In today’s briefing:
- Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus
- Fermi America’s Unfathomable Progress
- Abercrombie & Fitch Co.’s Global Push—Can EMEA & APAC Become the Next Growth Engines?
- MongoDB Is Targeting AI-Native Developers—Will This West Coast Bet Pay Off at Scale?
- Marvell Technology at the Center of AI Buildouts: Is the Company Too Dependent on Hyperscaler Capex?
- CrowdStrike Bets on Falcon Flex: Is This Subscription Model a Game-Changer or a Hidden Risk?
- GitLab Is Scaling Its Platform, Pricing, & Sales—A High-Conviction Growth Setup!
- Box Is Unlocking Pricing Leverage With AI—But Can It Sustain the Momentum?
- HealthEquity Is Doubling Down on a High-Impact ‘Save, Spend, Invest’ Strategy!
- Pfizer Slashes Guidance, Faces Patent Cliff—Is the Worst Yet to Come?
Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus
- Huge beat in Nov-25 and Feb-26. The impact of price hikes (Commodity Memory), mix change (more HBM and server) driven by AI growth and low capacity increase.
- Management is cautious on bit growth but very positive on 2026-28 outlook. HBM sold out for ‘26. Shortages continue in ’26-27. HBM market to increase ~3x by ‘28.
- Consensus should revise up FY26 by ~60%, FY27 by ~80%. This implies that the stock trades at 7.5x FY26 EPS and 5.4x FY27.
Fermi America’s Unfathomable Progress
- On October 1, Texas-based startup Fermi raised $682.5 million through the sale of 32.5 million shares at $21/share in a remarkable dual listing on both the NASDAQ and LSE
- The company claimed to have a prospective first tenant who had already “put down” a $150 million prepayment
- On December 12, Fermi issued a SEC filing clarifying that no money had been drawn down and the the prospective tenant had terminated their agreement. Currently trading @ ~$9/share
Abercrombie & Fitch Co.’s Global Push—Can EMEA & APAC Become the Next Growth Engines?
- Abercrombie & Fitch reported its twelfth consecutive quarter of growth, achieving record net sales of $1.3 billion, an increase of 7% from the previous year.
- This growth showcased a balanced performance across regions, with notable success in the Americas and EMEA, despite challenges in the APAC region where sales declined 6%.
- The company also managed to increase its gross margin to 62.5% amidst a 210 basis point adverse impact due to tariffs.
MongoDB Is Targeting AI-Native Developers—Will This West Coast Bet Pay Off at Scale?
- MongoDB reported strong financial performance for the third quarter of fiscal year 2026.
- The company achieved total revenue of $628.3 million, reflecting a 19% year-over-year growth, surpassing the high end of its guidance.
- This impressive performance was primarily driven by the strength of Atlas, MongoDB’s cloud-based database platform, which saw its year-over-year growth accelerate to 30%, compared to 29% in the previous quarter.
Marvell Technology at the Center of AI Buildouts: Is the Company Too Dependent on Hyperscaler Capex?
- Marvell Technology is exiting the third quarter of fiscal year 2026 with results that reflect strong momentum in its core data center business, alongside rising complexity and execution demands tied to its expanding role in AI infrastructure.
- Revenue reached a record level, supported primarily by sustained strength in data center interconnect, optics, switching, and storage, while communications markets showed signs of recovery after a prolonged inventory correction.
- Management emphasized that demand exceeded internal expectations, particularly in networking-related products, contributing to upside versus guidance and continued operating leverage.
CrowdStrike Bets on Falcon Flex: Is This Subscription Model a Game-Changer or a Hidden Risk?
- CrowdStrike, Inc. delivered results that reflected strong operational momentum alongside an expanding strategic footprint across cybersecurity domains tied to artificial intelligence, cloud infrastructure, identity, and security operations.
- The quarter was characterized by accelerated net new annual recurring revenue, broad-based platform adoption, and improved profitability metrics, while also highlighting areas where execution risk and cost sensitivity remain relevant as the company scales.
- From an investment thesis perspective, CrowdStrike, Inc. continues to benefit from its single-platform architecture, which integrates endpoint, cloud, identity, and security operations capabilities into a unified data and analytics layer.
GitLab Is Scaling Its Platform, Pricing, & Sales—A High-Conviction Growth Setup!
- GitLab recently reported its third-quarter fiscal year 2026 results, revealing a mixed performance.
- The company achieved a notable 25% year-over-year revenue growth to $244 million, which exceeded its guidance by 2 points.
- This growth highlights GitLab’s resilient market position, especially in the DevSecOps domain, underscored by a substantial portion of its revenue being driven by its Ultimate tier, accounting for 54% of total annual recurring revenue (ARR).
Box Is Unlocking Pricing Leverage With AI—But Can It Sustain the Momentum?
- Box, Inc. recently reported strong financial results for the third quarter of fiscal 2026, reflecting both the ongoing strategic investments and heightened demand for its AI-enabled content management solutions.
- The company exceeded revenue expectations, with a 9% year-over-year increase to $301 million, driven by a 12% rise in billings and an 18% growth in remaining performance obligations (RPO).
- This progress was attributed to the successful adoption of their Enterprise Advanced suite, which integrates sophisticated AI capabilities into workflow automation and content management.
HealthEquity Is Doubling Down on a High-Impact ‘Save, Spend, Invest’ Strategy!
- HealthEquity’s recent quarterly results showcase strong performance and strategic positioning within the health savings account (HSA) market.
- During the third quarter of fiscal year 2026, HealthEquity reported a 7% increase in revenue, reflecting robust growth in the sector.
- Net income surged significantly by 806% year-over-year, primarily due to the absence of the previous year’s one-time legal settlement, with adjusted EBITDA rising by 20%.
Pfizer Slashes Guidance, Faces Patent Cliff—Is the Worst Yet to Come?
- Pfizer is navigating one of the most complex chapters in its recent history.
- On December 16, 2025, CEO Albert Bourla forcefully defended the pharmaceutical giant’s vaccine business amid rising political skepticism and regulatory headwinds.
- His remarks came as the company issued 2026 financial guidance that fell short of Wall Street expectations, projecting adjusted EPS of $2.80 to $3.00—below the $3.06 consensus—and revenues of $59.5 billion to $62.5 billion.
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