Beta Finch - S&P 100 - EN

ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex.

JORDAN: And I'm Jordan. Today we're diving into Bank of America's Q4 2025 results, which came out this morning with some pretty solid numbers.

ALEX: 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: Absolutely. Now, let's talk about these results. Bank of America delivered $7.6 billion in net income for Q4, which is up 12% year-over-year. Earnings per share came in at 98 cents, up a whopping 18% from last year.

ALEX: That's a strong finish to 2025. What really caught my attention was the revenue growth - 7% year-over-year, led by net interest income jumping 10% to $15.9 billion. And get this - they delivered 330 basis points of operating leverage in the quarter.

JORDAN: Operating leverage is really the name of the game for banks right now, and Bank of America seems to be executing well on that front. CEO Brian Moynihan highlighted that they kept headcount flat across the entire year despite growing client activity and volumes. That's impressive discipline.

ALEX: Let's break down some of the key drivers. Loan growth was robust at 8% year-over-year, and deposits grew 3%. Both of those outpaced industry averages. What's interesting is they're seeing growth across all their business segments.

JORDAN: Right, and looking at the deposit story - this has been a challenge across the industry post-pandemic. But Bank of America actually added 680,000 new consumer checking accounts during the year while maintaining an average balance of over $9,000. That's 28 consecutive quarters of net growth, or seven straight years.

ALEX: That's remarkable consistency. Now, let's talk about their outlook because this is where it gets really interesting. CFO Alastair Borthwick reiterated their guidance for 5% to 7% net interest income growth in 2026.

JORDAN: And here's why that's significant - they have about $12 to $15 billion in mortgage-backed securities and mortgage loans rolling off each quarter in 2026. These will be replaced with new assets yielding 150 to 200 basis points higher. That's essentially free money dropping to the bottom line.

ALEX: The asset repricing story is huge for Bank of America. They've been positioned for rising rates, but even in a declining rate environment, they're benefiting from this roll-off dynamic. Speaking of rates, how are they thinking about sensitivity?

JORDAN: Good question. They said that if rates dropped another 100 basis points instantly, NII would decline by about $2 billion over 12 months. But if rates went up 100 basis points, they'd benefit by around $700 million. So they're still somewhat asset-sensitive, but much less than before.

ALEX: Let's talk about their business segments. Consumer Banking continues to be a profit machine with a 28% return on allocated capital and what looks like around a 50% profit margin.

JORDAN: And Wealth Management is really hitting its stride. Net income grew from $1 billion in Q2 to $1.4 billion in Q4, with the return on allocated capital jumping from 20% to 28%. They added $500 billion in client balances across the year to reach $4.8 trillion total.

ALEX: Global Markets had another strong quarter too - their 15th consecutive quarter of improvement in sales and trading, generating nearly $21 billion in revenue for the full year. That's a record.

JORDAN: What I found fascinating in the Q&A was the discussion around technology and AI investments. Moynihan mentioned they have 18,000 people coding at the company, and AI has already taken 30% out of the coding process, saving them about 2,000 people equivalent in productivity.

ALEX: That's the kind of operational efficiency that drives long-term competitive advantages. They're spending s

This episode includes AI-generated content.

# Beta Finch Podcast Script - Applied Materials Q1 2026 Earnings

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we turn complex financial reports into conversations you can actually follow. I'm Alex.

**JORDAN:** And I'm Jordan. Today we're diving into Applied Materials' Q1 2026 earnings call - that's AMAT for those keeping score at home.

**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:** Thanks Alex. So Applied Materials - for folks who might not know - they're basically the behind-the-scenes heroes making the tools that manufacture semiconductors. Think of them as the company that makes the machines that make the chips.

**ALEX:** Exactly. And what's interesting about this quarter is we're seeing some really strong AI-driven demand flowing through to their business. CEO Gary Dickerson opened by highlighting "strong demand across AI, foundry-logic, and memory" with customers accelerating their technology roadmaps.

