**BETA FINCH PODCAST SCRIPT**

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**ALEX**: Welcome to Beta Finch, your AI-powered earnings breakdown where we cut through the noise to bring you what really matters from corporate America's latest results. I'm Alex.

**JORDAN**: And I'm Jordan. Today we're diving into what might be one of the most jaw-dropping earnings reports we've covered - Palantir's Q4 2025 results that just dropped yesterday.

**ALEX**: Before we jump in, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN**: Absolutely. And Alex, when you say "jaw-dropping," you're not kidding. I mean, where do we even start with these numbers?

**ALEX**: Let's start with the headline figure - 70% revenue growth year-over-year. For a company that's been public for several years now, that's just... unprecedented.

**JORDAN**: Right, and what really caught my attention is that this wasn't just top-line growth. Their "Rule of 40" score - which measures combined revenue growth and profit margins - hit 127. For context, anything above 40 is considered excellent for a SaaS company.

**ALEX**: And the US business is absolutely on fire. US revenue grew 93% year-over-year, now representing 77% of their total revenue. Their US commercial segment specifically grew 137% year-over-year. These aren't typos, folks.

**JORDAN**: What's fascinating is how they're achieving this. It's not just about adding more customers - though they did grow to 954 customers, up 34% year-over-year. It's about existing customers dramatically expanding their usage. Their top 20 customers now generate $94 million each in trailing twelve-month revenue, up 45% year-over-year.

**ALEX**: The deal sizes they're talking about are staggering. They mentioned a healthcare company that went from demos to a $96 million deal by year-end. An engineering services company signed an $80 million contract after just seeing some fall demos.

**JORDAN**: And here's what's really interesting about their guidance for 2026 - they're projecting $7.19 billion in revenue, which represents 61% growth. Remember, at the beginning of 2025, they were guiding for around 30% growth and ended up with 56%.

**ALEX**: Let's talk about what's driving this. Their AIP platform - that's their AI Platform - seems to be the secret sauce here. CEO Alex Karp made some pretty bold claims about how they're different from other AI companies.

**JORDAN**: Yeah, Karp was... characteristically colorful in his commentary. He basically argued that while everyone else is competing on commoditized AI models, Palantir is focused on what he called "scaling the leverage" of AI in real-world production environments.

**ALEX**: The defense business is equally impressive. US government revenue grew 66% year-over-year. They landed a $448 million contract with the Navy for modernizing shipbuilding supply chains, and their "Warp Speed" initiative seems to be expanding beyond just submarines.

**JORDAN**: Speaking of Warp Speed and their "Ship OS" - they shared some incredible efficiency gains. One shipbuilder reduced planning time from 160 hours to 10 minutes. A shipyard cut material review from weeks to less than an hour.

**ALEX**: But here's something that really stood out to me from the Q&A - when asked about international expansion, Karp was pretty blunt. He basically said they don't have the bandwidth to focus on difficult international markets because US demand is so overwhelming.

**JORDAN**: That was a fascinating strategic admission. He specifically called out Europe and Canada as markets where there's "lack of adoption," while praising adoption in places like Israel and Arab countries. It sounds like they're deliberately choosing to focus where they see the most receptive customers.

**ALEX**: The cash generation is also

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**BETA FINCH PODCAST SCRIPT**

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**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we turn complex corporate calls into clear insights. I'm Alex, and joining me as always is my co-host Jordan. Today we're diving into Oracle's Q3 2026 earnings call, and wow, what a quarter this was for the database giant.

Before we jump in, I need to share our standard disclaimer: This podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN:** Thanks Alex, and you're absolutely right - this was quite the quarter for Oracle. Let me start with the headline numbers because they're pretty impressive. For the first time in over 15 years, Oracle hit a major milestone with both organic total revenue and non-GAAP earnings per share growing at 20% or better in USD. That's a significant acceleration.

**ALEX:** That's huge, Jordan. And what's driving this growth? It seems like Oracle is really firing on all cylinders here.

