1 hr. ago
Kroger CEO Gregory Foran has been open about the fact that many of his chain's stores need work.
"Our operating costs have been growing faster than our sales. That's not sustainable. And frankly, it's not acceptable. Taking costs out of this business is not optional. It's the starting point for everything else we want to do," he said during the chain's first-quarter earnings call.
He also made it clear that many Kroger locations are not well run.
"The way we operate behind the stores needs to improve. We need to move faster, make decisions more quickly, and get more out of the ******* ets and the talent we already have," he added.
Those are problems that won't be easily solved because of how the chain has opted to spend its money. Kroger has also been dealing with falling in-store customer counts, and that may be a problem the chain caused itself.
#stores #faster #gregory #foran
"Our operating costs have been growing faster than our sales. That's not sustainable. And frankly, it's not acceptable. Taking costs out of this business is not optional. It's the starting point for everything else we want to do," he said during the chain's first-quarter earnings call.
He also made it clear that many Kroger locations are not well run.
"The way we operate behind the stores needs to improve. We need to move faster, make decisions more quickly, and get more out of the ******* ets and the talent we already have," he added.
Those are problems that won't be easily solved because of how the chain has opted to spend its money. Kroger has also been dealing with falling in-store customer counts, and that may be a problem the chain caused itself.
#stores #faster #gregory #foran
21 hours ago
Keysight Technologies, Inc. (NYSE:KEYS) delivered a fiscal third quarter that made AI testing look increasingly central to its growth story. Revenue increased 36.5% to $1.846 billion, while non-GAAP earnings rose 79% to $3.07 per share and exceeded consensus estimates. Management forecast fourth-quarter non-GAAP earnings of $3.34 to $3.40 per share and revenue of $1.93 billion to $1.95 billion, both above consensus estimates. Shares gained nearly 5% after hours on August 18.
The question is whether Keysight Technologies, Inc. (NYSE:KEYS) is entering a durable expansion or benefiting from a concentrated wave of AI data-center investment. Orders increased 56% to $2.091 billion, marking the second consecutive quarter above $2 billion and extending visibility beyond revenue already recognized.
Communications Solutions Group revenue reached $1.345 billion, up 43% on a reported basis and 36% on a core basis. Keysight's core measure excludes currency effects and acquisitions or divestitures completed during the preceding 12 months. Commercial communications revenue surged 56% to $1.006 billion, while aerospace, defense and government revenue rose 14%. Electronic Industrial Solutions Group revenue increased 21%.
Keysight Technologies, Inc. (NYSE:KEYS) participates across the AI infrastructure development process, from pre-silicon design and chip validation to testing transceivers, high-speed networks, servers and complete data-center systems. Faster interconnects and more complex architectures create additional validation requirements at each stage.
That breadth means Keysight Technologies, Inc. (NYSE:KEYS) is not dependent on the commercial success of one chip or networking product. Customers must test compatibility, performance, power efficiency, and security as systems move from design into deployment. Those requirements can continue through successive hardware transitions even as leadership changes among individual suppliers.
#keysight #keys #gaap
The question is whether Keysight Technologies, Inc. (NYSE:KEYS) is entering a durable expansion or benefiting from a concentrated wave of AI data-center investment. Orders increased 56% to $2.091 billion, marking the second consecutive quarter above $2 billion and extending visibility beyond revenue already recognized.
Communications Solutions Group revenue reached $1.345 billion, up 43% on a reported basis and 36% on a core basis. Keysight's core measure excludes currency effects and acquisitions or divestitures completed during the preceding 12 months. Commercial communications revenue surged 56% to $1.006 billion, while aerospace, defense and government revenue rose 14%. Electronic Industrial Solutions Group revenue increased 21%.
Keysight Technologies, Inc. (NYSE:KEYS) participates across the AI infrastructure development process, from pre-silicon design and chip validation to testing transceivers, high-speed networks, servers and complete data-center systems. Faster interconnects and more complex architectures create additional validation requirements at each stage.
That breadth means Keysight Technologies, Inc. (NYSE:KEYS) is not dependent on the commercial success of one chip or networking product. Customers must test compatibility, performance, power efficiency, and security as systems move from design into deployment. Those requirements can continue through successive hardware transitions even as leadership changes among individual suppliers.
#keysight #keys #gaap
1 day ago
Vitor Petrino believes he will be main event material with a win over top-ranked heavyweight Serghei Spivac in the co-headliner of UFC Sacramento on Aug. 22.
Unbeaten in three fights since moving up a weight class in 2025, finishing Austen Lane and Thomas Petersen before winning a decision over Steven Asplund earlier this year, Petrino believed he would be given someone in the top 15 next, but Spivac actually exceeded his expectations.
"We're talking about a guy whose only recent losses have been to guys who were really close to fighting for the belt, including the current champion of the division," Petrino told MMA Fighting. "I know he's a guy who's going to give me a lot of exposure and help me a lot with my development — not just in my career and in the division, but in my personal development as well."
Petrino will be 4-0 at heavyweight if victorious Saturday at Golden 1 Center in Sacramento, Calif., and wants to take his next career "step by step". He knows, however, that everything moves faster with good performances in the heavyweight division.
"It's never good to think about the next fight," Petrino said, "But I've already gone three rounds, I've knocked people out, I've submitted people. I'm heading into my 11th UFC fight, so I believe the next step is to headline a card, have a five-round fight and really test myself, and show that we're getting closer and closer to the goal, which is the belt. The closer we get to a **** le shot becoming a reality, the more ideal it would be to consistently look for five-round fights against opponents who can really deliver that kind of fight."
#spivac
Unbeaten in three fights since moving up a weight class in 2025, finishing Austen Lane and Thomas Petersen before winning a decision over Steven Asplund earlier this year, Petrino believed he would be given someone in the top 15 next, but Spivac actually exceeded his expectations.
"We're talking about a guy whose only recent losses have been to guys who were really close to fighting for the belt, including the current champion of the division," Petrino told MMA Fighting. "I know he's a guy who's going to give me a lot of exposure and help me a lot with my development — not just in my career and in the division, but in my personal development as well."
Petrino will be 4-0 at heavyweight if victorious Saturday at Golden 1 Center in Sacramento, Calif., and wants to take his next career "step by step". He knows, however, that everything moves faster with good performances in the heavyweight division.
"It's never good to think about the next fight," Petrino said, "But I've already gone three rounds, I've knocked people out, I've submitted people. I'm heading into my 11th UFC fight, so I believe the next step is to headline a card, have a five-round fight and really test myself, and show that we're getting closer and closer to the goal, which is the belt. The closer we get to a **** le shot becoming a reality, the more ideal it would be to consistently look for five-round fights against opponents who can really deliver that kind of fight."
#spivac
1 day ago
ZANDVOORT, Netherlands (AP) — George Russell is back at the front of Formula 1 with a new driving style and nothing to lose.
Russell started the second half of the season with a sprint race win and second place in qualifying on Saturday. He said he'd used the mid-season break to learn from the techniques that have taken his Mercedes teammate Kimi Antonelli to the top of the standings, and shed stress along the way.
"After the break I just feel way more relaxed. I don't think I've got anything to lose," Russell said. "I'm just going to go out, enjoy it, and I don't even really feel in a fight. It's not mine to lose, it's mine to gain."
In nearly a month since the last race in Hungary, Russell got engaged — he joked Friday that he's faster for no longer carrying the ring around — and he took inspiration not just from Antonelli, who he said was doing an "amazing job" with the 2026 car and tires, but from the world of golf.
"If you change your golf swing you'll probably take half a step back first before making those improvements. I think the break just allowed me to put those learnings into the back of my mind, come here this weekend, not fixating on what I want to try and achieve with the car and the tires but knowing it," he said.
#russell
Russell started the second half of the season with a sprint race win and second place in qualifying on Saturday. He said he'd used the mid-season break to learn from the techniques that have taken his Mercedes teammate Kimi Antonelli to the top of the standings, and shed stress along the way.
"After the break I just feel way more relaxed. I don't think I've got anything to lose," Russell said. "I'm just going to go out, enjoy it, and I don't even really feel in a fight. It's not mine to lose, it's mine to gain."
In nearly a month since the last race in Hungary, Russell got engaged — he joked Friday that he's faster for no longer carrying the ring around — and he took inspiration not just from Antonelli, who he said was doing an "amazing job" with the 2026 car and tires, but from the world of golf.
"If you change your golf swing you'll probably take half a step back first before making those improvements. I think the break just allowed me to put those learnings into the back of my mind, come here this weekend, not fixating on what I want to try and achieve with the car and the tires but knowing it," he said.
#russell
1 day ago
PepsiCo (PEP) and Johnson & Johnson (JNJ) anchor the conservative tier, with 54 and 64 consecutive dividend raises and a combined yield near 3.5%.
Dividend-growth compounding turns $465,000 into roughly $1 million in a decade, unlocking $3,350 monthly without the principal erosion of high-yield alternatives.
Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don't waste another minute; learn more here.
At age 53, with $465,000 tucked away, the goal is to build a portfolio that can start cutting monthly checks a decade from now. The math is unforgiving, but that 10‑year runway to age 63 changes which levers actually move the needle. Starting yield is one piece of the equation. Dividend growth is the other, and over a full decade, growth tends to win out.
This piece walks through what $465,000 produces today at three different yield levels, then shows why a lower-yield, faster-growing portfolio can out-earn a higher static payout by age 63. All three names in the framing, PepsiCo (NASDAQ:PEP), Johnson & Johnson (NYSE:JNJ), and Exxon Mobil (NYSE:XOM), sit inside the conservative tier for a reason.
#Growth #pepsico
Dividend-growth compounding turns $465,000 into roughly $1 million in a decade, unlocking $3,350 monthly without the principal erosion of high-yield alternatives.
Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don't waste another minute; learn more here.
At age 53, with $465,000 tucked away, the goal is to build a portfolio that can start cutting monthly checks a decade from now. The math is unforgiving, but that 10‑year runway to age 63 changes which levers actually move the needle. Starting yield is one piece of the equation. Dividend growth is the other, and over a full decade, growth tends to win out.
This piece walks through what $465,000 produces today at three different yield levels, then shows why a lower-yield, faster-growing portfolio can out-earn a higher static payout by age 63. All three names in the framing, PepsiCo (NASDAQ:PEP), Johnson & Johnson (NYSE:JNJ), and Exxon Mobil (NYSE:XOM), sit inside the conservative tier for a reason.
#Growth #pepsico
2 days ago
A top-three finish in a Formula 1 Sprint is typically a solid platform to build on, but for Lando Norris, stepping out of the car at Zandvoort brought a stark reality check.
