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<div class="shell"><aside id="sidebar"><div class="wordmark">BIG TECH<br>DEEP RESEARCH</div><p class="issue">Field notes / 01–05</p><nav class="navlinks" aria-label="Contents"><a href="#compare">01 Compare</a><a href="#growth">02 Growth over time</a><a href="#cash">03 Profit and cash</a><a href="#profile">04 Company findings</a><a href="#scenario">05 Operating scenarios</a><a href="#data">06 Data and sources</a></nav><p class="filter-title">Compare companies</p><div class="filter-list"><label class="filter"><input type="checkbox" checked data-filter="nvidia" aria-label="Include NVIDIA"><i class="dot" style="background:#39764c"></i>NVIDIA</label><label class="filter"><input type="checkbox" checked data-filter="apple" aria-label="Include Apple"><i class="dot" style="background:#606c75"></i>Apple</label><label class="filter"><input type="checkbox" checked data-filter="alphabet" aria-label="Include Alphabet"><i class="dot" style="background:#a46c29"></i>Alphabet</label><label class="filter"><input type="checkbox" checked data-filter="microsoft" aria-label="Include Microsoft"><i class="dot" style="background:#356e9b"></i>Microsoft</label><label class="filter"><input type="checkbox" checked data-filter="amazon" aria-label="Include Amazon"><i class="dot" style="background:#bb6042"></i>Amazon</label></div><button id="show-all">Show all five</button><p class="small" id="selected-count">5 of 5 companies selected</p><div class="sidebar-note small">Research cutoff<br><strong>October 6, 2026</strong><br><br>Historical snapshot. All chart data is embedded in this file. No live feeds or external libraries.</div></aside>
<main><div class="topline"><button class="navtoggle" id="nav-toggle" aria-controls="sidebar" aria-expanded="true">← Collapse contents</button><div class="toplinks"><a href="https://stuff.ac/file/0bfe9dc5-1dfb-4e97-9c11-5baa15166417" target="_blank" rel="noopener">Research library ↗</a><a href="https://stuff.ac/file/8efd9ee5-563f-497e-8548-5a58f6d28d90">Slideshow ↗</a></div></div>
<header class="hero"><div class="eyebrow">Five companies / one shared evidence base</div><h1>Inside Big Tech</h1><p>How NVIDIA, Apple, Alphabet, Microsoft, and Amazon turn demand into revenue, profit, and cash. Explore the differences behind their scale.</p><div class="company-strip"><a href="#profile" data-profile-link="nvidia" style="border-color:#39764c">NVIDIA<strong>$5.768T</strong><small>Equity market value</small></a><a href="#profile" data-profile-link="apple" style="border-color:#606c75">Apple<strong>$4.858T</strong><small>Equity market value</small></a><a href="#profile" data-profile-link="alphabet" style="border-color:#a46c29">Alphabet<strong>$4.205T</strong><small>Equity market value</small></a><a href="#profile" data-profile-link="microsoft" style="border-color:#356e9b">Microsoft<strong>$3.899T</strong><small>Equity market value</small></a><a href="#profile" data-profile-link="amazon" style="border-color:#bb6042">Amazon<strong>$2.711T</strong><small>Equity market value</small></a></div><p class="small" style="font-size:11px;margin-top:15px">Market caps: preserved October 6, 2026 premarket provider snapshot. Financial reporting periods differ.</p></header>
<div class="runtime-note">This preview shows the research snapshot. For interactive filters and charts, download the original HTML and open it in a browser. The file works offline.</div>