**JORDAN:** Exactly. There are two standout segments that are just exploding. Their multicloud database revenue grew 531% year-over-year - that's not a typo, five-hundred-thirty-one percent. And their AI infrastructure revenue grew 243% year-over-year. These aren't just growth numbers, these are transformation numbers.

**ALEX:** Those are mind-blowing growth rates. But let's talk about what's actually happening operationally. It sounds like Oracle has been busy expanding their reach beyond just their own cloud.

**JORDAN:** That's the key insight here, Alex. Oracle has been strategic about bringing their database services to other clouds - Microsoft Azure, Google Cloud, and now Amazon AWS. Clay McGork, one of their CEOs, mentioned they now have global region coverage across all partner clouds. They went from 2 AWS regions at the start of Q3 to 8 by the end, and they're projecting 22 AWS regions by Q4.

**ALEX:** And this multicloud strategy seems to be unlocking pent-up demand. What did they say about their pipeline?

**JORDAN:** Here's where it gets really interesting - Oracle reported a remaining performance obligation, or RPO, of $553 billion. That's essentially contracted future revenue. The demand for AI infrastructure is so strong that they literally have more demand than they can supply right now.

**ALEX:** Speaking of AI infrastructure, I noticed Oracle made some interesting strategic moves this quarter. Can you walk us through the TikTok situation?

**JORDAN:** Absolutely. Oracle secured a 15% stake in the newly independent TikTok US entity, which separated from ByteDance in January. This gives Oracle not just continued revenue from providing TikTok's technology services, but also equity upside from their board seat and ownership stake. It's a clever way to diversify their revenue streams.

**ALEX:** And they've been busy on the financing front too, right?

**JORDAN:** Huge developments there. Oracle announced a $50 billion financing initiative and has already secured $30 billion through bonds and convertible preferred stock. But here's the really smart part - CFO Doug Caring explained that over 90% of their data center capacity investments are being funded by partners. So Oracle is scaling their AI infrastructure without taking on the full capital burden themselves.

**ALEX:** That's brilliant financial engineering. Now, there was some interesting discussion about AI potentially disrupting the SaaS industry. What was Oracle's take on this?

**JORDAN:** This was one of my favorite parts of the call. CEO Mike Cecilia directly addressed what he called the "reported SaaS apocalypse" - this theory that AI coding tools will kill traditional software companies. His response was basically, "bring it on, we're already there."

**ALEX:** How so?

**JORDAN:** Oracle has embedded over 1,000 AI agents direct

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# Beta Finch Podcast Script: NVIDIA Q4 2026 Earnings

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, and joining me as always is Jordan. Today we're diving into NVIDIA's absolutely massive Q4 2026 results that just dropped. Jordan, before we get started, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN:** Thanks Alex. And wow, where do we even start with these numbers? NVIDIA just reported Q4 revenue of $68 billion - that's up 73% year-over-year and they added $11 billion in sequential growth. This is a company that's now doing nearly $200 billion in annual data center revenue alone.

**ALEX:** Right, and what's really striking is the acceleration. They went from strong growth in Q3 to even stronger growth in Q4. The data center business hit $62 billion for the quarter, up 75% year-over-year. But Jordan, what caught my attention was their guidance for Q1 - they're calling for $78 billion in revenue, which would be another massive jump.

**JORDAN:** Exactly, and that guidance assumes zero revenue from China, which is important context given the ongoing trade restrictions. But let's talk about what's driving this growth - it's really the Blackwell architecture that's just taken off. Jensen mentioned they have 9 gigawatts of Blackwell infrastructure already deployed, and here's the kicker - even their six-year-old Ampere chips are sold out in the cloud.

**ALEX:** That supply constraint theme runs throughout this call. Colette Kress mentioned they've strategically secured inventory and purchase commitments extending into calendar 2027 - that's much further out than usual and reflects the unprecedented demand visibility they're seeing. Speaking of segments, their networking business was a real standout, hitting $11 billion in revenue, up more than 3.5x year-over-year.