Despite securing third place and banking valuable championship points in the 2026 Dutch Grand Prix Sprint, Norris bypassed the usual post-session pleasantries to deliver an unvarnished diagnosis of McLaren's current machinery. For all the team's aerodynamic strides, the twisty Dutch circuit has laid bare a critical, ongoing limitation in the car's operating envelope: a glaring deficit in slow-speed corners.
When quizzed after the Sprint about whether tyre balance on the medium compound had hindered his run, Norris was quick to dismiss surface-level excuses.
Speaking to Sky Sports F1, Norris made it clear that the shortfall was rooted in pure mechanical and aerodynamic fundamentals rather than rubber management.
"Yeah, not a bad result, not the best," Norris admitted. "It would have been nice to be a little bit faster today… I don't think it was the tyres, just real race pace. We're not quick enough, and we have some work to do".
#aerodynamic #despite #grand
Despite securing third place and banking valuable championship points in the 2026 Dutch Grand Prix Sprint, Norris bypassed the usual post-session pleasantries to deliver an unvarnished diagnosis of McLaren's current machinery. For all the team's aerodynamic strides, the twisty Dutch circuit has laid bare a critical, ongoing limitation in the car's operating envelope: a glaring deficit in slow-speed corners.
When quizzed after the Sprint about whether tyre balance on the medium compound had hindered his run, Norris was quick to dismiss surface-level excuses.
Speaking to Sky Sports F1, Norris made it clear that the shortfall was rooted in pure mechanical and aerodynamic fundamentals rather than rubber management.
"Yeah, not a bad result, not the best," Norris admitted. "It would have been nice to be a little bit faster today… I don't think it was the tyres, just real race pace. We're not quick enough, and we have some work to do".
#aerodynamic #despite #grand
3 days ago
The problem with AI valuations is that infrastructure spending is running far ahead of the revenue available to support it. Goldman Sachs estimates roughly $7.6 trillion in ****** ulative AI capital spending from 2026 through 2031. OpenAI and Anthropic, meanwhile, were generating combined annualized revenue of more than $105 billion by August 2026, which is impressive growth, but still a small base relative to the buildout.
To avoid cataclysmic infrastructure write-downs on hardware with brief 3-to-5-year lifecycles, the industry must scale its annual recurring revenue past $1 trillion by 2030.
Skeptics think the industry is building hardware capacity faster than customers can use it profitably. Under the bear case, the revenue gap eventually reaches hardware suppliers. If enterprise demand fails to fill new capacity, hyperscalers will slow purchases, demand lower prices and move routine workloads to internal chips. Short hardware lifecycles would make even a temporary glut expensive.
Nvidia Corporation (NASDAQ:NVDA) carries the greatest exposure because its 74.9% quarterly gross margin depends on customers competing for scarce, high-end GPUs. Google's TPUs, Amazon's Trainium and Microsoft's Maia can absorb predictable inference workloads, reducing Nvidia purchases and increasing hyperscalers' bargaining power.
The market still expects Nvidia Corporation (NASDAQ:NVDA) to retain most of its advantage. The shares traded at 25.64 times forward earnings as of August 17, while 285 elite hedge funds in Insider Monkey's second-quarter database held long positions. Slower orders combined with weaker pricing would hit both earnings expectations and a crowded trade.
#corporation #NASDAQ
To avoid cataclysmic infrastructure write-downs on hardware with brief 3-to-5-year lifecycles, the industry must scale its annual recurring revenue past $1 trillion by 2030.
Skeptics think the industry is building hardware capacity faster than customers can use it profitably. Under the bear case, the revenue gap eventually reaches hardware suppliers. If enterprise demand fails to fill new capacity, hyperscalers will slow purchases, demand lower prices and move routine workloads to internal chips. Short hardware lifecycles would make even a temporary glut expensive.
Nvidia Corporation (NASDAQ:NVDA) carries the greatest exposure because its 74.9% quarterly gross margin depends on customers competing for scarce, high-end GPUs. Google's TPUs, Amazon's Trainium and Microsoft's Maia can absorb predictable inference workloads, reducing Nvidia purchases and increasing hyperscalers' bargaining power.
The market still expects Nvidia Corporation (NASDAQ:NVDA) to retain most of its advantage. The shares traded at 25.64 times forward earnings as of August 17, while 285 elite hedge funds in Insider Monkey's second-quarter database held long positions. Slower orders combined with weaker pricing would hit both earnings expectations and a crowded trade.
#corporation #NASDAQ
3 days ago
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If you died unexpectedly, the money in your bank accounts could be tied up in a probate court for quite a while. That can leave your loved ones in a tough spot, as they may need access to that money to cover funeral expenses and other costs.
That's why it's important to name a beneficiary (or multiple beneficiaries) for your bank accounts. It can make it faster and easier for your money to reach the right person after you die.
Depending on your situation, however, it may not be obvious who you should choose as your bank account beneficiaries. Here's what to consider, and how to set up your accounts properly.
Designating bank account beneficiaries has quite a few benefits and no significant drawbacks. Here are some of the main advantages.
#money #quite
If you died unexpectedly, the money in your bank accounts could be tied up in a probate court for quite a while. That can leave your loved ones in a tough spot, as they may need access to that money to cover funeral expenses and other costs.
That's why it's important to name a beneficiary (or multiple beneficiaries) for your bank accounts. It can make it faster and easier for your money to reach the right person after you die.
Depending on your situation, however, it may not be obvious who you should choose as your bank account beneficiaries. Here's what to consider, and how to set up your accounts properly.
Designating bank account beneficiaries has quite a few benefits and no significant drawbacks. Here are some of the main advantages.
#money #quite
3 days ago
Our ***** ysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.
Management attributed the return to 3% organic sales growth to the 'Beauty Reimagined' strategy, which shifted the company toward a faster, more agile, and consumer-centric operating model.
Operating margin expansion of 320 basis points was driven by the Profit Recovery and Growth Plan (PRGP), which successfully streamlined fixed costs and reduced organizational layers to increase accountability.
Growth was highly diversified across the portfolio, with Jo Malone London and TOM FORD joining the billion-dollar brand club alongside established leaders like La Mer and Clinique.
The company successfully stabilized its Makeup segment, improving organic sales trends by 500 basis points through targeted innovation in lip franchises and expansion into high-growth social commerce channels.
#basis
Management attributed the return to 3% organic sales growth to the 'Beauty Reimagined' strategy, which shifted the company toward a faster, more agile, and consumer-centric operating model.
Operating margin expansion of 320 basis points was driven by the Profit Recovery and Growth Plan (PRGP), which successfully streamlined fixed costs and reduced organizational layers to increase accountability.
Growth was highly diversified across the portfolio, with Jo Malone London and TOM FORD joining the billion-dollar brand club alongside established leaders like La Mer and Clinique.
The company successfully stabilized its Makeup segment, improving organic sales trends by 500 basis points through targeted innovation in lip franchises and expansion into high-growth social commerce channels.
#basis
3 days ago
In the Bundesliga's latest "Midweek Interview", Dortmund goalkeeper Gregor Kobel had a chance to talk about the upcoming season and the changes to the BVB squad. The departure of Julian Brandt, Karim Adeyemi, and Niklas Süle left plenty of ******* e and wages for Ole Book and Lars Ricken to work with.
The signing of Genk's Konstantinos Karetsas, PAOK's Giannis Konstantelias, and PSV's Joey Veerman in the build up to the season kick-off has certainly given Dortmund fans something to be excited about. Kobel knows that a step-up is required, but shares his enthusiasm:
"Today was only my first real team training. But with Karetsas, our new Greek talent, you don't need a lot of time to see that he has a lot of quality on the ball, that he's a great player and that he has a lot of potential. We have a lot of young guys with a lot of potential, and I'm really excited about what they can bring to the team and about their everyday work. They're going to improve and feel how the game is played here. Maybe it's a little faster, maybe it's a little more physical, depending on which league you're coming from. We'll see."
There are big expectations, especially on the shoulders of BVB's Greek signings. The 28-year-old notes that they can't rely on their new signings to fly from day one. He continues:
"If you play for Dortmund, you know how it is: you need to get your qualities onto the pitch every three days. But on the other hand, with a lot of young guys, it's not fair to expect them to carry the team every three days. It's going to be a team effort. The guys who have been here longer need to bring them together, prepare them for the season and help them build their confidence. The other guys, of course, need to show their talent as well."
#dortmund #work
The signing of Genk's Konstantinos Karetsas, PAOK's Giannis Konstantelias, and PSV's Joey Veerman in the build up to the season kick-off has certainly given Dortmund fans something to be excited about. Kobel knows that a step-up is required, but shares his enthusiasm:
"Today was only my first real team training. But with Karetsas, our new Greek talent, you don't need a lot of time to see that he has a lot of quality on the ball, that he's a great player and that he has a lot of potential. We have a lot of young guys with a lot of potential, and I'm really excited about what they can bring to the team and about their everyday work. They're going to improve and feel how the game is played here. Maybe it's a little faster, maybe it's a little more physical, depending on which league you're coming from. We'll see."
There are big expectations, especially on the shoulders of BVB's Greek signings. The 28-year-old notes that they can't rely on their new signings to fly from day one. He continues:
"If you play for Dortmund, you know how it is: you need to get your qualities onto the pitch every three days. But on the other hand, with a lot of young guys, it's not fair to expect them to carry the team every three days. It's going to be a team effort. The guys who have been here longer need to bring them together, prepare them for the season and help them build their confidence. The other guys, of course, need to show their talent as well."
#dortmund #work
3 days ago
Per-share earnings have outrun the business itself, and the cash behind it is real, yet near its high, each buyback dollar retires far fewer shares.
Expedia (EXPE) stock has gained about 56% over the past twelve months and now trades within a few percent of the 52-week high. The global travel marketplace has a quieter engine running underneath the bookings and margins: a share count that keeps getting smaller, which is why per-share earnings have been growing faster than the business behind them. Near a high, though, that engine costs more to run.
Nearly Ten Points A Year The Business Never Earned
Over the last three years, net income grew 36.9% a year on average. Earnings per share grew 46.8% a year on average over the same three years. That roughly ten-point gap is not something the operation produced. It is what happens when the same profit is split among fewer owners: over those three years the share count has fallen about 6.5% a year on average, so a holder who did nothing owns a steadily larger slice of the same company.
Free Cash Flow More Than Doubled In Two Years
#three
Expedia (EXPE) stock has gained about 56% over the past twelve months and now trades within a few percent of the 52-week high. The global travel marketplace has a quieter engine running underneath the bookings and margins: a share count that keeps getting smaller, which is why per-share earnings have been growing faster than the business behind them. Near a high, though, that engine costs more to run.