<section id="compare"><div class="section-head"><div><div class="eyebrow">01 / The comparison</div><h2 id="compare-title">Trailing revenue</h2><p id="compare-unit" class="subtitle">USD billions</p></div><div class="controls"><label>Compare by<select id="compare-metric"><option value="revenue">TTM revenue</option><option value="operating">TTM operating income</option><option value="net">TTM GAAP net income</option><option value="fcf">TTM free cash flow</option><option value="margin">TTM operating margin</option><option value="growth">Latest revenue growth, YoY</option><option value="market">Equity market value</option></select></label></div></div><div class="panel"><div id="compare-chart" class="chart"><svg viewBox="0 0 1050 370" width="1050" height="370" xmlns="http://www.w3.org/2000/svg" role="img" aria-label="Comparison chart"><line x1="185.00" y1="12" x2="185.00" y2="332" stroke="#d8ded2"/><text x="185.00" y="362" text-anchor="middle" font-size="16" fill="#66766d">0</text><line x1="376.25" y1="12" x2="376.25" y2="332" stroke="#d8ded2"/><text x="376.25" y="362" text-anchor="middle" font-size="16" fill="#66766d">219</text><line x1="567.50" y1="12" x2="567.50" y2="332" stroke="#d8ded2"/><text x="567.50" y="362" text-anchor="middle" font-size="16" fill="#66766d">438</text><line x1="758.75" y1="12" x2="758.75" y2="332" stroke="#d8ded2"/><text x="758.75" y="362" text-anchor="middle" font-size="16" fill="#66766d">657</text><line x1="950.00" y1="12" x2="950.00" y2="332" stroke="#d8ded2"/><text x="950.00" y="362" text-anchor="middle" font-size="16" fill="#66766d">877</text><line x1="185.00" y1="12" x2="185.00" y2="332" stroke="#66766d"/><text x="167" y="46.80" text-anchor="end" font-size="21" fill="#22352c">Amazon</text><rect x="185.00" y="18.00" width="676.99" height="40" rx="4" fill="#bb6042"/><text x="873.99" y="46.80" font-size="21" fill="#22352c">775.7</text><text x="167" y="109.60" text-anchor="end" font-size="21" fill="#22352c">Apple</text><rect x="185.00" y="80.80" width="407.43" height="40" rx="4" fill="#606c75"/><text x="604.43" y="109.60" font-size="21" fill="#22352c">466.8</text><text x="167" y="172.40" text-anchor="end" font-size="21" fill="#22352c">Alphabet</text><rect x="185.00" y="143.60" width="389.14" height="40" rx="4" fill="#a46c29"/><text x="586.14" y="172.40" font-size="21" fill="#22352c">445.9</text><text x="167" y="235.20" text-anchor="end" font-size="21" fill="#22352c">Microsoft</text><rect x="185.00" y="206.40" width="289.62" height="40" rx="4" fill="#356e9b"/><text x="486.62" y="235.20" font-size="21" fill="#22352c">331.8</text><text x="167" y="298.00" text-anchor="end" font-size="21" fill="#22352c">NVIDIA</text><rect x="185.00" y="269.20" width="264.42" height="40" rx="4" fill="#39764c"/><text x="461.42" y="298.00" font-size="21" fill="#22352c">303.0</text></svg></div><p class="chart-caption" id="compare-caption">Latest trailing periods end in June 2026, except NVIDIA in July. Exact dates and sources appear below.</p></div><div class="callout" id="metric-warning">Revenue measures scale. Operating income and cash flow show different aspects of the economics.</div>
<div class="findings"><div class="finding"><div class="eyebrow">Fastest latest growth</div><div class="number">105.9%</div><h3>NVIDIA revenue growth</h3><p>Exceptional growth comes with a need to examine collections and product-transition margins.</p></div><div class="finding"><div class="eyebrow">Largest trailing FCF</div><div class="number">$136.7B</div><h3>Apple cash after capex</h3><p>A low historical cash-capex burden supports returns. Future AI usage still has a cost.</p></div><div class="finding"><div class="eyebrow">Negative trailing FCF</div><div class="number">−$7.6B</div><h3>Amazon investment bill</h3><p>Infrastructure investment exceeds operating cash generation under the company's FCF definition.</p></div></div><p class="chart-caption">Findings compare all five companies, regardless of filters. Sources: company filings and earnings releases in the bibliography.</p></section>