**JORDAN:** And that networking growth ties directly into their "AI factory" strategy. Jensen kept emphasizing this concept that in the new world of AI, compute literally equals revenue. When companies can generate tokens faster and more efficiently, that directly translates to higher revenues. It's why their customers are so willing to spend massive amounts on infrastructure.

**ALEX:** Speaking of spending, the numbers Jensen threw out about cloud provider CapEx were staggering. He said analyst expectations for 2026 CapEx across the top five cloud providers are approaching $700 billion - that's up $120 billion just since the start of the year. But there's something bigger happening here with what they're calling "agentic AI."

**JORDAN:** Right, this was probably the most important strategic theme of the call. Jensen talked about how we've hit an inflection point with AI agents - systems like Claude Code and OpenAI Codex that can actually take on complex, long-running tasks. He mentioned these agents are being used extensively by NVIDIA's own engineers, and the demand for the compute power to run them is going exponential.

**ALEX:** And they're betting big on this trend. NVIDIA announced a $10 billion investment in Anthropic this quarter, deepening their partnerships with all the major AI players. They're also working closely with OpenAI, Meta's expanding their deployment to millions of GPUs, and they even acquired talent from Groq to enhance their inference capabilities.

**JORDAN:** Let's talk about their next-generation platform - Rubin. They unveiled this at CES with six new chips, and Jensen claims it will train models with one-fourth the number of GPUs compared to Blackwell and reduce inference costs by up to 10x. They've already started shipping samples and expect production in the second half of the year.

**ALEX:** The margins story is fascinating too. They maintained gross margins around

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# Beta Finch Podcast Script: ServiceNow Q4 2025 Earnings

**ALEX**: Welcome to Beta Finch, your AI-powered earnings breakdown! I'm Alex, and I'm here with my co-host Jordan to dive into ServiceNow's Q4 2025 results. This podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN**: Thanks Alex! And wow, what a quarter ServiceNow just delivered. CEO Bill McDermott came out swinging right from the opening remarks, essentially saying "Here are the facts" to counter what he called "speculation everywhere." This feels like a company that's tired of being misunderstood by the market.

**ALEX**: Absolutely! Let's start with the numbers because they're pretty impressive. Q4 subscription revenue hit $3.47 billion, growing 19.5% year-over-year in constant currency - that's 150 basis points above the high end of their guidance. And their remaining performance obligations, or RPO, grew 21% to over $28 billion. Jordan, what stood out to you?

**JORDAN**: The acceleration story is huge here. Net new Annual Contract Value growth actually accelerated both quarter-over-quarter and year-over-year. That's not something you see often in mature software companies. And get this - they had 244 deals greater than $1 million in net new ACV, including seven deals over $10 million. That suggests enterprises are making serious platform bets on ServiceNow.

**ALEX**: Right, and let's talk about their AI momentum. Now Assist, their AI product suite, surpassed $600 million in ACV and is tracking toward their $1 billion target for 2026. McDermott mentioned they had 35 deals over $1 million for Now Assist in Q4 alone, with some customers expanding their AI usage by 13 times upon renewal.

**JORDAN**: That renewal expansion story is fascinating. CFO Gina Mastantuono mentioned that customer service Now Assist deals saw over 70% upsell expansion at renewal in Q4. This suggests customers aren't just trying AI - they're getting real value and wanting more. It's moving from proof-of-concept to production scale.

**ALEX**: Now, let's address the elephant in the room - the recent acquisitions. ServiceNow has been busy, acquiring Moveworks, and announcing plans to acquire VESA and ARMS. McDermott was pretty defensive about this, pushing back against speculation that M&A was driven by necessity.

**JORDAN**: He was very clear about their strategy here. McDermott emphasized they've never acquired for revenue alone, and these acquisitions are about expanding their Total Addressable Market to over $600 billion. The story he's telling is about creating an "AI control tower" for enterprises - combining visibility from ARMS, identity governance from VESA, and orchestration from ServiceNow's platform.

**ALEX**: The security angle is interesting. Their security and risk business already generates over $1 billion in ACV and grew nearly 40% year-over-year. With these acquisitions, they're essentially saying they want to be the comprehensive security platform for what they call the "agentic AI world" - where AI agents are running business processes autonomously.