Nearly Ten Points A Year The Business Never Earned
Over the last three years, net income grew 36.9% a year on average. Earnings per share grew 46.8% a year on average over the same three years. That roughly ten-point gap is not something the operation produced. It is what happens when the same profit is split among fewer owners: over those three years the share count has fallen about 6.5% a year on average, so a holder who did nothing owns a steadily larger slice of the same company.
Free Cash Flow More Than Doubled In Two Years
#three
3 days ago
Eagle Capital Management, an investment management company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, Eagle Capital Management discussed how enthusiasm around AI capital spending has driven strong S&P 500 earnings growth while also increasing risks from elevated valuations, concentrated demand, and aggressive investment **** umptions. Eagle remains a strong believer in AI but prefers constructing a portfolio that can perform across multiple outcomes rather than relying on one forecast. The firm believes current earnings can overstate underlying economics because semiconductor equipment is depreciated over several years, while free cash flow growth remains much weaker. It also expects competition and additional capacity across AI labs, hyperscalers, and semiconductors to eventually create winners and losers. These dynamics are encouraging Eagle to recycle capital toward attractive opportunities outside the most crowded AI trades while maintaining selective exposure to high quality beneficiaries. The portfolio trades at a 20% market discount with faster expected EPS growth. Please review the Strategy's top five holdings for key selections.
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted ConocoPhillips (NYSE:COP). ConocoPhillips (NYSE:COP) explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids. On August 18, 2026, ConocoPhillips (NYSE:COP) closed at $129.72 per share. The one-month return of ConocoPhillips (NYSE:COP) was 9.20% and its shares gained 36.71% over the past 52 weeks. ConocoPhillips (NYSE:COP) has a market capitalization of $155.84 billion.
Eagle Capital Management stated the following regarding ConocoPhillips (NYSE:COP) in its Q2 2026 investor letter:
"The energy & metals companies we own benefit from favorable multiyear supply/demand outlooks, management teams that are good capital allocators, and **** et bases that are well-positioned on the global cost curve.
ConocoPhillips (NYSE:COP), the largest U.S. pure-play upstream oil producer, has low-cost, long-lived inventory that we believe is underappreciated relative to peers. In the coming years, its free cash flow should inflect higher as the Willow project in Alaska comes online and transitions from a cash drag to a cash generator. We see the oil market as reasonably balanced, but risks may skew to the upside over the next couple of years as the world manages shortages from the Strait of Hormuz, and the path to its full and enduring reopening remains murky. We expect EPS growth in the mid-teens over the next several years."
#capital #eagle
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted ConocoPhillips (NYSE:COP). ConocoPhillips (NYSE:COP) explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids. On August 18, 2026, ConocoPhillips (NYSE:COP) closed at $129.72 per share. The one-month return of ConocoPhillips (NYSE:COP) was 9.20% and its shares gained 36.71% over the past 52 weeks. ConocoPhillips (NYSE:COP) has a market capitalization of $155.84 billion.
Eagle Capital Management stated the following regarding ConocoPhillips (NYSE:COP) in its Q2 2026 investor letter:
"The energy & metals companies we own benefit from favorable multiyear supply/demand outlooks, management teams that are good capital allocators, and **** et bases that are well-positioned on the global cost curve.
ConocoPhillips (NYSE:COP), the largest U.S. pure-play upstream oil producer, has low-cost, long-lived inventory that we believe is underappreciated relative to peers. In the coming years, its free cash flow should inflect higher as the Willow project in Alaska comes online and transitions from a cash drag to a cash generator. We see the oil market as reasonably balanced, but risks may skew to the upside over the next couple of years as the world manages shortages from the Strait of Hormuz, and the path to its full and enduring reopening remains murky. We expect EPS growth in the mid-teens over the next several years."
#capital #eagle
3 days ago
Eagle Capital Management, an investment management company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, Eagle Capital Management discussed how enthusiasm around AI capital spending has driven strong S&P 500 earnings growth while also increasing risks from elevated valuations, concentrated demand, and aggressive investment ***** umptions. Eagle remains a strong believer in AI but prefers constructing a portfolio that can perform across multiple outcomes rather than relying on one forecast. The firm believes current earnings can overstate underlying economics because semiconductor equipment is depreciated over several years, while free cash flow growth remains much weaker. It also expects competition and additional capacity across AI labs, hyperscalers, and semiconductors to eventually create winners and losers. These dynamics are encouraging Eagle to recycle capital toward attractive opportunities outside the most crowded AI trades while maintaining selective exposure to high quality beneficiaries. The portfolio trades at a 20% market discount with faster expected EPS growth. Please review the Strategy's top five holdings for key selections.
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted Workday, Inc. (NASDAQ:WDAY). Workday, Inc. (NASDAQ:WDAY) is a leading enterprise software company that provides cloud applications for human resources and financial management. On August 18, 2026, Workday, Inc. (NASDAQ:WDAY) closed at $190.64 per share. One-month return of Workday, Inc. (NASDAQ:WDAY) was 43.96% and its shares gained -16.20% over the past 52 weeks. Workday, Inc. (NASDAQ:WDAY) has a market capitalization of $47.09 billion.
Eagle Capital Management stated the following regarding Workday, Inc. (NASDAQ:WDAY) in its Q2 2026 investor letter:
"Software is controversial due to fears of Al-driven disruption. Al makes it easier to build software and will change workflows in how it is used. We believe there will be heightened competition and greater separation between winners and losers over the coming years. The industry is deservedly trading at a higher risk premium, but within the market there are plenty of mispricings.
The companies we own are resilient and highly entrenched in application software. We view them as offering upside optionality. Workday, Inc. (NASDAQ:WDAY), a leading HCM and financials platform, earns mid-teen margins on a business that should have long- term margins of 30% or higher. The founder's return to the CEO role is reigniting product innovation, and we increasingly believe Al will be a net positive for their business, enabling them to play offense. Examples include geographic expansion, adjacent-product extensions, and natural-language querying for business results. We expect EPS growth in the high teens, driven by revenue growth, operating leverage, and share buybacks."
#eagle #management #Growth #software
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted Workday, Inc. (NASDAQ:WDAY). Workday, Inc. (NASDAQ:WDAY) is a leading enterprise software company that provides cloud applications for human resources and financial management. On August 18, 2026, Workday, Inc. (NASDAQ:WDAY) closed at $190.64 per share. One-month return of Workday, Inc. (NASDAQ:WDAY) was 43.96% and its shares gained -16.20% over the past 52 weeks. Workday, Inc. (NASDAQ:WDAY) has a market capitalization of $47.09 billion.
Eagle Capital Management stated the following regarding Workday, Inc. (NASDAQ:WDAY) in its Q2 2026 investor letter:
"Software is controversial due to fears of Al-driven disruption. Al makes it easier to build software and will change workflows in how it is used. We believe there will be heightened competition and greater separation between winners and losers over the coming years. The industry is deservedly trading at a higher risk premium, but within the market there are plenty of mispricings.
The companies we own are resilient and highly entrenched in application software. We view them as offering upside optionality. Workday, Inc. (NASDAQ:WDAY), a leading HCM and financials platform, earns mid-teen margins on a business that should have long- term margins of 30% or higher. The founder's return to the CEO role is reigniting product innovation, and we increasingly believe Al will be a net positive for their business, enabling them to play offense. Examples include geographic expansion, adjacent-product extensions, and natural-language querying for business results. We expect EPS growth in the high teens, driven by revenue growth, operating leverage, and share buybacks."
#eagle #management #Growth #software
3 days ago
Eagle Capital Management, an investment management company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, Eagle Capital Management discussed how enthusiasm around AI capital spending has driven strong S&P 500 earnings growth while also increasing risks from elevated valuations, concentrated demand, and aggressive investment ***** umptions. Eagle remains a strong believer in AI but prefers constructing a portfolio that can perform across multiple outcomes rather than relying on one forecast. The firm believes current earnings can overstate underlying economics because semiconductor equipment is depreciated over several years, while free cash flow growth remains much weaker. It also expects competition and additional capacity across AI labs, hyperscalers, and semiconductors to eventually create winners and losers. These dynamics are encouraging Eagle to recycle capital toward attractive opportunities outside the most crowded AI trades while maintaining selective exposure to high quality beneficiaries. The portfolio trades at a 20% market discount with faster expected EPS growth. Please review the Strategy's top five holdings for key selections.
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted SAP SE (NYSE:SAP). SAP SE (NYSE:SAP) provides enterprise application and business solutions worldwide. On August 18, 2026, SAP SE (NYSE:SAP) closed at $210.47 per share. One-month return of SAP SE (NYSE:SAP) was 41.49% and its shares gained 22.77% over the past 52 weeks. SAP SE (NYSE:SAP) has a market capitalization of $246.79 billion.
Eagle Capital Management stated the following regarding SAP SE (NYSE:SAP) in its Q2 2026 investor letter:
"Software is controversial due to fears of Al-driven disruption. Al makes it easier to build software and will change workflows in how it is used. We believe there will be heightened competition and greater separation between winners and losers over the coming years. The industry is deservedly trading at a higher risk premium, but within the market there are plenty of mispricings.
SAP SE (NYSE:SAP) is the world's largest provider of ERP software. It is mission-critical and sticky. It will face tougher competition in peripheral products, but its core should grow rapidly over the next five years as it migrates customers to its modern platform. We expect EPS growth in the high teens, driven by revenue growth, operating leverage, and share buybacks."
#management #quarter #investor
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted SAP SE (NYSE:SAP). SAP SE (NYSE:SAP) provides enterprise application and business solutions worldwide. On August 18, 2026, SAP SE (NYSE:SAP) closed at $210.47 per share. One-month return of SAP SE (NYSE:SAP) was 41.49% and its shares gained 22.77% over the past 52 weeks. SAP SE (NYSE:SAP) has a market capitalization of $246.79 billion.
Eagle Capital Management stated the following regarding SAP SE (NYSE:SAP) in its Q2 2026 investor letter:
"Software is controversial due to fears of Al-driven disruption. Al makes it easier to build software and will change workflows in how it is used. We believe there will be heightened competition and greater separation between winners and losers over the coming years. The industry is deservedly trading at a higher risk premium, but within the market there are plenty of mispricings.
SAP SE (NYSE:SAP) is the world's largest provider of ERP software. It is mission-critical and sticky. It will face tougher competition in peripheral products, but its core should grow rapidly over the next five years as it migrates customers to its modern platform. We expect EPS growth in the high teens, driven by revenue growth, operating leverage, and share buybacks."
