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Earnings season has been crazy.
And with it comes volatility, but more importantly, opportunity.
Over the past two weeks, I've published full earnings reviews on LVMH, Hermès, ASML, and Netflix for Carbon Capital subscribers.
I'm not summarizing press releases.
Each review breaks down what actually mattered, a rough fair value estimate, and whether or not I am buying.
UnitedHealth Group, MSCI, Tesla, and ServiceNow will be sent out tomorrow.
And this week is massive, with names like Microsoft, Meta, and Alphabet reporting, with reviews to follow.
Nearly 350 investors are already in the room. You should be too.
Key Data Bites Over The Last Week:
Morningstar updated its list of the 12 best AI stocks today.
1 company is responsible for 51% of S&P 500’s earnings revisions.
SpaceX has the right to acquire AI startup Cursor for $60B.
Amazon has agreed to invest up to $25B in Anthropic.
Google plans to invest up to $40B in Anthropic.
Jeff Bezos’ secret AI lab nears $38B valuation in funding deal.
Nvidia’s China market share is expected to fall from 40% to 8% in 2026.
Google is using AI to generate 75% of all new code.
Meta will cut 10% of its corporate workforce.
Microsoft is offering its first voluntary buyout to 7% of its U.S. workforce.
Nike is cutting 1,400 jobs as part of turnaround plan.
Microsoft will invest $18B in Australia by end of 2029.
Earnings & Guidance Updates:
UnitedHealth Group raised FY26 EPS guidance to $18.25 from $17.75.
MSCI reported its largest total inflows ever at $103B.
Interactive Brokers saw customer accounts increase 31% to 4.75M.
Moody’s is targeting to return 110% of its free cash flow to shareholders.
ServiceNow raised its 2026 AI revenue target from $1B to $1.5B.
Texas Instruments posted 19% revenue growth on high demand for its analog chips.
American Express saw card member spending growth reach 3-year high.
In today’s newsletter:
🍎 Tim Cook’s Legendary Run
🏎️ Ferrari Prices Are Surging
🪫 Tesla’s Back In The Red
🌻 Intel’s Incredible Comeback
🍽️ 12 Share Cannibals
Let’s jump right in.
📣 A Message From Mintlify
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Tim Cook is passing the torch.
After a 15 year run, he announced he will step down on September 1st.
Hardware chief John Ternus, a 25 year veteran of the company, will take over as CEO of one of the most valuable businesses in the world.
Cook will remain at Apple as Executive Chairman.
Under his leadership, Apple’s market cap grew more than 10x, from about $350B to $4T, while annual revenue nearly quadrupled from $108B to over $416B.
Ternus now steps in at a crucial moment.
Apple is expected to launch a foldable iPhone later this year, and he’ll be tasked with leading the company through its next phase of growth.
Ferrari is testing the limits of its pricing power.
The company is preparing to launch its first fully electric supercar, with a preliminary price of around $650,000, according to Bloomberg.
The model, known as the Luce, is set to be unveiled in Rome next month and is expected to sit at the top end of its lineup.
The average Ferrari now sells for about $440,000, roughly double where it was in 2012.
This launch will be a real test.
Investors are watching whether Ferrari can transition to EVs without diluting the brand, while buyers are questioning whether an electric Ferrari will hold its value the same way.
Tesla’s free cash flow is turning red.
The company reported a mixed Q1, beating on earnings but missing on revenue.
Shares have been on the decline. The reason?
CapEx jumped 67% to $2.5B in the quarter, and management now expects it to reach $25B in 2026.
This would mark a jump from its prior $20B outlook and reflect a massive increase from $8.6B in 2025.
Those investments are aimed at supporting Elon’s push into AI and robotics.
As a result, the company is now expected to generate negative free cash flow in 2026, which would be the first time since 2018.
Intel is back from the dead.
After more than two decades, the stock has surpassed its 2000 peak and reached a new all-time high.
The driver is strong guidance, with the company projecting $14.3B in next quarter revenue, well ahead of the $13B expected.
Demand for its Xeon server processors is fueling the upside, supported by continued growth in AI infrastructure.
A big winner from Intel’s revival?
The Trump administration, which acquired a 10% stake in 2025 for $8.9B, has now seen that position rise by over 300%.
Billions are flowing into share repurchases again.
While some companies are ramping up CapEx, others are returning capital at scale.
This week alone saw a wave of large repurchase announcements.
Adobe approved a new $25B buyback through 2030, roughly a quarter of its market cap.
Netflix also announced a $25B program, with nearly $7B still remaining under its prior authorization.
These programs mechanically boost earnings per share and increase each investor’s ownership without them having to do anything.
But not everyone is convinced.
Some shareholders are questioning whether this capital would be better spent on growth initiatives instead.
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💾 Inference Push↗ – Google is planning to build inference chips to challenge Nvidia.
🖲️ Employee Tracking↗ – Meta is tracking clicks and keystrokes on U.S. employee computers to train its AI models.
🦾 AI Marketing↗ – Adobe is releasing a set of AI agents to help enterprises automate digital marketing and other functions.
👩💼 Leadership Swap↗ – Lululemon has selected former Nike executive Heidi O’Neill to become its next CEO.
🏷️ Price Pushback↗ – Taiwan Semiconductor has no plans to adopt ASML’s latest machines due to its price.
💨 Drug Downgrade↗ – U.S. Justice Department has reclassified state-regulated medical marijuana as a less dangerous drug.
Notable Companies Reporting Earnings Week of April 26th, 2026:
Major Trades Published 4/20 - 4/24. Trades may be those of family members. [Source: Capitol Trades]
Buys
Maria Elvira Salazar (R)
Company: RH ($RH)
Amount Purchased: $30K - $100K
Company: Goldman Sachs ($GS)
Amount Purchased: $30K - $100K
Company: Corning ($GLW)
Amount Purchased: $30K - $100K
Sells
Dwight Evans (D)
Company: Micron Technology ($MU)
Amount Sold: $15K - $50K
Company: Tapestry ($TPR)
Amount Sold: $15K - $50K
Major Trades Published 4/20 - 4/24
Buys
Kailera Therapeutics ($KLRA)
Alamar Biosciences ($ALMR)
Insider: Nicholas Naclerio (Director)
# of Shares Purchased: 235,294
$ Amount: $3,999,998
SEC Forms: [1]
Sells
CoreWeave ($CRWV)
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