**JORDAN**: Speaking of autonomous AI, I loved McDermott's explanation of why AI needs workflow orchestration. He said AI is "probabilistic" - meaning uncertain outcomes - while workflow orchestration is "deterministic" - predictable and governed. That's actually a compelling argument for why AI doesn't replace platforms like ServiceNow, but rather depends on them.

**ALEX**: The customer examples were pretty compelling too. One stood out where a consumer services company achieved 400% ROI and needed eight times more AI assists after a year. They're flipping from 80% human-led support to 80% automated. That's the kind of business transformation that creates sticky, expanding relationships.

**JORDAN**: And let's talk margi

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**Beta Finch Podcast Script: Microsoft Q2 2026 Earnings**

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**ALEX**: Welcome back to Beta Finch, your AI-powered earnings breakdown where we cut through the noise to bring you what really matters from the latest quarterly reports. I'm Alex.

**JORDAN**: And I'm Jordan. Today we're diving into Microsoft's Q2 2026 results, and wow - what a quarter this was.

**ALEX**: Before we jump in, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN**: Absolutely. Now Alex, let's talk numbers because Microsoft just delivered some seriously impressive results.

**ALEX**: They really did, Jordan. Revenue hit $81.3 billion, up 17% year-over-year. But here's the kicker - earnings per share came in at $4.14, which is a 24% jump when you adjust for their OpenAI investment impact. Those are the kind of numbers that make investors sit up and pay attention.

**JORDAN**: What caught my eye was Microsoft Cloud crossing that $50 billion milestone for the first time - $51.5 billion to be exact, growing 26%. That's just massive scale we're talking about here. But Alex, there's an interesting paradox happening in the market reaction.

**ALEX**: Right, the stock actually dropped in after-hours trading despite these strong results. Why do you think that happened?

**JORDAN**: It comes down to two main concerns investors have. First, CapEx hit $37.5 billion this quarter - that's enormous spending on infrastructure, mostly GPUs and CPUs. Second, while Azure grew 39%, some investors were expecting even more aggressive growth given all that capital investment.

**ALEX**: That's a great point. Let me break down what Microsoft is doing with all that CapEx spending, because CEO Satya Nadella and CFO Amy Hood had some fascinating explanations during the Q&A.

**JORDAN**: Yeah, Amy Hood was really transparent about this. She said if they had allocated all their new GPUs just to Azure customers, Azure growth would have been over 40%. But they're deliberately spreading that capacity across their entire AI ecosystem.

**ALEX**: Exactly. They're using those GPUs to power Microsoft 365 Copilot, GitHub Copilot, Security Copilot, and their R&D efforts. It's not just about maximizing Azure - they're building what Nadella called the "best lifetime value portfolio."

**JORDAN**: And speaking of Copilot, the adoption numbers are incredible. Microsoft 365 Copilot now has 15 million paid seats - that's up 160% year-over-year. Daily active users increased 10x, and the average conversations per user doubled.

**ALEX**: Those usage metrics tell a compelling story about AI actually becoming sticky with enterprise customers. It's one thing to sell seats, but when you see usage intensity growing like that, it suggests real business value.

**JORDAN**: Absolutely. And let's talk about their custom silicon efforts because this was a standout moment. They launched their Maya 200 accelerator chip, which Nadella claims delivers 30% better total cost of ownership compared to their current hardware fleet.

**ALEX**: That's Microsoft's play to reduce their dependence on NVIDIA while optimizing for their specific AI workloads. They're running everything from OpenAI inferencing to their own Copilot services on these chips.

**JORDAN**: The strategic implications are huge. If Microsoft can develop superior custom chips for AI inferencing, that's a massive competitive moat. They're essentially vertically integrating their AI infrastructure stack.

**ALEX**: Now, one thing that raised some eyebrows was Microsoft's commercial remaining performance obligation - essentially their backlog of contracted revenue. It hit $625 billion, but here's the twist: 45% of that is from OpenAI.