#management #quarter #investor
3 days ago
Eagle Capital Management, an investment management company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, Eagle Capital Management discussed how enthusiasm around AI capital spending has driven strong S&P 500 earnings growth while also increasing risks from elevated valuations, concentrated demand, and aggressive investment ******* umptions. Eagle remains a strong believer in AI but prefers constructing a portfolio that can perform across multiple outcomes rather than relying on one forecast. The firm believes current earnings can overstate underlying economics because semiconductor equipment is depreciated over several years, while free cash flow growth remains much weaker. It also expects competition and additional capacity across AI labs, hyperscalers, and semiconductors to eventually create winners and losers. These dynamics are encouraging Eagle to recycle capital toward attractive opportunities outside the most crowded AI trades while maintaining selective exposure to high quality beneficiaries. The portfolio trades at a 20% market discount with faster expected EPS growth. Please review the Strategy's top five holdings for key selections.
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted Intuit Inc. (NASDAQ:INTU). Intuit Inc. (NASDAQ:INTU) provides financial management, payments and capital, compliance, and marketing products. On August 18, 2026, Intuit Inc. (NASDAQ:INTU) closed at $350.41 per share. One-month return of Intuit Inc. (NASDAQ:INTU) was 23.18% and its shares gained -49.88% over the past 52 weeks. Intuit Inc. (NASDAQ:INTU) has a market capitalization of $95.85 billion.
Eagle Capital Management stated the following regarding Intuit Inc. (NASDAQ:INTU) in its Q2 2026 investor letter:
"Software is controversial due to fears of Al-driven disruption. Al makes it easier to build software and will change workflows in how it is used. We believe there will be heightened competition and greater separation between winners and losers over the coming years. The industry is deservedly trading at a higher risk premium, but within the market there are plenty of mispricings.
Intuit Inc.'s (NASDAQ:INTU) QuickBooks, the dominant bookkeeping software for small and midsize businesses in the U.S., exists in a market that is difficult to serve profitably, given the low average selling price. Intuit's brand, scale, and network effect through the accountant channel give it formidable competitive advantages. It is well-placed to deliver Al solutions to this hard-to-reach customer. TurboTax, a relatively smaller part of the business, will likely adapt its business model to an Al world, but we have more modest expectations for its growth. We expect EPS growth in the high teens, driven by revenue growth, operating leverage, and share buybacks."
#management
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted Intuit Inc. (NASDAQ:INTU). Intuit Inc. (NASDAQ:INTU) provides financial management, payments and capital, compliance, and marketing products. On August 18, 2026, Intuit Inc. (NASDAQ:INTU) closed at $350.41 per share. One-month return of Intuit Inc. (NASDAQ:INTU) was 23.18% and its shares gained -49.88% over the past 52 weeks. Intuit Inc. (NASDAQ:INTU) has a market capitalization of $95.85 billion.
Eagle Capital Management stated the following regarding Intuit Inc. (NASDAQ:INTU) in its Q2 2026 investor letter:
"Software is controversial due to fears of Al-driven disruption. Al makes it easier to build software and will change workflows in how it is used. We believe there will be heightened competition and greater separation between winners and losers over the coming years. The industry is deservedly trading at a higher risk premium, but within the market there are plenty of mispricings.
Intuit Inc.'s (NASDAQ:INTU) QuickBooks, the dominant bookkeeping software for small and midsize businesses in the U.S., exists in a market that is difficult to serve profitably, given the low average selling price. Intuit's brand, scale, and network effect through the accountant channel give it formidable competitive advantages. It is well-placed to deliver Al solutions to this hard-to-reach customer. TurboTax, a relatively smaller part of the business, will likely adapt its business model to an Al world, but we have more modest expectations for its growth. We expect EPS growth in the high teens, driven by revenue growth, operating leverage, and share buybacks."
#management
3 days ago
Eagle Capital Management, an investment management company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, Eagle Capital Management discussed how enthusiasm around AI capital spending has driven strong S&P 500 earnings growth while also increasing risks from elevated valuations, concentrated demand, and aggressive investment **** umptions. Eagle remains a strong believer in AI but prefers constructing a portfolio that can perform across multiple outcomes rather than relying on one forecast. The firm believes current earnings can overstate underlying economics because semiconductor equipment is depreciated over several years, while free cash flow growth remains much weaker. It also expects competition and additional capacity across AI labs, hyperscalers, and semiconductors to eventually create winners and losers. These dynamics are encouraging Eagle to recycle capital toward attractive opportunities outside the most crowded AI trades while maintaining selective exposure to high quality beneficiaries. The portfolio trades at a 20% market discount with faster expected EPS growth. Please review the Strategy's top five holdings for key selections.
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted MercadoLibre, Inc. (NASDAQ:MELI). MercadoLibre, Inc. (NASDAQ:MELI) operates online commerce platforms in Brazil, Mexico, Argentina, and internationally. On August 18, 2026, MercadoLibre, Inc. (NASDAQ:MELI) closed at $1,779.14 per share. One-month return of MercadoLibre, Inc. (NASDAQ:MELI) was -1.12% and its shares lost 23.84% over the past 52 weeks. MercadoLibre, Inc. (NASDAQ:MELI) has a market capitalization of $90.62 billion.
Eagle Capital Management stated the following regarding MercadoLibre, Inc. (NASDAQ:MELI) in its Q2 2026 investor letter:
"Operating massive consumer platforms that aggregate demand for sellers and advertisers, these companies have scale advantages, fast growth, and the ability to deploy Al to further press their leads.
Almost half of our capital is in MercadoLibre, Inc. (NASDAQ:MELI), the leading Latin American e-commerce and fintech company. Latin America's relatively low e-commerce penetration-we estimate it at the mid-teens compared with nearly 30% in the U.S .- offers a long runway for growth. In recent quarters, revenue grew more than 40%. We think the market is too focused on near-term earnings revisions and may be conflating elective investments with structural weakness. Much like Amazon in its early days, MercadoLibre is trading lower margins today for a larger business tomorrow; we're thrilled with this approach, which both builds value and has enabled Eagle to establish an attractively priced position.
#eagle #NASDAQ #Growth #investor
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted MercadoLibre, Inc. (NASDAQ:MELI). MercadoLibre, Inc. (NASDAQ:MELI) operates online commerce platforms in Brazil, Mexico, Argentina, and internationally. On August 18, 2026, MercadoLibre, Inc. (NASDAQ:MELI) closed at $1,779.14 per share. One-month return of MercadoLibre, Inc. (NASDAQ:MELI) was -1.12% and its shares lost 23.84% over the past 52 weeks. MercadoLibre, Inc. (NASDAQ:MELI) has a market capitalization of $90.62 billion.
Eagle Capital Management stated the following regarding MercadoLibre, Inc. (NASDAQ:MELI) in its Q2 2026 investor letter:
"Operating massive consumer platforms that aggregate demand for sellers and advertisers, these companies have scale advantages, fast growth, and the ability to deploy Al to further press their leads.
Almost half of our capital is in MercadoLibre, Inc. (NASDAQ:MELI), the leading Latin American e-commerce and fintech company. Latin America's relatively low e-commerce penetration-we estimate it at the mid-teens compared with nearly 30% in the U.S .- offers a long runway for growth. In recent quarters, revenue grew more than 40%. We think the market is too focused on near-term earnings revisions and may be conflating elective investments with structural weakness. Much like Amazon in its early days, MercadoLibre is trading lower margins today for a larger business tomorrow; we're thrilled with this approach, which both builds value and has enabled Eagle to establish an attractively priced position.
#eagle #NASDAQ #Growth #investor
3 days ago
Eagle Capital Management, an investment management company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, Eagle Capital Management discussed how enthusiasm around AI capital spending has driven strong S&P 500 earnings growth while also increasing risks from elevated valuations, concentrated demand, and aggressive investment ***** umptions. Eagle remains a strong believer in AI but prefers constructing a portfolio that can perform across multiple outcomes rather than relying on one forecast. The firm believes current earnings can overstate underlying economics because semiconductor equipment is depreciated over several years, while free cash flow growth remains much weaker. It also expects competition and additional capacity across AI labs, hyperscalers, and semiconductors to eventually create winners and losers. These dynamics are encouraging Eagle to recycle capital toward attractive opportunities outside the most crowded AI trades while maintaining selective exposure to high quality beneficiaries. The portfolio trades at a 20% market discount with faster expected EPS growth. Please review the Strategy's top five holdings for key selections.
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM). Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) manufactures, packages, tests, and sells integrated circuits and other semiconductor devices in Taiwan and internationally. On August 18, 2026, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) closed at $413.41 per share. The one-month return of Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was -0.99% and its shares gained 82.43% over the past 52 weeks. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) has a market capitalization of $1.95 trillion.
Eagle Capital Management stated the following regarding Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its Q2 2026 investor letter:
"Half of our capital here is invested in Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) and ASML, two of the most dominant businesses in the semiconductor supply chain. The other half is invested across the three major hyperscalers. We ascribe a portion of the value of each of these three companies to their cloud business and the balance to the remainder of the company; i.e., 60% of the value of Amazon is from AWS and 40% is from retail.
TSMC and ASML are two of the best businesses in the semiconductor industry. TSMC is the world's fab, where most leading-edge logic chips, ranging from Apple to NVIDIA, are made. Both companies are well positioned over the next 5-10 years to participate in the sector's secular growth while maintaining their competitive positions. That said, they will face pressures when the next downturn comes.
#NYSE #management
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM). Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) manufactures, packages, tests, and sells integrated circuits and other semiconductor devices in Taiwan and internationally. On August 18, 2026, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) closed at $413.41 per share. The one-month return of Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was -0.99% and its shares gained 82.43% over the past 52 weeks. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) has a market capitalization of $1.95 trillion.
Eagle Capital Management stated the following regarding Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its Q2 2026 investor letter:
"Half of our capital here is invested in Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) and ASML, two of the most dominant businesses in the semiconductor supply chain. The other half is invested across the three major hyperscalers. We ascribe a portion of the value of each of these three companies to their cloud business and the balance to the remainder of the company; i.e., 60% of the value of Amazon is from AWS and 40% is from retail.
TSMC and ASML are two of the best businesses in the semiconductor industry. TSMC is the world's fab, where most leading-edge logic chips, ranging from Apple to NVIDIA, are made. Both companies are well positioned over the next 5-10 years to participate in the sector's secular growth while maintaining their competitive positions. That said, they will face pressures when the next downturn comes.
#NYSE #management
3 days ago
Eagle Capital Management, an investment management company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, Eagle Capital Management discussed how enthusiasm around AI capital spending has driven strong S&P 500 earnings growth while also increasing risks from elevated valuations, concentrated demand, and aggressive investment ******* umptions. Eagle remains a strong believer in AI but prefers constructing a portfolio that can perform across multiple outcomes rather than relying on one forecast. The firm believes current earnings can overstate underlying economics because semiconductor equipment is depreciated over several years, while free cash flow growth remains much weaker. It also expects competition and additional capacity across AI labs, hyperscalers, and semiconductors to eventually create winners and losers. These dynamics are encouraging Eagle to recycle capital toward attractive opportunities outside the most crowded AI trades while maintaining selective exposure to high quality beneficiaries. The portfolio trades at a 20% market discount with faster expected EPS growth. Please review the Strategy's top five holdings for key selections.