**JORDAN:** Right, and that's showing up in their financials. While they didn't give us specific revenue numbers in this transcript, CFO Brice Hill mentioned they delivered "strong revenue, margins, and cash flow" and that their backlog remains elevated with book-to-bill around unity.

**ALEX:** That book-to-bill metric is key for equipment companies like Applied Materials. When it's at or above 1.0, it means they're booking new orders at the same rate or faster than they're shipping products. It's a good leading indicator of future revenue.

**JORDAN:** What really caught my attention was the breadth of growth drivers they're seeing. It's not just one area - they mentioned AI, advanced packaging, HBM memory, and even improvements in both DRAM and NAND flash memory.

**ALEX:** HBM is High Bandwidth Memory, by the way - it's the super-fast memory that AI chips need to process all that data. Gary Dickerson specifically called out "strong pull for tools supporting HBM" with visibility extending through multiple quarters.

**JORDAN:** And here's something I found fascinating - they're not just riding the AI wave passively. When asked about advanced packaging, Dickerson talked about their "comprehensive toolset across wafer-level packaging, hybrid bonding, and inspection/metrology." They're positioning themselves across the entire value chain.

**ALEX:** That's Applied Materials' sweet spot - materials engineering. They keep emphasizing these complex new chip architectures like gate-all-around transistors and backside power delivery, which create "new materials and integration challenges" where their expertise becomes even more valuable.

**JORDAN:** Speaking of challenges, there was an interesting exchange about China and export controls. Dickerson said demand there "remains mixed by segment, with mature nodes steady and certain leading-edge areas impacted by restrictions." But they seem to be managing this well with their global footprint.

**ALEX:** Right, and what I appreciated was their transparency about supply chain issues. Brice Hill mentioned they're "expanding capacity in critical product lines" and that lead times are improving as they qualify additional suppliers. That's exactly what you want to hear from a company in this space.

**JORDAN:** The services business also looks solid. Hill talked about growth being "supported by our expanding installed base" and higher attachment to performance-based agreements. That's recurring revenue, which investors love because it's more predictable than equipment sales.

**ALEX:** Let's talk about what this means looking forward. One analyst asked about sustainability of AI demand, and Dickerson seemed pretty confident, saying their "pipeline and customer engagements give us conf

This episode includes AI-generated content.

**Beta Finch Podcast Script: Mondelez International Q4 2025 Earnings**

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**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we turn dense quarterly reports into digestible insights. I'm Alex.

**JORDAN:** And I'm Jordan. Today we're diving into Mondelez International's Q4 2025 earnings call - that's the snacking giant behind brands like Oreo, Cadbury, and Trident gum.

**ALEX:** Before we dig 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, this earnings call was fascinating because it was all about one commodity - cocoa. The chocolate world has been turned upside down.

**ALEX:** Right, and what a wild ride it's been! So Jordan, let's start with the big picture. What happened with cocoa prices?

**JORDAN:** Well, it's actually a tale of two stories. Throughout most of 2025, cocoa prices were sky-high due to supply issues in West Africa. Mondelez had to take significant price increases on their chocolate products. But then, in just the last couple weeks before this earnings call, cocoa spot prices absolutely cratered - we're talking about an unprecedented drop.

**ALEX:** And here's the kicker - Mondelez can't really benefit from these lower prices in 2026 because they're already hedged at the higher prices, right?

**JORDAN:** Exactly! CEO Dirk Van de Put was very clear about this. He said their cocoa coverage for 2026 is locked in at much higher costs than current market prices. In fact, CFO Luca Zaramella mentioned they're facing a massive one billion dollar inventory accounting expense in Q1 alone as they adjust their books to reflect these hedged costs.

**ALEX:** A billion dollars! That's going to be a significant hit to their first quarter profits. But let's talk about how this played out in different markets during 2025.