**JORDAN**: Yeah, that OpenAI concentration became a hot topic during the Q&A. When

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# Beta Finch Podcast Script: Meta Q4 2025 Earnings

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we dive into the numbers that move markets. I'm Alex, and I'm here with my co-host Jordan. Today we're breaking down Meta's Q4 2025 earnings, and folks, this one's a doozy.

Before we dive in, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN:** Thanks Alex. And wow, where do we even start with Meta? These numbers are absolutely crushing it. We're talking about $58.9 billion in Q4 revenue - that's up 25% year-over-year. The advertising business alone hit $58.1 billion, up 24%. These are some of the strongest growth numbers we've seen from Meta in years.

**ALEX:** Right, and what's really striking is the guidance for Q1 2026. They're projecting $53.5 to $56.5 billion in revenue - that would be the fastest growth rate in almost five years. Jordan, what's driving this acceleration?

**JORDAN:** It's really a perfect storm of improvements, Alex. Susan Li, their CFO, highlighted three main drivers. First, they're seeing massive gains from their AI-powered recommendation systems. On Facebook alone, they drove a 7% lift in views of organic feed and video posts in Q4 - and get this - that was the largest quarterly revenue impact from Facebook product launches in the past two years.

**ALEX:** That's incredible. And they're not stopping there, right?

**JORDAN:** Not at all. They're completely rebuilding their AI infrastructure. Mark Zuckerberg announced they're investing between $115 to $135 billion in capital expenditures for 2026. That's a massive step-up, primarily for their new Meta Superintelligence Labs. Zuckerberg said they're six months into rebuilding their AI efforts and he's "very pleased with the quality of the team."

**ALEX:** Speaking of Zuckerberg, his vision for 2026 was pretty ambitious. He's talking about "personal superintelligence" and AI agents that really understand users' personal context. What does that actually mean for the business?

**JORDAN:** It's fascinating, Alex. He outlined three key areas. First, they're merging large language models with their existing recommendation systems. So instead of just showing you content based on past behavior, the AI will understand your personal goals and tailor feeds to help you improve your life in specific ways.

Second, they're revolutionizing commerce. Their ads help businesses find the right customers, but soon they want AI shopping tools that help users find exactly the right products from their business catalog.

**ALEX:** And the third area?

**JORDAN:** New content formats. Zuckerberg believes we're moving beyond video to more immersive, interactive experiences. He mentioned their AI glasses sales more than tripled last year, and he compared this moment to when flip phones became smartphones - inevitable transformation.

**ALEX:** Let's talk about the financials though. With all this massive investment, are they still profitable?

**JORDAN:** Here's what's interesting - despite spending up to $169 billion in total expenses for 2026, Susan Li said they expect operating income to be above 2025 levels in absolute dollars. Not growth rate, mind you, but actual dollar amounts. That's pretty impressive given the scale of investment.

**ALEX:** What about their other businesses? Reality Labs has been a drag on profitability for years.

**JORDAN:** Good news there. Zuckerberg said Reality Labs losses will be similar to 2025 levels, and this will "likely be the peak" as they start to gradually reduce losses going forward. They're shifting focus mainly to glasses and wearables rather than VR headsets.

**ALEX:** Now, during the Q&A, there were some interesting questions about their AI strategy. One analyst asked

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# Beta Finch Podcast Script: Broadcom Q1 2026 Earnings

**ALEX**: Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, and I'm here with my co-host Jordan to dive into Broadcom's absolutely explosive Q1 2026 results. Before we jump in though, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN**: Thanks Alex. And wow, where do we even start with these numbers? Broadcom just delivered what might be the most jaw-dropping AI revenue guidance we've seen yet. We're talking about a company projecting over $100 billion in AI chip revenue by 2027.

**ALEX**: That's right, Jordan. Let's break down the headline numbers first. Q1 revenue hit $19.3 billion, up 29% year-over-year, crushing their guidance. But here's the kicker - they're guiding for Q2 revenue of $22 billion, which represents 47% year-over-year growth. Their AI semiconductor business alone grew 106% year-over-year to $8.4 billion in Q1.