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted ASML Holding N.V. (NASDAQ:ASML). ASML Holding N.V. (NASDAQ:ASML) provides lithography solutions for the development, production, marketing, sales, upgrading, and servicing of advanced semiconductor equipment systems. On August 18, 2026, ASML Holding N.V. (NASDAQ:ASML) closed at $1,802.98 per share. One-month return of ASML Holding N.V. (NASDAQ:ASML) was 0.06% and its shares gained 140.56% over the past 52 weeks. ASML Holding N.V. (NASDAQ:ASML) has a market capitalization of $682.12 billion.
Eagle Capital Management stated the following regarding ASML Holding N.V. (NASDAQ:ASML) in its Q2 2026 investor letter:
"Half of our capital here is invested in TSMC and ASML Holding N.V. (NASDAQ:ASML), two of the most dominant businesses in the semiconductor supply chain. The other half is invested across the three major hyperscalers. We ascribe a portion of the value of each of these three companies to their cloud business and the balance to the remainder of the company; i.e., 60% of the value of Amazon is from AWS and 40% is from retail.
TSMC and ASML are two of the best businesses in the semiconductor industry. ASML has a monopoly in extreme ultraviolet lithography ("EUV"), which is required for leading-edge semiconductor manufacturing. Both companies are well positioned over the next 5-10 years to participate in the sector's secular growth while maintaining their competitive positions. That said, they will face pressures when the next downturn comes.
#holding #capital #Growth
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted ASML Holding N.V. (NASDAQ:ASML). ASML Holding N.V. (NASDAQ:ASML) provides lithography solutions for the development, production, marketing, sales, upgrading, and servicing of advanced semiconductor equipment systems. On August 18, 2026, ASML Holding N.V. (NASDAQ:ASML) closed at $1,802.98 per share. One-month return of ASML Holding N.V. (NASDAQ:ASML) was 0.06% and its shares gained 140.56% over the past 52 weeks. ASML Holding N.V. (NASDAQ:ASML) has a market capitalization of $682.12 billion.
Eagle Capital Management stated the following regarding ASML Holding N.V. (NASDAQ:ASML) in its Q2 2026 investor letter:
"Half of our capital here is invested in TSMC and ASML Holding N.V. (NASDAQ:ASML), two of the most dominant businesses in the semiconductor supply chain. The other half is invested across the three major hyperscalers. We ascribe a portion of the value of each of these three companies to their cloud business and the balance to the remainder of the company; i.e., 60% of the value of Amazon is from AWS and 40% is from retail.
TSMC and ASML are two of the best businesses in the semiconductor industry. ASML has a monopoly in extreme ultraviolet lithography ("EUV"), which is required for leading-edge semiconductor manufacturing. Both companies are well positioned over the next 5-10 years to participate in the sector's secular growth while maintaining their competitive positions. That said, they will face pressures when the next downturn comes.
#holding #capital #Growth
3 days ago
Eagle Capital Management, an investment management company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, Eagle Capital Management discussed how enthusiasm around AI capital spending has driven strong S&P 500 earnings growth while also increasing risks from elevated valuations, concentrated demand, and aggressive investment ****** umptions. Eagle remains a strong believer in AI but prefers constructing a portfolio that can perform across multiple outcomes rather than relying on one forecast. The firm believes current earnings can overstate underlying economics because semiconductor equipment is depreciated over several years, while free cash flow growth remains much weaker. It also expects competition and additional capacity across AI labs, hyperscalers, and semiconductors to eventually create winners and losers. These dynamics are encouraging Eagle to recycle capital toward attractive opportunities outside the most crowded AI trades while maintaining selective exposure to high quality beneficiaries. The portfolio trades at a 20% market discount with faster expected EPS growth. Please review the Strategy's top five holdings for key selections.
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted Amazon.com, Inc. (NASDAQ:AMZN). Amazon.com, Inc. (NASDAQ:AMZN) is a multinational technology and retail company known for its leading online marketplace and cloud platform. On August 18, 2026, Amazon.com, Inc. (NASDAQ:AMZN) closed at $259.45 per share, reflecting a market capitalization of $2.8 trillion. Amazon.com, Inc. (NASDAQ:AMZN) posted a one‑month return of 5.96%, while its shares gained 15.92% over the past 52 weeks.
Eagle Capital Management stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its Q2 2026 investor letter:
"Amazon Web Services ("AWS"), Microsoft Azure, and Google Cloud Platform ("GCP") are highly profitable businesses with strong growth, margins, and returns on capital. We own positions in each. These businesses are growing faster and will be even bigger than we previously thought. However, there is little question that the industry structure they inhabit is worse than it was a few years ago.
Operating massive consumer platforms that aggregate demand for sellers and advertisers, Amazon.com, Inc. (NASDAQ:AMZN) has scale advantages, fast growth, and the ability to deploy AI to further press their leads. Amazon's retail business, Google Search and YouTube, and Meta are comparatively more mature, but they continue to grow at well above GDP rates with attractive margins. We believe AI is demonstrably helping Google Search and Meta's advertising business, both of which have accelerated as ad targeting and content capabilities have improved. Amazon and MercadoLibre should also benefit more than brick and mortar peers, which are unlikely to capture the same benefits from advertising, improvements in consumer search, or gains in wareh
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted Amazon.com, Inc. (NASDAQ:AMZN). Amazon.com, Inc. (NASDAQ:AMZN) is a multinational technology and retail company known for its leading online marketplace and cloud platform. On August 18, 2026, Amazon.com, Inc. (NASDAQ:AMZN) closed at $259.45 per share, reflecting a market capitalization of $2.8 trillion. Amazon.com, Inc. (NASDAQ:AMZN) posted a one‑month return of 5.96%, while its shares gained 15.92% over the past 52 weeks.
Eagle Capital Management stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its Q2 2026 investor letter:
"Amazon Web Services ("AWS"), Microsoft Azure, and Google Cloud Platform ("GCP") are highly profitable businesses with strong growth, margins, and returns on capital. We own positions in each. These businesses are growing faster and will be even bigger than we previously thought. However, there is little question that the industry structure they inhabit is worse than it was a few years ago.
Operating massive consumer platforms that aggregate demand for sellers and advertisers, Amazon.com, Inc. (NASDAQ:AMZN) has scale advantages, fast growth, and the ability to deploy AI to further press their leads. Amazon's retail business, Google Search and YouTube, and Meta are comparatively more mature, but they continue to grow at well above GDP rates with attractive margins. We believe AI is demonstrably helping Google Search and Meta's advertising business, both of which have accelerated as ad targeting and content capabilities have improved. Amazon and MercadoLibre should also benefit more than brick and mortar peers, which are unlikely to capture the same benefits from advertising, improvements in consumer search, or gains in wareh
3 days ago
Eagle Capital Management, an investment management company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, Eagle Capital Management discussed how enthusiasm around AI capital spending has driven strong S&P 500 earnings growth while also increasing risks from elevated valuations, concentrated demand, and aggressive investment **** umptions. Eagle remains a strong believer in AI but prefers constructing a portfolio that can perform across multiple outcomes rather than relying on one forecast. The firm believes current earnings can overstate underlying economics because semiconductor equipment is depreciated over several years, while free cash flow growth remains much weaker. It also expects competition and additional capacity across AI labs, hyperscalers, and semiconductors to eventually create winners and losers. These dynamics are encouraging Eagle to recycle capital toward attractive opportunities outside the most crowded AI trades while maintaining selective exposure to high quality beneficiaries. The portfolio trades at a 20% market discount with faster expected EPS growth. Please review the Strategy's top five holdings for key selections.
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted Microsoft Corporation (NASDAQ:MSFT). Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops and supports software, services, devices, and solutions, holding dominant positions in software, cloud infrastructure, generative AI, and gaming. On August 18, 2026, Microsoft Corporation (NASDAQ:MSFT) closed at $481.63 per share, reflecting a market capitalization of $3.57 trillion. Microsoft Corporation (NASDAQ:MSFT) posted a one‑month return of 23.39%, while its shares lost 4.76% over the past 52 weeks.
Eagle Capital Management stated the following regarding Microsoft Corporation (NASDAQ:MSFT) in its Q2 2026 investor letter:
"Amazon Web Services ("AWS"), Microsoft Azure, and Google Cloud Platform ("GCP") are highly profitable businesses with strong growth, margins, and returns on capital. We own positions in each. These businesses are growing faster and will be even bigger than we previously thought. However, there is little question that the industry structure they inhabit is worse than it was a few years ago.
Software is controversial due to fears of AI driven disruption. AI makes it easier to build software and will change workflows in how it is used. We believe there will be heightened competition and greater separation between winners and losers over the coming years. The industry is deservedly trading at a higher risk premium, but within the market there are plenty of mispricings.
#msft #management
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted Microsoft Corporation (NASDAQ:MSFT). Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops and supports software, services, devices, and solutions, holding dominant positions in software, cloud infrastructure, generative AI, and gaming. On August 18, 2026, Microsoft Corporation (NASDAQ:MSFT) closed at $481.63 per share, reflecting a market capitalization of $3.57 trillion. Microsoft Corporation (NASDAQ:MSFT) posted a one‑month return of 23.39%, while its shares lost 4.76% over the past 52 weeks.
Eagle Capital Management stated the following regarding Microsoft Corporation (NASDAQ:MSFT) in its Q2 2026 investor letter:
"Amazon Web Services ("AWS"), Microsoft Azure, and Google Cloud Platform ("GCP") are highly profitable businesses with strong growth, margins, and returns on capital. We own positions in each. These businesses are growing faster and will be even bigger than we previously thought. However, there is little question that the industry structure they inhabit is worse than it was a few years ago.
Software is controversial due to fears of AI driven disruption. AI makes it easier to build software and will change workflows in how it is used. We believe there will be heightened competition and greater separation between winners and losers over the coming years. The industry is deservedly trading at a higher risk premium, but within the market there are plenty of mispricings.
#msft #management
3 days ago
Eagle Capital Management, an investment management company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, Eagle Capital Management discussed how enthusiasm around AI capital spending has driven strong S&P 500 earnings growth while also increasing risks from elevated valuations, concentrated demand, and aggressive investment ****** umptions. Eagle remains a strong believer in AI but prefers constructing a portfolio that can perform across multiple outcomes rather than relying on one forecast. The firm believes current earnings can overstate underlying economics because semiconductor equipment is depreciated over several years, while free cash flow growth remains much weaker. It also expects competition and additional capacity across AI labs, hyperscalers, and semiconductors to eventually create winners and losers. These dynamics are encouraging Eagle to recycle capital toward attractive opportunities outside the most crowded AI trades while maintaining selective exposure to high quality beneficiaries. The portfolio trades at a 20% market discount with faster expected EPS growth. Please review the Strategy's top five holdings for key selections.