**JORDAN:** The performance was really mixed. Van de Put said that markets like India, Brazil, Australia, and South Africa held up well despite the price increases. About half of European markets performed as expected. But the northern European markets - Germany, UK, the Nordics - showed much higher price elasticity than they anticipated.

**ALEX:** Meaning consumers really pulled back when prices went up in those markets?

**JORDAN:** Exactly. And here's an interesting insight from the call - Van de Put said penetration didn't really decline, but frequency and quantity of purchases did. So people are still buying chocolate, just less often and in smaller amounts.

**ALEX:** That's a crucial distinction for investors to understand. Now, what's their strategy for 2026?

**JORDAN:** They're taking a multi-pronged approach. First, they're keeping chocolate pricing flat for 2026 - no more increases despite their higher hedged costs. Second, they're significantly ramping up advertising and brand investment, focusing specifically on getting consumers back to normal consumption patterns.

**ALEX:** And they mentioned some interesting innovation partnerships, didn't they?

**JORDAN:** Yes! The Biscoff collaboration was apparently very successful in 2025, and they're planning to take it "to the next level" in 2026. Van de Put seemed really excited about their innovation pipeline, particularly in Europe.

**ALEX:** Let's talk numbers. What's their guidance for 2026?

**JORDAN:** They're projecting organic sales growth of 0% to 2% for 2026. That's pretty conservative, and they admitted they built in flexibility because of uncertainty around how competitors might react to the cocoa price volatility.

**ALEX:** The emerging markets story seems more positive though.

**JORDAN:** Absolutely. Emerging markets finished 2025 with high single-digit growth, and they expect that momentum to continue. The challenge is really in devel

This episode includes AI-generated content.

# Beta Finch Podcast Script - Applied Materials Q1 2026 Earnings

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we turn complex financial reports into conversations you can actually follow. I'm Alex.

**JORDAN:** And I'm Jordan. Today we're diving into Applied Materials' Q1 2026 earnings call - that's AMAT for those keeping score at home.

**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:** Thanks Alex. So Applied Materials - for folks who might not know - they're basically the behind-the-scenes heroes making the tools that manufacture semiconductors. Think of them as the company that makes the machines that make the chips.

**ALEX:** Exactly. And what's interesting about this quarter is we're seeing some really strong AI-driven demand flowing through to their business. CEO Gary Dickerson opened by highlighting "strong demand across AI, foundry-logic, and memory" with customers accelerating their technology roadmaps.

**JORDAN:** Right, and that's showing up in their financials. While they didn't give us specific revenue numbers in this transcript, CFO Brice Hill mentioned they delivered "strong revenue, margins, and cash flow" and that their backlog remains elevated with book-to-bill around unity.

**ALEX:** That book-to-bill metric is key for equipment companies like Applied Materials. When it's at or above 1.0, it means they're booking new orders at the same rate or faster than they're shipping products. It's a good leading indicator of future revenue.

**JORDAN:** What really caught my attention was the breadth of growth drivers they're seeing. It's not just one area - they mentioned AI, advanced packaging, HBM memory, and even improvements in both DRAM and NAND flash memory.

**ALEX:** HBM is High Bandwidth Memory, by the way - it's the super-fast memory that AI chips need to process all that data. Gary Dickerson specifically called out "strong pull for tools supporting HBM" with visibility extending through multiple quarters.

**JORDAN:** And here's something I found fascinating - they're not just riding the AI wave passively. When asked about advanced packaging, Dickerson talked about their "comprehensive toolset across wafer-level packaging, hybrid bonding, and inspection/metrology." They're positioning themselves across the entire value chain.

**ALEX:** That's Applied Materials' sweet spot - materials engineering. They keep emphasizing these complex new chip architectures like gate-all-around transistors and backside power delivery, which create "new materials and integration challenges" where their expertise becomes even more valuable.