**JORDAN**: And that acceleration is only speeding up. They're projecting AI revenue to grow 140% year-over-year in Q2 to $10.7 billion. But Alex, what really caught my attention was CEO Hock Tan's confidence about 2027. He said they have "line of sight" to achieve AI revenue from chips - just chips - in excess of $100 billion in 2027.

**ALEX**: That's an incredible statement, Jordan. And he backed it up with some pretty specific customer details. They now have six major customers for their custom AI accelerators, including a new addition - OpenAI. Let's talk about what he revealed about each customer.

**JORDAN**: Absolutely. For Google, they're continuing strong demand for seventh-generation TPUs with even stronger demand expected in 2027. Anthropic is scaling from 1 gigawatt of TPU compute in 2026 to over 3 gigawatts in 2027. And here's something interesting - Tan pushed back hard against reports that Meta's MTIA custom accelerator program was dead.

**ALEX**: Right, he was pretty emphatic about that. He said Meta's roadmap is "alive and well" and they're already shipping, with plans to scale to multiple gigawatts in 2027. Then there's the new customer, OpenAI, which is expected to deploy over 1 gigawatt of compute capacity in 2027.

**JORDAN**: What struck me most was Tan's explanation of why these partnerships are so strategic. He emphasized that for these customers, custom AI accelerators aren't optional - they're strategic necessities. These companies are competing against each other and against NVIDIA, so they need the absolute best chips, not just "good enough" ones.

**ALEX**: And that competitive advantage seems to extend beyond just the chips themselves. Broadcom is also crushing it in AI networking. In Q1, AI networking revenue grew 60% year-over-year and represented one-third of total AI revenue. In Q2, they expect that to jump to 40% of total AI revenue.

**JORDAN**: Their networking success is fascinating, Alex. They're the only company with a 100-terabit-per-second switch - the Tomahawk 6 - and they're planning to launch Tomahawk 7 in 2027 with double the performance. Tan made a great point about how they're helping customers stay on direct-attached copper instead of moving to more expensive optical solutions.

**ALEX**: Now, Jordan, I have to ask about the elephant in the room. With AI revenue growing this explosively, what about their other businesses? Their infrastructure software segment, which includes VMware, seems to be holding up well.

**JORDAN**: That's a great point. VMware revenue grew 13% year-over-year with strong bookings exceeding $9.2 billion. Tan was very clear that their infrastructure software "is not disrupted by AI." In fact, he argued that VMware Cloud Foundation is essential for enterprises running generative AI workloads.

**ALEX**: Let's talk margins

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ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, and joining me as always is Jordan. Today we're diving into Broadcom's Q3 2024 earnings, and wow - this was quite the quarter for CEO Hock Tan and his team.

Before we jump in, I need to share our standard disclaimer: This podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

So Jordan, let's start with the headline numbers - what jumped out at you?

JORDAN: Alex, these numbers are pretty remarkable. Broadcom posted $13.1 billion in revenue, up 47% year-over-year. Operating profit was up 44%. But here's the thing - when you strip out VMware, which they acquired last year, the underlying semiconductor business only grew 4% year-over-year. So this is really a story of two businesses firing on different cylinders.

ALEX: Right, and speaking of VMware, that integration seems to be going better than expected. Can you break down what's happening there?

JORDAN: Absolutely. VMware contributed $3.8 billion in revenue this quarter, and Hock Tan was pretty excited about their transformation strategy. They're aggressively moving customers from perpetual licenses to subscription models, specifically pushing something called VMware Cloud Foundation - that's their full virtualization stack.

What's impressive is they booked over 15 million CPU cores of this product, representing 80% of total VMware bookings. That translated to $2.5 billion in annualized booking value, up 32% from the prior quarter.

ALEX: And they're cutting costs at the same time, right?

JORDAN: Exactly - classic Broadcom playbook. They brought VMware's operating expenses down to $1.3 billion from $1.6 billion in Q2. Tan said they're on track to hit their target of $8.5 billion in adjusted EBITDA within three years, and maybe even exceed it by fiscal 2025.