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted Micron Technology, Inc. (NASDAQ:MU). Micron Technology, Inc. (NASDAQ:MU) designs, develops, manufactures, and sells memory and storage products in the United States and internationally. On August 18, 2026, Micron Technology, Inc. (NASDAQ:MU) closed at $940.76 per share. The one-month return of Micron Technology, Inc. (NASDAQ:MU) was -1.95% and its shares gained 702.63% over the past 52 weeks. Micron Technology, Inc. (NASDAQ:MU) has a market capitalization of $1.06 trillion.
Eagle Capital Management stated the following regarding Micron Technology, Inc. (NASDAQ:MU) in its Q2 2026 investor letter:
"Micron Technology, Inc. (NASDAQ:MU), the only U.S. producer of DRAM memory, has gone from being marginally profitable to earning more than Apple or Microsoft. Memory prices are now high enough to inflict damage on consumer electronics markets and prompt Al model companies and chipmakers to redesign their technology.
Micron's entire manufacturing PP&E footprint is approximately $60 billion, versus a market cap of $1.2 trillion. The company will make enough money over the next year to replicate its entire footprint multiple times. DRAM historically has been brutally cyclical. That cyclicality reduced competition to the point that only an oligopoly of three players could survive. Volatility was one of the moats that helped protect over-the-cycle returns."
#micron #capital #memory
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted Micron Technology, Inc. (NASDAQ:MU). Micron Technology, Inc. (NASDAQ:MU) designs, develops, manufactures, and sells memory and storage products in the United States and internationally. On August 18, 2026, Micron Technology, Inc. (NASDAQ:MU) closed at $940.76 per share. The one-month return of Micron Technology, Inc. (NASDAQ:MU) was -1.95% and its shares gained 702.63% over the past 52 weeks. Micron Technology, Inc. (NASDAQ:MU) has a market capitalization of $1.06 trillion.
Eagle Capital Management stated the following regarding Micron Technology, Inc. (NASDAQ:MU) in its Q2 2026 investor letter:
"Micron Technology, Inc. (NASDAQ:MU), the only U.S. producer of DRAM memory, has gone from being marginally profitable to earning more than Apple or Microsoft. Memory prices are now high enough to inflict damage on consumer electronics markets and prompt Al model companies and chipmakers to redesign their technology.
Micron's entire manufacturing PP&E footprint is approximately $60 billion, versus a market cap of $1.2 trillion. The company will make enough money over the next year to replicate its entire footprint multiple times. DRAM historically has been brutally cyclical. That cyclicality reduced competition to the point that only an oligopoly of three players could survive. Volatility was one of the moats that helped protect over-the-cycle returns."
#micron #capital #memory
3 days ago
Eagle Capital Management, an investment management company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, Eagle Capital Management discussed how enthusiasm around AI capital spending has driven strong S&P 500 earnings growth while also increasing risks from elevated valuations, concentrated demand, and aggressive investment **** umptions. Eagle remains a strong believer in AI but prefers constructing a portfolio that can perform across multiple outcomes rather than relying on one forecast. The firm believes current earnings can overstate underlying economics because semiconductor equipment is depreciated over several years, while free cash flow growth remains much weaker. It also expects competition and additional capacity across AI labs, hyperscalers, and semiconductors to eventually create winners and losers. These dynamics are encouraging Eagle to recycle capital toward attractive opportunities outside the most crowded AI trades while maintaining selective exposure to high quality beneficiaries. The portfolio trades at a 20% market discount with faster expected EPS growth. Please review the Strategy's top five holdings for key selections.
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted NVIDIA Corporation (NASDAQ:NVDA). NVIDIA Corporation (NASDAQ:NVDA) is a leading data center-scale AI infrastructure company that operates through Compute & Networking and Graphics segments. On August 18, 2026, NVIDIA Corporation (NASDAQ:NVDA) closed at $219.74 per share. The one-month return of NVIDIA Corporation (NASDAQ:NVDA) was 3.62% and its shares gained 25.28% over the past 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $5.32 trillion.
Eagle Capital Management stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q2 2026 investor letter:
"NVIDIA Corporation (NASDAQ:NVDA) has dominated the market for Al accelerator chips and has become the most profitable company in the U.S. However, its largest customers have internal silicon programs that are likely to reduce NVIDIA's share over time. Google TPUs and Amazon's Trainium chips are the most competitive, but Microsoft, Meta, OpenAl, and Anthropic all have programs in various stages. When the market was small, custom programs were uneconomic. At today's scale, R&D can be amortized across the larger base. Moreover, NVIDIA's 75-80% gross margin implies it is marking up Taiwan Semiconductor ("TSMC") wafers by 4-5x. Custom programs don't have to be as good as NVIDIA to offer better price/performance to the end customer.
NVIDIA is investing in the neocloud industry to support demand for its chips and weaken hyperscalers' position. Ironically, by selling its chips at high prices, it makes the neoclouds high-cost operators, and therefore less likely to succeed against vertically integrated hyperscalers over the long term. As NVIDIA's market share crests and begins to fall, ma
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted NVIDIA Corporation (NASDAQ:NVDA). NVIDIA Corporation (NASDAQ:NVDA) is a leading data center-scale AI infrastructure company that operates through Compute & Networking and Graphics segments. On August 18, 2026, NVIDIA Corporation (NASDAQ:NVDA) closed at $219.74 per share. The one-month return of NVIDIA Corporation (NASDAQ:NVDA) was 3.62% and its shares gained 25.28% over the past 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $5.32 trillion.
Eagle Capital Management stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q2 2026 investor letter:
"NVIDIA Corporation (NASDAQ:NVDA) has dominated the market for Al accelerator chips and has become the most profitable company in the U.S. However, its largest customers have internal silicon programs that are likely to reduce NVIDIA's share over time. Google TPUs and Amazon's Trainium chips are the most competitive, but Microsoft, Meta, OpenAl, and Anthropic all have programs in various stages. When the market was small, custom programs were uneconomic. At today's scale, R&D can be amortized across the larger base. Moreover, NVIDIA's 75-80% gross margin implies it is marking up Taiwan Semiconductor ("TSMC") wafers by 4-5x. Custom programs don't have to be as good as NVIDIA to offer better price/performance to the end customer.
NVIDIA is investing in the neocloud industry to support demand for its chips and weaken hyperscalers' position. Ironically, by selling its chips at high prices, it makes the neoclouds high-cost operators, and therefore less likely to succeed against vertically integrated hyperscalers over the long term. As NVIDIA's market share crests and begins to fall, ma
3 days ago
Altcoins, which are cryptocurrencies other than Bitcoin (CRYPTO: BTC), are usually considered speculative and volatile investments. But they're also high-risk, high-reward tokens that could have much greater upside potential than Bitcoin.
Two of the market's most closely watched altcoins are XRP (CRYPTO: XRP) and Ether (CRYPTO: ETH). Both altcoins have struggled over the past year as fears of interest rate hikes and other macro headwinds drove investors toward more conservative investments, but will one recover faster than the other when the crypto market warms up again?
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
XRP is the native token of the XRP Ledger, a blockchain that was designed to provide fast, low-cost cross-border payments. It was created by the founders of Ripple, a fintech company that specializes in blockchain-based money transfers. It's still primarily used as a bridge currency for fiat transactions on Ripple's platform, but it's being adopted by other financial institutions (especially in **** an) to accelerate cross-border transactions with lower fees. The bulls believe XRP's value will rise as its ledger replaces those legacy financial rails.
Ether is the native token of Ethereum, the world's largest proof-of-stake (PoS) blockchain. As a PoS blockchain, it supports staking (locking up tokens to earn yield) and smart contracts (for developing decentralized apps and other tokenized **** ets). Every time a user makes a transaction on Ethereum, they must pay a "gas fee" in Ether. Therefore, Ether's value is driven by Ethereum's ability to draw more developers and decentralized app users to its ecosystem.
#Crypto #altcoins #flashing #ledger
Two of the market's most closely watched altcoins are XRP (CRYPTO: XRP) and Ether (CRYPTO: ETH). Both altcoins have struggled over the past year as fears of interest rate hikes and other macro headwinds drove investors toward more conservative investments, but will one recover faster than the other when the crypto market warms up again?
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
XRP is the native token of the XRP Ledger, a blockchain that was designed to provide fast, low-cost cross-border payments. It was created by the founders of Ripple, a fintech company that specializes in blockchain-based money transfers. It's still primarily used as a bridge currency for fiat transactions on Ripple's platform, but it's being adopted by other financial institutions (especially in **** an) to accelerate cross-border transactions with lower fees. The bulls believe XRP's value will rise as its ledger replaces those legacy financial rails.
Ether is the native token of Ethereum, the world's largest proof-of-stake (PoS) blockchain. As a PoS blockchain, it supports staking (locking up tokens to earn yield) and smart contracts (for developing decentralized apps and other tokenized **** ets). Every time a user makes a transaction on Ethereum, they must pay a "gas fee" in Ether. Therefore, Ether's value is driven by Ethereum's ability to draw more developers and decentralized app users to its ecosystem.
#Crypto #altcoins #flashing #ledger
3 days ago
The Arizona Cardinals defense got a significant boost on Thursday, Aug. 20, with cornerback Garrett Williams activated off the physically unable to perform list.
Williams tore his Achilles in December and was initially targeting a midseason return. But over the course of the offseason, his progress evolved faster than the Cardinals had expected, enabling Thursday's move.
Head coach Mike LaFleur said that there is still a process to fully reintegrate Williams into practice participation. The Cardinals, though, have more than three weeks until their regular season opener against the Los Angeles Chargers on Sept. 13. It seems likely, then, that Williams will be ready to start in that game.
If that's the case, he will take over as the Cardinals' nickel cornerback, a role that has been filled by Sean Murphy-Bunting during training camp.
"Right now, the plan is to play him inside," LaFleur said. "... He does some really good stuff on the inside. Not that he can't on the outside, but that's where we'll start."
#lafleur #start #achilles
Williams tore his Achilles in December and was initially targeting a midseason return. But over the course of the offseason, his progress evolved faster than the Cardinals had expected, enabling Thursday's move.
Head coach Mike LaFleur said that there is still a process to fully reintegrate Williams into practice participation. The Cardinals, though, have more than three weeks until their regular season opener against the Los Angeles Chargers on Sept. 13. It seems likely, then, that Williams will be ready to start in that game.