**JORDAN:** Speaking of challenges, there was an interesting exchange about China and export controls. Dickerson said demand there "remains mixed by segment, with mature nodes steady and certain leading-edge areas impacted by restrictions." But they seem to be managing this well with their global footprint.

**ALEX:** Right, and what I appreciated was their transparency about supply chain issues. Brice Hill mentioned they're "expanding capacity in critical product lines" and that lead times are improving as they qualify additional suppliers. That's exactly what you want to hear from a company in this space.

**JORDAN:** The services business also looks solid. Hill talked about growth being "supported by our expanding installed base" and higher attachment to performance-based agreements. That's recurring revenue, which investors love because it's more predictable than equipment sales.

**ALEX:** Let's talk about what this means looking forward. One analyst asked about sustainability of AI demand, and Dickerson seemed pretty confident, saying their "pipeline and customer engagements give us conf

This episode includes AI-generated content.

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 Starbucks' first quarter 2026 results. Jordan, this feels like a real turnaround story unfolding.

JORDAN: Absolutely, Alex. But before we get into the details, 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.

ALEX: Thanks for that, Jordan. Now, let's talk about what CEO Brian Niccol is calling the "Back to Starbucks" plan. The headline here is that they're finally seeing transaction-led growth again. Revenue hit $9.9 billion, up 5%, with global comparable store sales growing 4%.

JORDAN: What really caught my attention was the U.S. performance. They had 4% comp growth with 3% transaction growth - and this is the first time in eight quarters that their Starbucks Rewards transactions grew year-over-year. That's huge because it means people are actually coming back to the stores more frequently.

ALEX: Right, and it wasn't just rewards members. Non-rewards customers grew transactions even faster than rewards members. Niccol made a point about this - he said when he first arrived, non-rewards customers had been declining consistently, which is never healthy for a business.

JORDAN: The interesting thing is how they're driving this growth. It's not through discounting - they specifically mentioned that value perception scores held strong paired with average ticket growth. They're creating value through what they call the "Green Apron service model" and menu innovation, not price cuts.

ALEX: Let's talk about that Green Apron model because it seems to be the foundation of everything. Essentially, they've invested heavily in labor - bigger rosters, better training, new customer service standards. CFO Catherine Smith mentioned they're anniversarying these investments by Q4, which should help margins going forward.

JORDAN: The proof is in the pudding too. Those 650 pilot stores that got the full Green Apron treatment are still outperforming the rest of the fleet by about 200 basis points in comp growth. And get this - they're hitting their four-minute service targets even with meaningful transaction growth. That's operational excellence.

ALEX: Now, the earnings picture is more complicated. EPS came in at $0.56, down 19% year-over-year. Operating margins contracted 180 basis points to 10.1%. But management is basically saying "top line first, then earnings will follow."

JORDAN: Exactly. And they're not just hoping margins improve - they have a concrete plan. Niccol announced a $2 billion cost efficiency program over the next two years covering procurement, technology, and general administrative functions. Plus, they expect coffee prices and tariff pressures to peak in Q2 and find relief in the back half of the year.

ALEX: The guidance for fiscal 2026 reflects this cautious optimism. They're projecting 3% or better global comp sales growth, but EPS guidance of $2.15 to $2.40 is pretty wide. When an analyst asked about scenarios for the high and low end, Niccol basically said it comes down to maintaining comp performance.

JORDAN: Speaking of guidance, there's a big strategic shift happening in China. They're forming a joint venture with Boyu Capital where Boyu gets up to 60% of retail operations and Starbucks keeps 40% plus the brand and IP licensing. This could be about 40 basis points accretive to consolidated margins annually.

ALEX: That China move is fascinating because it shows they're willing to give up control for better local execution. China had 7% comp growth in Q1 - their third consecutive quarter of growth. Sometimes the best strategy is partnering with someone who knows the market better.

