Daily Brief Equity Bottom-Up: Intel Q325. Solid Quarter But Still No Coherent AI Strategy & 18A Yields Won’t Mature Until 2027 and more

• Intel announced Q325 revenues of $13.7 billion, above the high end of the guided range, up 6% QoQ and up 2.8% YoY
• Intel forecasted current quarter revenues of $13.3 billion at the midpoint, down $1 billion YoY and down $400 million QoQ
• 18A yields are not where we need them to be, by the end 2026 they probably will be, and they should be “industry acceptable” by 2027 

• Intel Corp (INTC US) 3Q25 slightly exceeded consensus estimates in both revenue and EPS.  
• CEO Lip-Bu Tan emphasized the growing importance of AI, while CFO David Zinsner highlighted the accelerated funding from the U.S. government and strategic investments from NVIDIA and SoftBank
• Intel’s foundry business still relies primarily on internal orders and continues to seek external customers.

• Docusign continues to demonstrate resilience and innovation as evidenced in its Q2 Fiscal 2026 performance.
• Revenue reached $801 million, marking a 9% year-over-year growth, with billings up by 13% year-over-year to $818 million.
• The company’s strategic focus on platform innovation, particularly through its AI-native Docusign Intelligent Agreement Management (IAM) platform, has contributed positively to this growth.

• The third-quarter earnings release for EQT Corporation highlights both operational advancements and strategic decisions that continue to shape its financial performance.
• The company reported a robust $484 million in free cash flow, despite facing $21 million in one-time costs associated with the Olympus transaction.
• Over the past four quarters, EQT has generated over $2.3 billion in free cash flow at an average natural gas price of $3.25 per million Btu.

• Danaher Corporation’s third-quarter 2025 earnings showcased a balanced performance underpinned by solid demand in certain sectors, yet offset by ongoing challenges in others.
• The company reported total sales of $6.1 billion, achieving a core revenue growth of 3%.
• The quarter reflected Danaher’s resilience amid varied market conditions, leveraging its strong execution capabilities and strategic investments in innovation.

• Manyo is a fast-growing K-beauty brand specializing in natural and organic skincare, with a strong position in the domestic South Korean market and expanding global reach, particularly in Japan and the US.
• The company has demonstrated a robust growth trajectory, driven by the global demand for clean beauty and the popularity of K-beauty trends. Its successful IPO in 2023 and recent acquisition by a private equity firm are expected to fuel further product innovation and international expansion.
• Key risks include intense competition within the global cosmetics industry, reliance on the continued popularity of K-beauty trends, and the need to maintain brand differentiation and pricing power in a crowded market.

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• General Motors Company (GM) reported robust performance in the third quarter of 2025, marked by several noteworthy developments and shifts in strategy, even as it navigates a complex operating environment.
• Both positive and challenging aspects are highlighted in the results outlined during their latest earnings call.
• GM’s financial performance was strong, with a U.S. market share of 17%, the highest third-quarter market share since 2017.

• Halliburton’s strong Q3 earnings and strategic entry into the data-centre power market have fueled a sharp rally, underscoring investor confidence in its evolving growth strategy.
• Halliburton’s partnership with VoltaGrid marks a strategic shift away from reliance on oil and gas and positions the company to tap into the rapidly expanding data-centre segment. 
• Halliburton’s strong performance sets a positive tone for upcoming oil and gas earnings, signalling resilient drilling activity, steady investment discipline, and higher margins and price realisations.

• Netflix’s recent earnings revealed several key insights about its performance, strategic directions, and challenges.
• The company demonstrated robust engagement and viewership metrics, setting records in its core markets like the U.S. and the U.K. Netflix reported a notable increase in ad sales, with expectations to more than double ad revenue for the year, marking it as the best quarter for ad sales so far.
• This growth reflects a positive response to the expansion efforts in advertising, including increased upfront commitments and the development of the Netflix Ads Suite.

• Lockheed Martin’s third-quarter 2025 earnings presentation reflected a robust operational and financial performance across its various business sectors, showcasing both its ability to secure substantial contract wins and drive sales growth.
• The aerospace and defense contractor reported a record backlog of $179 billion, fueled by significant awards from marquee programs like PAC-3, JASSM/LRASM, and the CH-53K helicopter, promising production rate visibility well into the next decade.
• Furthermore, Lockheed Martin finalized a significant F-35 contract, which further enhances its position in the fighter aircraft market.