If that's the case, he will take over as the Cardinals' nickel cornerback, a role that has been filled by Sean Murphy-Bunting during training camp.
"Right now, the plan is to play him inside," LaFleur said. "... He does some really good stuff on the inside. Not that he can't on the outside, but that's where we'll start."
#lafleur #start #achilles
3 days ago
Eagle Capital Management, an investment management company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, Eagle Capital Management discussed how enthusiasm around AI capital spending has driven strong S&P 500 earnings growth while also increasing risks from elevated valuations, concentrated demand, and aggressive investment ****** umptions. Eagle remains a strong believer in AI but prefers constructing a portfolio that can perform across multiple outcomes rather than relying on one forecast. The firm believes current earnings can overstate underlying economics because semiconductor equipment is depreciated over several years, while free cash flow growth remains much weaker. It also expects competition and additional capacity across AI labs, hyperscalers, and semiconductors to eventually create winners and losers. These dynamics are encouraging Eagle to recycle capital toward attractive opportunities outside the most crowded AI trades while maintaining selective exposure to high quality beneficiaries. The portfolio trades at a 20% market discount with faster expected EPS growth. Please review the Strategy's top five holdings for key selections.
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted ConocoPhillips (NYSE:COP). ConocoPhillips (NYSE:COP) explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids. On August 18, 2026, ConocoPhillips (NYSE:COP) closed at $129.72 per share. The one-month return of ConocoPhillips (NYSE:COP) was 9.20% and its shares gained 36.71% over the past 52 weeks. ConocoPhillips (NYSE:COP) has a market capitalization of $155.84 billion.
Eagle Capital Management stated the following regarding ConocoPhillips (NYSE:COP) in its Q2 2026 investor letter:
"The energy & metals companies we own benefit from favorable multiyear supply/demand outlooks, management teams that are good capital allocators, and ****** et bases that are well-positioned on the global cost curve.
ConocoPhillips (NYSE:COP), the largest U.S. pure-play upstream oil producer, has low-cost, long-lived inventory that we believe is underappreciated relative to peers. In the coming years, its free cash flow should inflect higher as the Willow project in Alaska comes online and transitions from a cash drag to a cash generator. We see the oil market as reasonably balanced, but risks may skew to the upside over the next couple of years as the world manages shortages from the Strait of Hormuz, and the path to its full and enduring reopening remains murky. We expect EPS growth in the mid-teens over the next several years."
#NYSE #eagle
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted ConocoPhillips (NYSE:COP). ConocoPhillips (NYSE:COP) explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids. On August 18, 2026, ConocoPhillips (NYSE:COP) closed at $129.72 per share. The one-month return of ConocoPhillips (NYSE:COP) was 9.20% and its shares gained 36.71% over the past 52 weeks. ConocoPhillips (NYSE:COP) has a market capitalization of $155.84 billion.
Eagle Capital Management stated the following regarding ConocoPhillips (NYSE:COP) in its Q2 2026 investor letter:
"The energy & metals companies we own benefit from favorable multiyear supply/demand outlooks, management teams that are good capital allocators, and ****** et bases that are well-positioned on the global cost curve.
ConocoPhillips (NYSE:COP), the largest U.S. pure-play upstream oil producer, has low-cost, long-lived inventory that we believe is underappreciated relative to peers. In the coming years, its free cash flow should inflect higher as the Willow project in Alaska comes online and transitions from a cash drag to a cash generator. We see the oil market as reasonably balanced, but risks may skew to the upside over the next couple of years as the world manages shortages from the Strait of Hormuz, and the path to its full and enduring reopening remains murky. We expect EPS growth in the mid-teens over the next several years."
#NYSE #eagle
3 days ago
Eagle Capital Management, an investment management company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, Eagle Capital Management discussed how enthusiasm around AI capital spending has driven strong S&P 500 earnings growth while also increasing risks from elevated valuations, concentrated demand, and aggressive investment ******* umptions. Eagle remains a strong believer in AI but prefers constructing a portfolio that can perform across multiple outcomes rather than relying on one forecast. The firm believes current earnings can overstate underlying economics because semiconductor equipment is depreciated over several years, while free cash flow growth remains much weaker. It also expects competition and additional capacity across AI labs, hyperscalers, and semiconductors to eventually create winners and losers. These dynamics are encouraging Eagle to recycle capital toward attractive opportunities outside the most crowded AI trades while maintaining selective exposure to high quality beneficiaries. The portfolio trades at a 20% market discount with faster expected EPS growth. Please review the Strategy's top five holdings for key selections.
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted Workday, Inc. (NASDAQ:WDAY). Workday, Inc. (NASDAQ:WDAY) is a leading enterprise software company that provides cloud applications for human resources and financial management. On August 18, 2026, Workday, Inc. (NASDAQ:WDAY) closed at $190.64 per share. One-month return of Workday, Inc. (NASDAQ:WDAY) was 43.96% and its shares gained -16.20% over the past 52 weeks. Workday, Inc. (NASDAQ:WDAY) has a market capitalization of $47.09 billion.
Eagle Capital Management stated the following regarding Workday, Inc. (NASDAQ:WDAY) in its Q2 2026 investor letter:
"Software is controversial due to fears of Al-driven disruption. Al makes it easier to build software and will change workflows in how it is used. We believe there will be heightened competition and greater separation between winners and losers over the coming years. The industry is deservedly trading at a higher risk premium, but within the market there are plenty of mispricings.
The companies we own are resilient and highly entrenched in application software. We view them as offering upside optionality. Workday, Inc. (NASDAQ:WDAY), a leading HCM and financials platform, earns mid-teen margins on a business that should have long- term margins of 30% or higher. The founder's return to the CEO role is reigniting product innovation, and we increasingly believe Al will be a net positive for their business, enabling them to play offense. Examples include geographic expansion, adjacent-product extensions, and natural-language querying for business results. We expect EPS growth in the high teens, driven by revenue growth, operating leverage, and share buybacks."
#workday #wday #eagle #Growth
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted Workday, Inc. (NASDAQ:WDAY). Workday, Inc. (NASDAQ:WDAY) is a leading enterprise software company that provides cloud applications for human resources and financial management. On August 18, 2026, Workday, Inc. (NASDAQ:WDAY) closed at $190.64 per share. One-month return of Workday, Inc. (NASDAQ:WDAY) was 43.96% and its shares gained -16.20% over the past 52 weeks. Workday, Inc. (NASDAQ:WDAY) has a market capitalization of $47.09 billion.
Eagle Capital Management stated the following regarding Workday, Inc. (NASDAQ:WDAY) in its Q2 2026 investor letter:
"Software is controversial due to fears of Al-driven disruption. Al makes it easier to build software and will change workflows in how it is used. We believe there will be heightened competition and greater separation between winners and losers over the coming years. The industry is deservedly trading at a higher risk premium, but within the market there are plenty of mispricings.
The companies we own are resilient and highly entrenched in application software. We view them as offering upside optionality. Workday, Inc. (NASDAQ:WDAY), a leading HCM and financials platform, earns mid-teen margins on a business that should have long- term margins of 30% or higher. The founder's return to the CEO role is reigniting product innovation, and we increasingly believe Al will be a net positive for their business, enabling them to play offense. Examples include geographic expansion, adjacent-product extensions, and natural-language querying for business results. We expect EPS growth in the high teens, driven by revenue growth, operating leverage, and share buybacks."
#workday #wday #eagle #Growth
3 days ago
Eagle Capital Management, an investment management company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, Eagle Capital Management discussed how enthusiasm around AI capital spending has driven strong S&P 500 earnings growth while also increasing risks from elevated valuations, concentrated demand, and aggressive investment ***** umptions. Eagle remains a strong believer in AI but prefers constructing a portfolio that can perform across multiple outcomes rather than relying on one forecast. The firm believes current earnings can overstate underlying economics because semiconductor equipment is depreciated over several years, while free cash flow growth remains much weaker. It also expects competition and additional capacity across AI labs, hyperscalers, and semiconductors to eventually create winners and losers. These dynamics are encouraging Eagle to recycle capital toward attractive opportunities outside the most crowded AI trades while maintaining selective exposure to high quality beneficiaries. The portfolio trades at a 20% market discount with faster expected EPS growth. Please review the Strategy's top five holdings for key selections.
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted SAP SE (NYSE:SAP). SAP SE (NYSE:SAP) provides enterprise application and business solutions worldwide. On August 18, 2026, SAP SE (NYSE:SAP) closed at $210.47 per share. One-month return of SAP SE (NYSE:SAP) was 41.49% and its shares gained 22.77% over the past 52 weeks. SAP SE (NYSE:SAP) has a market capitalization of $246.79 billion.
Eagle Capital Management stated the following regarding SAP SE (NYSE:SAP) in its Q2 2026 investor letter:
"Software is controversial due to fears of Al-driven disruption. Al makes it easier to build software and will change workflows in how it is used. We believe there will be heightened competition and greater separation between winners and losers over the coming years. The industry is deservedly trading at a higher risk premium, but within the market there are plenty of mispricings.
SAP SE (NYSE:SAP) is the world's largest provider of ERP software. It is mission-critical and sticky. It will face tougher competition in peripheral products, but its core should grow rapidly over the next five years as it migrates customers to its modern platform. We expect EPS growth in the high teens, driven by revenue growth, operating leverage, and share buybacks."
#capital #management #Growth
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted SAP SE (NYSE:SAP). SAP SE (NYSE:SAP) provides enterprise application and business solutions worldwide. On August 18, 2026, SAP SE (NYSE:SAP) closed at $210.47 per share. One-month return of SAP SE (NYSE:SAP) was 41.49% and its shares gained 22.77% over the past 52 weeks. SAP SE (NYSE:SAP) has a market capitalization of $246.79 billion.
Eagle Capital Management stated the following regarding SAP SE (NYSE:SAP) in its Q2 2026 investor letter:
"Software is controversial due to fears of Al-driven disruption. Al makes it easier to build software and will change workflows in how it is used. We believe there will be heightened competition and greater separation between winners and losers over the coming years. The industry is deservedly trading at a higher risk premium, but within the market there are plenty of mispricings.
SAP SE (NYSE:SAP) is the world's largest provider of ERP software. It is mission-critical and sticky. It will face tougher competition in peripheral products, but its core should grow rapidly over the next five years as it migrates customers to its modern platform. We expect EPS growth in the high teens, driven by revenue growth, operating leverage, and share buybacks."
