency. The partnership with AWS covers cloud management, AI-powered customer service, and predictive network maintenance. The Leo satellite will serve as a complementary service alongside terrestrial networks and WiFi. Currently, TRUE is in discussions with Amazon Leo to explore ways to offer the service in Thailand.

Amazon reported 37% second-quarter AWS revenue growth, its fastest cloud expansion in about four-and-a-half years, yet the stock slipped 0.9% to $258.59 as investors questioned whether booming AI demand can outpace spending. AWS generated $42.2 billion in sales and $16.6 billion in operating income, a 39.4% margin, and contributed roughly 60% of Amazon's $27.5 billion total operating profit from just 21% of companywide revenue. However, trailing operating cash flow rose 33% to $161.4 billion, while free cash flow swung from an $18.2 billion inflow to a $7.6 billion outflow as property and equipment purchases jumped by $66.1 billion, a $25.8 billion reversal. The stock trades 4.87% above its $246.57 GF Value estimate, and at nearly 21 times earnings, investors expect AWS to convert its infrastructure spending into future cash flow.

Moonshot AI is in early discussions with Google Cloud, Microsoft Azure, and Amazon Web Services to host its Kimi K3 model, which could become the first substantial revenue-sharing contract between a Chinese AI firm and a major U.S. cloud provider. The startup seeks up to 30% of income from K3-related services, according to Reuters. Kimi K3 has performed competitively with top U.S. systems on complex tasks, and the partnership would give the cloud giants more models to offer commercial customers. However, talks are preliminary, with revenue sharing, data access, and usage audits still unresolved.

Nvidia has announced partnerships with Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs, and KKR to launch compute financing platforms aimed at raising over $500 billion for AI infrastructure, with CEO Jensen Huang saying Nvidia could backstop up to $125 billion, or 25%, of potential deals. Blackstone President Jon Gray said on CNBC that AI compute will be seen as a financeable asset class, similar to how mortgage lenders assess homes. The move comes amid rising skepticism about AI spending, and Nvidia shares fell after the deal was first reported, erasing more than $70 billion in market value. Blackstone, one of six partners, has seen AI compute demand across its portfolio companies surge sevenfold this year and has prior experience financing AI infrastructure for companies like Anthropic. BlackRock CEO Larry Fink compared this moment to the creation of mortgage-backed investments in the 1970s, but commentators have flagged circular financing concerns, and Moody's has warned that heavy capex is squeezing free cash flow and pushing tech giants toward more debt.

HubSpot reported second-quarter subscription revenue of $894 million, up 20% year over year and above the Zacks Consensus Estimate of $878.85 million, driven by strong customer growth and increased adoption of its AI-powered products. The company's customer base grew 14% to 306,446, while average subscription revenue per customer rose 4% to $11,800. Larger deals are gaining traction, with annual recurring revenue deals over $120,000 increasing 38% year over year. HubSpot also noted that 64% of new Pro+ customers purchased multiple Hubs, and over 16,000 customers activated Data Agent, nearly 17,000 activated Prospecting Agent, and more than 10,000 adopted Customer Agent. Management sees continued upmarket demand for its unified AI-powered platform, supporting long-term growth. HubSpot shares have declined 50.3% over the past year, and the stock currently holds a Zacks Rank #3 (Hold).

Temenos announced that SACOMBANK, a leading Vietnamese commercial bank, has successfully upgraded its Temenos Core Banking platform to a hybrid cloud environment, moving from on-premises deployment to support greater scalability and faster innovation. The upgraded platform, deployed on Red Hat OpenShift and IBM Power infrastructure, serves millions of retail and SME customers and processes 13 million transactions daily, delivering a 200% improvement in application performance, three-times faster deployment cycles, and a 50% reduction in server footprint. Additionally, SACOMBANK has selected Temenos Payments Hub to enhance cross-border payments, building on its long-standing relationship with Temenos. The bank's Deputy CEO, Luu Danh Duc, highlighted the upgrade as a key milestone in its digital transformation, while Temenos and IBM executives praised the collaboration for strengthening the bank's foundation for innovation and growth.