JORDAN: One thing I loved from the Q&A was when they talked about the afternoon opp

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**Beta Finch Podcast Script: Qualcomm Q1 2026 Earnings**

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**ALEX**: Welcome to Beta Finch, your AI-powered earnings breakdown where we turn complex financial reports into conversations you can actually follow. I'm Alex.

**JORDAN**: And I'm Jordan. Today we're diving into Qualcomm's first quarter 2026 results, and wow, this one's a bit of a tale of two cities.

**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. So Alex, let's start with the headline numbers because they're pretty impressive on the surface.

**ALEX**: They really are. Qualcomm delivered record-breaking results - $12.3 billion in revenue and $3.50 in non-GAAP earnings per share. Both numbers hit records, with EPS coming in at the high end of their guidance range.

**JORDAN**: The breakdown is interesting too. Their chip business, QCT, hit a record $10.6 billion, while their licensing division QTL brought in $1.6 billion. But here's where it gets complicated - they're guiding down significantly for next quarter.

**ALEX**: Right, and that's the big story here. For Q2, they're forecasting total revenue of $10.2 to $11 billion, which at the midpoint represents a pretty substantial sequential decline. The handset business specifically is expected to drop from $7.8 billion to about $6 billion.

**JORDAN**: And the reason? It's all about memory shortages. CEO Cristiano Amon was very clear about this - the AI data center boom is sucking up all the high-bandwidth memory, leaving smartphone makers scrambling for DRAM.

**ALEX**: Let me read you what Amon said because it really captures the situation: "As memory suppliers redirect manufacturing capacity to HBM to meet AI data center demand, the resulting industry-wide memory shortage and price increases are likely to define the overall scale of the handset industry through the fiscal year."

**JORDAN**: It's fascinating how the AI boom is creating these ripple effects. Chinese smartphone makers in particular are being cautious, reducing their chipset inventory because they can't get enough memory to build phones.

**ALEX**: But here's what's interesting - Qualcomm is emphasizing this isn't a demand problem. Consumer appetite for premium smartphones remains strong. It's purely a supply constraint. CFO Akash Palkhiwala mentioned they saw handset units exceeding expectations in December, especially in the premium tier.

**JORDAN**: That's a crucial distinction for investors. If this were a demand issue, you'd be worried about long-term market trends. But supply constraints, while painful in the near term, typically resolve themselves.

**ALEX**: Speaking of the premium tier, Qualcomm dropped some interesting details about their market position. They're expecting about 75% share of Samsung's upcoming premium devices, which is consistent with prior expectations. And they highlighted this interesting "dual flagship" strategy where OEMs are launching multiple premium tiers.

**JORDAN**: The automotive story continues to be a bright spot. They hit another record with $1.1 billion in automotive revenue, up 15% year-over-year, and they're guiding for even stronger growth - greater than 35% year-over-year growth in Q2.

**ALEX**: The Volkswagen Group partnership announcement is huge. This isn't just about infotainment systems - Qualcomm would serve as the primary technology provider for VW's software-defined vehicle architecture, including their joint venture with Rivian. That's Audi, Porsche, the whole VW ecosystem.

**JORDAN**: And they're expanding into new territories. The robotics announcement caught my attention - they're launching a full suite of robotics technologies with the Dragon Wing IQ 10 series. They're already working with companies like

This episode includes AI-generated content.

# Beta Finch Podcast Script - Applied Materials Q1 2026 Earnings

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we turn complex financial reports into conversations you can actually follow. I'm Alex.

**JORDAN:** And I'm Jordan. Today we're diving into Applied Materials' Q1 2026 earnings call - that's AMAT for those keeping score at home.

**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:** Thanks Alex. So Applied Materials - for folks who might not know - they're basically the behind-the-scenes heroes making the tools that manufacture semiconductors. Think of them as the company that makes the machines that make the chips.

**ALEX:** Exactly. And what's interesting about this quarter is we're seeing some really strong AI-driven demand flowing through to their business. CEO Gary Dickerson opened by highlighting "strong demand across AI, foundry-logic, and memory" with customers accelerating their technology roadmaps.