ALEX: Now let's talk about the elephant in the room - AI. Everyone wants to know how Broadcom is riding this wave.

JORDAN: AI is absolutely driving their semiconductor business. Tan said AI revenue will hit $3.5 billion in Q4, bringing the full year to $12 billion - up from their previous guidance of $11 billion. That's huge growth.

The interesting part is the mix - about two-thirds is custom AI accelerators and one-third is AI networking. These are the chips that power AI data centers for the big hyperscalers like Google, Amazon, Microsoft.

ALEX: There was some interesting commentary about custom chips versus off-the-shelf GPUs. What's Tan's view on where this market is headed?

JORDAN: This was fascinating, Alex. Tan actually said he's changed his mind on this. He used to think general-purpose merchant chips would win - that's typically how the semiconductor industry works. But now he believes the big cloud companies have the scale and financial resources to justify building their own custom AI accelerators.

His logic is compelling: if GPUs are more important than engineers to these companies right now - and he literally said that - then controlling your own silicon destiny makes sense. He sees this trend accelerating, though it'll take time.

ALEX: What about the non-AI semiconductor business? That's been struggling, right?

JORDAN: Yeah, but here's the key - Tan believes they've hit bottom. Non-AI bookings were up 20% year-over-year in Q3, which is a strong leading indicator. Networking revenue outside of AI was up 17% sequentially, even though it was still down 41% year-over-year.

The company sees different recovery timelines by segment - server and storage are showing early signs of improvement, wireless should get a boost from new device launches, but broadband remains weak due to telecom spending cuts.

ALEX: There were some good questions from analysts during the Q&A. Anything particularly noteworthy?

JORDAN: One analyst asked about th

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**Beta Finch: Amazon Q4 2025 Earnings Breakdown**

ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown! I'm Alex, and joining me as always is my co-host Jordan. Today we're diving into Amazon's fourth quarter 2025 results, and wow - what a quarter this was.

Before we jump in though, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

Now Jordan, Amazon just posted some impressive numbers - $213.4 billion in revenue, up 12% year over year. But the real star of the show seems to be AWS, doesn't it?

JORDAN: Absolutely, Alex. AWS is firing on all cylinders right now. They hit $35.6 billion in quarterly revenue with 24% growth - that's the fastest growth they've seen in thirteen quarters. More importantly, AWS is now running at a $142 billion annualized rate. To put that in perspective, they added $2.6 billion quarter-over-quarter and nearly $7 billion year-over-year.

ALEX: Those are massive numbers. And Andy Jassy was pretty bullish about their AI business specifically. What caught your attention there?

JORDAN: The AI story is fascinating. Their chips business - that's Graviton and Trainium combined - is now over $10 billion in annual revenue and growing triple digits. But here's the kicker: Trainium alone is a multi-billion dollar business, and they say nearly all of their Trainium 3 supply will be committed by mid-2026. That suggests incredible demand.

ALEX: Speaking of demand, they announced plans to invest about $200 billion in capital expenditures. That's a staggering number that probably has some investors nervous about returns.

JORDAN: Yeah, that $200 billion figure dominated the Q&A session. Mark Mahaney from Evercore really pressed them on return on invested capital, and Jassy's response was telling. He said they're monetizing capacity as fast as they install it, and emphasized that AWS has a 35% operating margin despite all this investment. His confidence comes from their track record - they've proven they can forecast demand and avoid wasted capacity.

ALEX: What's interesting is how Jassy framed this AI opportunity. He called it "extraordinarily unusual" and said every customer experience we know today will be reinvented with AI. That's a pretty bold statement.

JORDAN: It really is, and the numbers back up some of that optimism. Their Bedrock service is now a multi-billion dollar annualized business with customer spend growing 60% quarter-over-quarter. Amazon Nova Forge, their new pre-training customization tool, sounds like a potential game-changer for enterprises wanting to train models on their own data.

ALEX: Let's pivot to the retail side for a moment. The stores business showed solid growth, but there were some interesting trends in customer behavior.