Microsoft closed its biggest fiscal year ever with revenue surpassing $331 billion, up 18%, and Azure revenue crossing $100 billion, up 41%, yet shares have gained only 2.32% year-to-date. A five-year model from 24/7 Wall St. projects the stock will reach $650 before August 2028, implying a 32.2% gain from the current price of $491.71. The model's base case predicts $592.13, while the consensus analyst target is $569.45, with 95% of ratings bullish. Key drivers include Azure growth guided at roughly 45% in constant currency for the first quarter, commercial RPO up 84% to $678 billion, and EPS compounding at 31.7% annually. Risks include AI capex outrunning monetization, with FY27 capital expenditures guided to roughly $175 billion.

Alphabet's Google Cloud has broadened its Gemini Enterprise AI platform across financial services and legal sectors, integrating partners such as Deutsche Bank, CME Group, Moody's, Dun & Bradstreet, and FlowX.AI, while introducing new cost-control tools and flexible pricing. This push deepens Gemini's role in regulated, data-intensive workflows, positioning Google Cloud as an embedded operating layer for mission-critical decisions. The move supports near-term catalysts around AI-driven cloud adoption but does not alter the central risk that rising AI infrastructure costs could weigh on margins. Alphabet's narrative projects $701.1 billion revenue and $221.8 billion earnings by 2029, requiring 18.4% yearly revenue growth and a $61.6 billion earnings increase from $160.2 billion today, with a fair value estimate of $427.89, a 23% upside. Some analysts had already braced for profits to fall to about $170.1 billion by 2029, so this expansion may either ease or reinforce those concerns depending on the balance between higher capex and future cloud demand.

Charoen Pokphand Group (CP Group), AIS Ventures Group, True Corporation, and Amazon have announced a five-year strategic partnership to elevate Thailand into a regional AI hub, with the goal of training 3 million Thais, including CP Group employees, in cloud and AI skills through courses and training programs in collaboration with Amazon Web Services (AWS). The partnership covers multiple areas, including the development of CP Group's AI Center of Excellence, elevating True into an AI-First Organization, using AWS in Ascend Money's financial services, and transforming over 19,000 service points of 7-Eleven, Lotus's, and Makro with AI and cloud technology. Additionally, an AI innovation hackathon platform named "AI FOR ALL" will be launched, allowing Thais aged 18 and above to develop Generative AI prototypes to address national challenges in public health, agriculture, and education. Mr. Supachai Chearavanont, Senior Vice President of CP Group, stated that Thailand must build a robust AI ecosystem and leverage the Thai capital market as a gateway for future startup listings.

Sanmina Corporation's shares have risen 10.8% since its last earnings report, outperforming the S&P 500, as the company reported strong fiscal third-quarter results and raised its full-year guidance. Non-GAAP earnings came in at $3.31 per share, up 116% year over year and beating the consensus estimate of $2.78, while revenues of $3.46 billion increased 69.7% and exceeded expectations. The growth was driven by cloud and AI infrastructure demand, with core Sanmina revenues up 17% to $2.4 billion and ZT Systems contributing $1.1 billion. Management raised its fiscal 2026 revenue outlook to $14.0-$14.3 billion and non-GAAP earnings to $11.90-$12.20 per share, and reiterated confidence in exceeding $16 billion in revenue for fiscal 2027. The company ended the quarter with $1.84 billion in cash and no borrowings under its revolving credit facility.

Dycom Industries reported record fiscal 2027 second-quarter revenue of $2.01 billion, up 45.6% year over year, and raised its full-year outlook. Adjusted EBITDA rose 54% to $315.5 million, and adjusted EPS climbed 45% to $5.29, both exceeding the company's guidance. Growth was driven by fiber-to-the-home, long-haul, and data-center connectivity, with total backlog reaching $12.2 billion. The company increased its fiscal 2027 revenue forecast to $7.48 billion-$7.66 billion, despite about $150 million in wireless replacement revenue shifting into fiscal 2028. The board also authorized a new $150 million share-repurchase program through February 2028.

Citi sees a new opening for Oracle after its brutal selloff, placing the stock on a 90-day positive catalyst watch and reiterating a Buy rating with a $330 price target. Analyst Tyler Radke attributes the slide to investor capitulation and technical selling pressures around credit spreads and at-the-market share issuance, but believes the underlying outlook could improve. The company cites ongoing AI demand growth and potential tailwinds for margins and pricing in the larger cloud infrastructure industry, which could lead to upward estimate revisions ahead of Oracle's earnings and investor day in late October. Oracle shares jumped in premarket trading following the note, as the market weighs whether the selloff was overdone.