To The Moon

Memory chips, oil prices, Treasury yields and corporate earnings can seem like separate stories. Their connections become clearer when you trace how demand becomes revenue—and how much of that revenue ultimately turns into cash. Focus on the sources of growth, the spending needed to support it, and the cash left over. Valuation then helps explain why companies exposed to the same theme can offer different opportunities and risks. Here are the nine themes in our accompanying graphic, with a closer look at what to track. 01 | Memory: Read demand, pricing and capacity together For AI-related memory demand, watch whether orders become revenue, whether pricing supports margins, and when new capacity comes online. The relative pace of demand growth and supply expansion helps determine how long f

Google and Microsoft are spending billions to compete in AI, but Wall Street delivered two very different verdicts. Alphabet plunged more than 10% after hours, despite Google Cloud revenue doubling. Microsoft, meanwhile, rallied as Azure growth accelerated and cash flow beat expectations. Vertiv surged nearly 17% on booming data-center demand, while ServiceNow tumbled about 18% despite growing AI bookings. $Alphabet(GOOG)$ $Alphabet(GOOGL)$ $Microsoft(MSFT)$ $Vertiv Holdings LLC(VRT)$ $ServiceNow(NOW)$ $Alphabet(GOOGL)$ Down more than 1