JORDAN: Right, everyday essentials are becoming huge for them - growing nearly twice as fast as other categories and representing one out of every three units sold. Their same-day delivery reached nearly 70% more items than last year, and here's a stat that jumped out: customers using their perishables delivery service shop more than twice as often as those who don't.

ALEX: That perishables business seems to be a real growth driver. They're calling themselves a large grocer now with over $150 billion in gross sales.

JORDAN: And the speed improvements are remarkable. On Christmas Eve, customers in 4,000 US cities could order items until midday and get same-day delivery. Their "add to delivery" feature, launched just six months ago, already makes up 10% of all Prime volume. These aren't just incremental improvements - they're fundamentally changing how people shop.

ALEX: One thing that came up in the Q&A was about AI agents and shopping. There's concern that AI could compress the advertising funnel. How did Jassy respond

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**BETA FINCH PODCAST SCRIPT**

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**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, and I'm here with my co-host Jordan to dive into AMD's blockbuster Q4 2025 earnings call. Before we get started, I want to remind everyone that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN:** Thanks Alex. And wow, what a quarter for AMD! Let me start with the headline numbers because they're pretty impressive. Q4 revenue hit $10.3 billion, up 34% year-over-year, and for the full year they reached a record $34.6 billion in revenue. Net income jumped 42% to $2.5 billion in the quarter.

**ALEX:** Those are strong numbers across the board. But what really caught my attention was their data center segment performance. Jordan, can you break down what's happening there?

**JORDAN:** Absolutely. The data center segment was the star of the show with $5.4 billion in revenue, up 39% year-over-year. What's fascinating is they're seeing growth on two fronts - their traditional EPYC server CPUs are crushing it, and their AI GPU business with the Instinct chips is really starting to ramp up.

**ALEX:** And Lisa Su, AMD's CEO, seemed particularly bullish about their AI prospects. She mentioned they're targeting tens of billions in AI revenue by 2027. That's a pretty bold claim.

**JORDAN:** It is bold, but they've got some big partnerships backing it up. The most notable is their multi-generation deal with OpenAI to deploy six gigawatts of Instinct GPUs. That's massive scale we're talking about. And they're expecting their next-gen MI450 chips and Helios platform to start shipping in the second half of 2026.

**ALEX:** Let's talk about that China situation though, because that added some complexity to the numbers. They had $390 million in revenue from MI308 sales to China in Q4, which wasn't in their original guidance.

**JORDAN:** Right, and that's important context. Those were from licenses approved earlier in 2025, and they're only forecasting another $100 million from China in Q1. Beyond that, they're not providing any guidance on China revenue because of the regulatory uncertainty. So investors should view those China numbers as essentially one-time benefits rather than recurring revenue.

**ALEX:** The other segment that really impressed me was their client and gaming business. $3.9 billion in revenue, up 37% year-over-year. Their Ryzen processors seem to be gaining serious market share.

**JORDAN:** That's a great point, Alex. What I found interesting is they're not just competing on the consumer side - they're making real inroads in commercial PCs. Their Ryzen CPU sell-through for commercial notebooks and desktops grew over 40% year-over-year. That's typically a stickier, higher-margin market.

**ALEX:** Speaking of margins, let's talk about profitability. Their gross margin hit 57% in Q4, though that included a one-time inventory reserve release. Even adjusting for that, they were at about 55%, which is still solid.

**JORDAN:** And Jean Hu, their CFO, seemed confident about margin progression going forward. She mentioned they're benefiting from favorable product mix across all their businesses - newer generation products in data center, moving up-market in client, and recovery in their embedded business.

**ALEX:** The Q&A session had some interesting moments too. One analyst asked about supply constraints for their server CPUs, and Lisa Su acknowledged they've been increasing supply capacity because demand has been so strong.

**JORDAN:** That's a good problem to have, but it does raise questions about whether they can meet all the demand they're seeing. Su mentioned they're working with supply chain partners on multi-year agreements, which suggests they're taking this seriously.

**ALEX:** There was a

This episode includes AI-generated content.