#capital #management #Growth
3 days ago
Eagle Capital Management, an investment management company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, Eagle Capital Management discussed how enthusiasm around AI capital spending has driven strong S&P 500 earnings growth while also increasing risks from elevated valuations, concentrated demand, and aggressive investment ****** umptions. Eagle remains a strong believer in AI but prefers constructing a portfolio that can perform across multiple outcomes rather than relying on one forecast. The firm believes current earnings can overstate underlying economics because semiconductor equipment is depreciated over several years, while free cash flow growth remains much weaker. It also expects competition and additional capacity across AI labs, hyperscalers, and semiconductors to eventually create winners and losers. These dynamics are encouraging Eagle to recycle capital toward attractive opportunities outside the most crowded AI trades while maintaining selective exposure to high quality beneficiaries. The portfolio trades at a 20% market discount with faster expected EPS growth. Please review the Strategy's top five holdings for key selections.
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted Lennar Corporation (NYSE:LEN). Lennar Corporation (NYSE:LEN) is a leading US-based home builder. On August 18, 2026, Lennar Corporation (NYSE:LEN) closed at $84.94 per share. The one-month return of Lennar Corporation (NYSE:LEN) was 8.75% and its shares lost 31.45% over the past 52 weeks. Lennar Corporation (NYSE:LEN) has a market capitalization of $20.42 billion.
Eagle Capital Management stated the following regarding Lennar Corporation (NYSE:LEN) in its Q2 2026 investor letter:
"Lennar Corporation (NYSE:LEN) is the second largest homebuilder in the U.S. Margins and earnings have collapsed over the past few years, driven by weakness in the company's geographic markets. This has been exacerbated by a change in business model, whereby the company spun off its land bank. In the long term, going "land light" should reduce balance sheet risk and improve returns on capital, but it also reduces margins, which has a more ****** ounced effect on earnings in today's weak market. Over time, we expect excess inventory to clear and volume and discounting to improve. Indicative of depressed valuations, M&A activity in the sector is increasing. Berkshire Hathaway recently acquired Taylor Morrison, making it the fourth builder in the country."
#lennar #corporation
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted Lennar Corporation (NYSE:LEN). Lennar Corporation (NYSE:LEN) is a leading US-based home builder. On August 18, 2026, Lennar Corporation (NYSE:LEN) closed at $84.94 per share. The one-month return of Lennar Corporation (NYSE:LEN) was 8.75% and its shares lost 31.45% over the past 52 weeks. Lennar Corporation (NYSE:LEN) has a market capitalization of $20.42 billion.
Eagle Capital Management stated the following regarding Lennar Corporation (NYSE:LEN) in its Q2 2026 investor letter:
"Lennar Corporation (NYSE:LEN) is the second largest homebuilder in the U.S. Margins and earnings have collapsed over the past few years, driven by weakness in the company's geographic markets. This has been exacerbated by a change in business model, whereby the company spun off its land bank. In the long term, going "land light" should reduce balance sheet risk and improve returns on capital, but it also reduces margins, which has a more ****** ounced effect on earnings in today's weak market. Over time, we expect excess inventory to clear and volume and discounting to improve. Indicative of depressed valuations, M&A activity in the sector is increasing. Berkshire Hathaway recently acquired Taylor Morrison, making it the fourth builder in the country."
#lennar #corporation
3 days ago
Eagle Capital Management, an investment management company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, Eagle Capital Management discussed how enthusiasm around AI capital spending has driven strong S&P 500 earnings growth while also increasing risks from elevated valuations, concentrated demand, and aggressive investment ****** umptions. Eagle remains a strong believer in AI but prefers constructing a portfolio that can perform across multiple outcomes rather than relying on one forecast. The firm believes current earnings can overstate underlying economics because semiconductor equipment is depreciated over several years, while free cash flow growth remains much weaker. It also expects competition and additional capacity across AI labs, hyperscalers, and semiconductors to eventually create winners and losers. These dynamics are encouraging Eagle to recycle capital toward attractive opportunities outside the most crowded AI trades while maintaining selective exposure to high quality beneficiaries. The portfolio trades at a 20% market discount with faster expected EPS growth. Please review the Strategy's top five holdings for key selections.
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted Intuit Inc. (NASDAQ:INTU). Intuit Inc. (NASDAQ:INTU) provides financial management, payments and capital, compliance, and marketing products. On August 18, 2026, Intuit Inc. (NASDAQ:INTU) closed at $350.41 per share. One-month return of Intuit Inc. (NASDAQ:INTU) was 23.18% and its shares gained -49.88% over the past 52 weeks. Intuit Inc. (NASDAQ:INTU) has a market capitalization of $95.85 billion.
Eagle Capital Management stated the following regarding Intuit Inc. (NASDAQ:INTU) in its Q2 2026 investor letter:
"Software is controversial due to fears of Al-driven disruption. Al makes it easier to build software and will change workflows in how it is used. We believe there will be heightened competition and greater separation between winners and losers over the coming years. The industry is deservedly trading at a higher risk premium, but within the market there are plenty of mispricings.
Intuit Inc.'s (NASDAQ:INTU) QuickBooks, the dominant bookkeeping software for small and midsize businesses in the U.S., exists in a market that is difficult to serve profitably, given the low average selling price. Intuit's brand, scale, and network effect through the accountant channel give it formidable competitive advantages. It is well-placed to deliver Al solutions to this hard-to-reach customer. TurboTax, a relatively smaller part of the business, will likely adapt its business model to an Al world, but we have more modest expectations for its growth. We expect EPS growth in the high teens, driven by revenue growth, operating leverage, and share buybacks."
#eagle #management #letter
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted Intuit Inc. (NASDAQ:INTU). Intuit Inc. (NASDAQ:INTU) provides financial management, payments and capital, compliance, and marketing products. On August 18, 2026, Intuit Inc. (NASDAQ:INTU) closed at $350.41 per share. One-month return of Intuit Inc. (NASDAQ:INTU) was 23.18% and its shares gained -49.88% over the past 52 weeks. Intuit Inc. (NASDAQ:INTU) has a market capitalization of $95.85 billion.
Eagle Capital Management stated the following regarding Intuit Inc. (NASDAQ:INTU) in its Q2 2026 investor letter:
"Software is controversial due to fears of Al-driven disruption. Al makes it easier to build software and will change workflows in how it is used. We believe there will be heightened competition and greater separation between winners and losers over the coming years. The industry is deservedly trading at a higher risk premium, but within the market there are plenty of mispricings.
Intuit Inc.'s (NASDAQ:INTU) QuickBooks, the dominant bookkeeping software for small and midsize businesses in the U.S., exists in a market that is difficult to serve profitably, given the low average selling price. Intuit's brand, scale, and network effect through the accountant channel give it formidable competitive advantages. It is well-placed to deliver Al solutions to this hard-to-reach customer. TurboTax, a relatively smaller part of the business, will likely adapt its business model to an Al world, but we have more modest expectations for its growth. We expect EPS growth in the high teens, driven by revenue growth, operating leverage, and share buybacks."
#eagle #management #letter
3 days ago
Eagle Capital Management, an investment management company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, Eagle Capital Management discussed how enthusiasm around AI capital spending has driven strong S&P 500 earnings growth while also increasing risks from elevated valuations, concentrated demand, and aggressive investment ***** umptions. Eagle remains a strong believer in AI but prefers constructing a portfolio that can perform across multiple outcomes rather than relying on one forecast. The firm believes current earnings can overstate underlying economics because semiconductor equipment is depreciated over several years, while free cash flow growth remains much weaker. It also expects competition and additional capacity across AI labs, hyperscalers, and semiconductors to eventually create winners and losers. These dynamics are encouraging Eagle to recycle capital toward attractive opportunities outside the most crowded AI trades while maintaining selective exposure to high quality beneficiaries. The portfolio trades at a 20% market discount with faster expected EPS growth. Please review the Strategy's top five holdings for key selections.
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted MercadoLibre, Inc. (NASDAQ:MELI). MercadoLibre, Inc. (NASDAQ:MELI) operates online commerce platforms in Brazil, Mexico, Argentina, and internationally. On August 18, 2026, MercadoLibre, Inc. (NASDAQ:MELI) closed at $1,779.14 per share. One-month return of MercadoLibre, Inc. (NASDAQ:MELI) was -1.12% and its shares lost 23.84% over the past 52 weeks. MercadoLibre, Inc. (NASDAQ:MELI) has a market capitalization of $90.62 billion.
Eagle Capital Management stated the following regarding MercadoLibre, Inc. (NASDAQ:MELI) in its Q2 2026 investor letter:
"Operating massive consumer platforms that aggregate demand for sellers and advertisers, these companies have scale advantages, fast growth, and the ability to deploy Al to further press their leads.
Almost half of our capital is in MercadoLibre, Inc. (NASDAQ:MELI), the leading Latin American e-commerce and fintech company. Latin America's relatively low e-commerce penetration-we estimate it at the mid-teens compared with nearly 30% in the U.S .- offers a long runway for growth. In recent quarters, revenue grew more than 40%. We think the market is too focused on near-term earnings revisions and may be conflating elective investments with structural weakness. Much like Amazon in its early days, MercadoLibre is trading lower margins today for a larger business tomorrow; we're thrilled with this approach, which both builds value and has enabled Eagle to establish an attractively priced position.
#mercadolibre #eagle #NASDAQ #management
In its second-quarter 2026 investor letter, Eagle Capital Management highlighted MercadoLibre, Inc. (NASDAQ:MELI). MercadoLibre, Inc. (NASDAQ:MELI) operates online commerce platforms in Brazil, Mexico, Argentina, and internationally. On August 18, 2026, MercadoLibre, Inc. (NASDAQ:MELI) closed at $1,779.14 per share. One-month return of MercadoLibre, Inc. (NASDAQ:MELI) was -1.12% and its shares lost 23.84% over the past 52 weeks. MercadoLibre, Inc. (NASDAQ:MELI) has a market capitalization of $90.62 billion.
Eagle Capital Management stated the following regarding MercadoLibre, Inc. (NASDAQ:MELI) in its Q2 2026 investor letter:
"Operating massive consumer platforms that aggregate demand for sellers and advertisers, these companies have scale advantages, fast growth, and the ability to deploy Al to further press their leads.
Almost half of our capital is in MercadoLibre, Inc. (NASDAQ:MELI), the leading Latin American e-commerce and fintech company. Latin America's relatively low e-commerce penetration-we estimate it at the mid-teens compared with nearly 30% in the U.S .- offers a long runway for growth. In recent quarters, revenue grew more than 40%. We think the market is too focused on near-term earnings revisions and may be conflating elective investments with structural weakness. Much like Amazon in its early days, MercadoLibre is trading lower margins today for a larger business tomorrow; we're thrilled with this approach, which both builds value and has enabled Eagle to establish an attractively priced position.
#mercadolibre #eagle #NASDAQ #management