**JORDAN:** Right, and that's showing up in their financials. While they didn't give us specific revenue numbers in this transcript, CFO Brice Hill mentioned they delivered "strong revenue, margins, and cash flow" and that their backlog remains elevated with book-to-bill around unity.

**ALEX:** That book-to-bill metric is key for equipment companies like Applied Materials. When it's at or above 1.0, it means they're booking new orders at the same rate or faster than they're shipping products. It's a good leading indicator of future revenue.

**JORDAN:** What really caught my attention was the breadth of growth drivers they're seeing. It's not just one area - they mentioned AI, advanced packaging, HBM memory, and even improvements in both DRAM and NAND flash memory.

**ALEX:** HBM is High Bandwidth Memory, by the way - it's the super-fast memory that AI chips need to process all that data. Gary Dickerson specifically called out "strong pull for tools supporting HBM" with visibility extending through multiple quarters.

**JORDAN:** And here's something I found fascinating - they're not just riding the AI wave passively. When asked about advanced packaging, Dickerson talked about their "comprehensive toolset across wafer-level packaging, hybrid bonding, and inspection/metrology." They're positioning themselves across the entire value chain.

**ALEX:** That's Applied Materials' sweet spot - materials engineering. They keep emphasizing these complex new chip architectures like gate-all-around transistors and backside power delivery, which create "new materials and integration challenges" where their expertise becomes even more valuable.

**JORDAN:** Speaking of challenges, there was an interesting exchange about China and export controls. Dickerson said demand there "remains mixed by segment, with mature nodes steady and certain leading-edge areas impacted by restrictions." But they seem to be managing this well with their global footprint.

**ALEX:** Right, and what I appreciated was their transparency about supply chain issues. Brice Hill mentioned they're "expanding capacity in critical product lines" and that lead times are improving as they qualify additional suppliers. That's exactly what you want to hear from a company in this space.

**JORDAN:** The services business also looks solid. Hill talked about growth being "supported by our expanding installed base" and higher attachment to performance-based agreements. That's recurring revenue, which investors love because it's more predictable than equipment sales.

**ALEX:** Let's talk about what this means looking forward. One analyst asked about sustainability of AI demand, and Dickerson seemed pretty confident, saying their "pipeline and customer engagements give us conf

This episode includes AI-generated content.

ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown! I'm Alex.

JORDAN: And I'm Jordan. Today we're diving into Boston Scientific's fourth quarter and full year 2025 results - and wow, what a year it's been for this medical device giant.

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. So Alex, Boston Scientific just wrapped up what CEO Mike Mahoney called an "outstanding" year. Let's start with the headline numbers - they're pretty impressive.

ALEX: They really are. For the full year, Boston Scientific hit over $20 billion in sales - that's 19% operational growth and nearly 16% organic growth. They actually exceeded their guidance of around 15.5%. And on the bottom line? Adjusted earnings per share of $3.06, up 22% year-over-year.

JORDAN: That's their third consecutive year of 20%+ EPS growth, which is remarkable consistency in this industry. But what I found interesting was the fourth quarter specifically - 13% organic growth, which hit the high end of their guidance range. The question is, what's driving all this growth?

ALEX: Two words: EP and WATCHMAN. Their electrophysiology business grew 35% in Q4 and a staggering 73% for the full year. That's largely driven by their FARAPULSE technology - basically a next-generation treatment for atrial fibrillation that uses pulsed field ablation instead of traditional methods.

JORDAN: And WATCHMAN, their left atrial appendage closure device, grew 29% in the quarter. Mike Mahoney mentioned they've now treated more than 25,000 patients with what they call "concomitant procedures" - essentially doing WATCHMAN and EP procedures together, which is more efficient for hospitals.

ALEX: But here's where it gets really interesting - and where some investors got a bit nervous during the earnings call. There were questions about whether growth is slowing, especially in the U.S. EP market. Some analysts were expecting even higher numbers.

JORDAN: Right, and Mahoney pushed back on this pretty hard. He said competitors are claiming the EP market grew 25% in Q4, but Boston Scientific thinks it was more like 18-20%. And even at that growth rate, they're significantly outpacing competitors - some major players only grew 6.5% and 12.5% respectively.

ALEX: That's a crucial point for investors. Market share dynamics are shifting as competitors launch their own PFA products, but Boston Scientific believes they'll maintain clear market leadership. Mahoney said by year-end 2026, their PFA share might equal all other competitors combined, but they'll still be the leader.

JORDAN: And looking ahead, they're guiding for some pretty solid numbers in 2026. Organic revenue growth of 10-11% for the full year, though Q1 will be softer at 8.5-10% due to some one-time headwinds and tough comparisons.

ALEX: Those headwinds include discontinuing a product called ACURATE and a temporary withdrawal of certain sizes of their AXIOS device due to manufacturing issues. But they expect both situations to resolve by mid-year.

JORDAN: Let's talk about what could be a game-changer - the CHAMPION trial results. This is a major clinical study comparing their WATCHMAN device to blood thinners for stroke prevention. Dr. Ken Stein, their Chief Medical Officer, said results will be presented at the American College of Cardiology conference.

ALEX: If positive, this could be huge. Currently, WATCHMAN is indicated for about 5 million patients globally who can't tolerate blood thinners. But if CHAMPION shows WATCHMAN is as effective as blood thinners with better bleeding outcomes, that addressable market could jump to 20 million patients.

JORDAN: That would essentially position WATCHMAN as a first-line therapy instead of just for patients who ca

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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 joined by my co-host Jordan. Today we're diving into Booking Holdings' fourth quarter earnings call - and wow, what a quarter they had.

Before we get started 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 speaking of wow - Glenn Fogel just celebrated his 26th year at the company! That might make him the longest-tenured executive in tech. But beyond that milestone, Booking absolutely crushed their fourth quarter numbers.

**ALEX**: Let's break down those numbers, Jordan. Room nights hit 285 million - that's a 9% year-over-year increase that actually exceeded the high end of their expectations. And both gross bookings and revenue jumped 16%. What's driving this growth?

**JORDAN**: The strength is really coming from Asia and the U.S., both delivering low double-digit growth. What I found interesting is that the U.S. acceleration has been building all year - they went from low single-digit growth in the first half to low double-digit growth in Q4. That's a pretty impressive turnaround.

**ALEX**: And the profitability story is even better. Adjusted EBITDA reached $2.2 billion, up 19% year-over-year, with margins expanding 80 basis points to nearly 37%. A big driver here is their transformation program that launched in late 2024.

**JORDAN**: Right, and this transformation program is fascinating. They've already achieved $550 million in annual run-rate savings - hitting the high end of their guidance. CFO Ewout Steenbergen said they expect $500 to $550 million in additional in-year savings for 2026. That's serious operational efficiency.

**ALEX**: But here's what I love about their strategy - they're not just pocketing those savings. They're reinvesting about $700 million above baseline into strategic priorities like AI, their connected trip vision, and geographic expansion. It's classic reinvestment for growth.

**JORDAN**: Speaking of AI, Glenn Fogel had some really compelling commentary on this. He talked about how they've been using AI for over a decade, but now with generative AI, they're rolling out what he calls "agentic capabilities" across their platforms. And unlike a lot of companies that talk about AI but don't show results, Booking is actually seeing it in their P&L.

**ALEX**: That's a great point. Steenbergen specifically called out how their customer service costs are actually down year-over-year despite 10% booking growth. That's a roughly 10% decline in customer service cost per booking - real, measurable AI impact.

**JORDAN**: Now let's talk about their competitive moat, because there was a really interesting exchange about large language models potentially disrupting travel booking. An analyst asked about companies like ChatGPT potentially becoming travel agents.

**ALEX**: And Fogel's response was brilliant. He basically said - good luck with that! He pointed out that Booking works with over 4 million properties, processes 100+ payment methods across 50+ currencies, deals with regulations across 200+ countries, and has thousands of partner service people. That's not something you just replicate overnight.

**JORDAN**: Exactly. He compared it to their relationship with Google - Google captures demand at the top of the funnel through search, Booking handles the complex backend of actually completing transactions. Both companies have thrived in that relationship, and he sees a similar dynamic potentially playing out with AI companies.

**ALEX**: Let's touch on their loyalty program, Genius, because the numbers there are impressive. Level 2 and 3 Genius members now represent over 30% of their active base but account for a high

This episode includes AI-generated content.

# Beta Finch Podcast Script - Applied Materials Q1 2026 Earnings

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we turn complex financial reports into conversations you can actually follow. I'm Alex.

**JORDAN:** And I'm Jordan. Today we're diving into Applied Materials' Q1 2026 earnings call - that's AMAT for those keeping score at home.

**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:** Thanks Alex. So Applied Materials - for folks who might not know - they're basically the behind-the-scenes heroes making the tools that manufacture semiconductors. Think of them as the company that makes the machines that make the chips.

**ALEX:** Exactly. And what's interesting about this quarter is we're seeing some really strong AI-driven demand flowing through to their business. CEO Gary Dickerson opened by highlighting "strong demand across AI, foundry-logic, and memory" with customers accelerating their technology roadmaps.

**JORDAN:** Right, and that's showing up in their financials. While they didn't give us specific revenue numbers in this transcript, CFO Brice Hill mentioned they delivered "strong revenue, margins, and cash flow" and that their backlog remains elevated with book-to-bill around unity.

**ALEX:** That book-to-bill metric is key for equipment companies like Applied Materials. When it's at or above 1.0, it means they're booking new orders at the same rate or faster than they're shipping products. It's a good leading indicator of future revenue.

**JORDAN:** What really caught my attention was the breadth of growth drivers they're seeing. It's not just one area - they mentioned AI, advanced packaging, HBM memory, and even improvements in both DRAM and NAND flash memory.

**ALEX:** HBM is High Bandwidth Memory, by the way - it's the super-fast memory that AI chips need to process all that data. Gary Dickerson specifically called out "strong pull for tools supporting HBM" with visibility extending through multiple quarters.

**JORDAN:** And here's something I found fascinating - they're not just riding the AI wave passively. When asked about advanced packaging, Dickerson talked about their "comprehensive toolset across wafer-level packaging, hybrid bonding, and inspection/metrology." They're positioning themselves across the entire value chain.

**ALEX:** That's Applied Materials' sweet spot - materials engineering. They keep emphasizing these complex new chip architectures like gate-all-around transistors and backside power delivery, which create "new materials and integration challenges" where their expertise becomes even more valuable.

**JORDAN:** Speaking of challenges, there was an interesting exchange about China and export controls. Dickerson said demand there "remains mixed by segment, with mature nodes steady and certain leading-edge areas impacted by restrictions." But they seem to be managing this well with their global footprint.

**ALEX:** Right, and what I appreciated was their transparency about supply chain issues. Brice Hill mentioned they're "expanding capacity in critical product lines" and that lead times are improving as they qualify additional suppliers. That's exactly what you want to hear from a company in this space.

**JORDAN:** The services business also looks solid. Hill talked about growth being "supported by our expanding installed base" and higher attachment to performance-based agreements. That's recurring revenue, which investors love because it's more predictable than equipment sales.

**ALEX:** Let's talk about what this means looking forward. One analyst asked about sustainability of AI demand, and Dickerson seemed pretty confident, saying their "pipeline and customer engagements give us conf

This episode includes AI-generated content.