<section id="growth"><div class="section-head"><div><div class="eyebrow">02 / Historical performance</div><h2>Growth over time</h2><p class="subtitle" id="trend-unit">USD billions</p></div><div class="controls"><label>Periods<select id="trend-period"><option value="quarters">Four latest quarters</option><option value="annual">Three fiscal years</option></select></label><label>Metric<select id="trend-metric"><option value="revenue">Revenue</option><option value="operating">Operating income</option><option value="net">GAAP net income</option><option value="fcf">Free cash flow</option></select></label><label>Scale<select id="trend-scale"><option value="absolute">Dollars</option><option value="index">First period = 100</option></select></label></div></div><div class="panel"><div class="legend" id="trend-legend"></div><div class="chart" id="trend-chart"><p class="empty">Open the original HTML for the interactive historical chart. Full comparisons and sources follow below.</p></div><p id="point-readout" class="readout" aria-live="polite"></p><p id="trend-caption" class="chart-caption">Fiscal periods differ. The original HTML plots actual period-end dates.</p><details><summary>Show underlying historical data</summary><div class="table-wrap"><table id="history-table"></table></div></details></div></section>
<section id="cash"><div class="section-head"><div><div class="eyebrow">03 / Earnings quality</div><h2>Profit is only part of the picture</h2><p class="subtitle">Trailing GAAP net income and free cash flow, USD billions</p></div></div><div class="panel"><div class="legend"><span><i class="dot" style="background:#a8b5a0"></i>GAAP net income</span><span><i class="dot" style="background:#337552"></i>Free cash flow</span></div><div id="cash-chart" class="chart"><table class="preview-summary"><thead><tr><th>Company</th><th>TTM end</th><th>Revenue $B</th><th>Operating $B</th><th>Net income $B</th><th>FCF $B</th><th>Op. margin</th><th>Revenue YoY</th></tr></thead><tbody><tr><td><a href="https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75" target="_blank" rel="noopener">NVIDIA</a></td><td>2026-07-26</td><td>302.969</td><td>197.579</td><td>192.879</td><td>126.886</td><td>65.2%</td><td>105.9%</td></tr><tr><td><a href="https://stuff.ac/file/5e22c801-c453-4737-b403-e5b4796df3b4" target="_blank" rel="noopener">Apple</a></td><td>2026-06-27</td><td>466.823</td><td>154.859</td><td>128.930</td><td>136.683</td><td>33.2%</td><td>16.4%</td></tr><tr><td><a href="https://stuff.ac/file/cac51539-3175-4467-a54d-7290a69f90f8" target="_blank" rel="noopener">Alphabet</a></td><td>2026-06-30</td><td>445.867</td><td>147.628</td><td>244.205</td><td>53.273</td><td>33.1%</td><td>24.2%</td></tr><tr><td><a href="https://stuff.ac/file/7c715e7d-226f-4ee8-a582-9827bd9a8b21" target="_blank" rel="noopener">Microsoft</a></td><td>2026-06-30</td><td>331.839</td><td>155.237</td><td>133.749</td><td>66.987</td><td>46.8%</td><td>17.7%</td></tr><tr><td><a href="https://stuff.ac/file/2e833ab4-2596-4c1c-a09c-751e4b88b9b9" target="_blank" rel="noopener">Amazon</a></td><td>2026-06-30</td><td>775.680</td><td>93.712</td><td>135.281</td><td>-7.604</td><td>12.1%</td><td>19.6%</td></tr></tbody></table></div><p class="chart-caption">Apple, Alphabet and Microsoft: operating cash flow less cash PPE purchases. Amazon: operating cash flow less PPE purchases net of sale proceeds and incentives, excluding finance-lease principal. NVIDIA: its published FCF also deducts purchases and principal payments for PPE and intangibles. Definitions differ; FCF is not GAAP profit or cash after all investing/financing.</p></div><div class="callout"><strong>Read the gap before ranking the businesses.</strong> Alphabet and Amazon have large investment gains. Microsoft reinvests heavily in infrastructure. NVIDIA's latest cash conversion weakened as receivables grew. Each explanation has a different implication.</div></section>
<section id="profile"><div class="section-head"><div><div class="eyebrow">04 / The company files</div><h2>What matters for each business</h2><p class="subtitle">Select a company to explore its business mix, findings, and watchlist. Profile selection is independent of comparison filters.</p></div></div><div class="pilltabs" role="tablist" aria-label="Company profile"><button role="tab" aria-selected="true" data-profile="nvidia">NVIDIA</button><button role="tab" aria-selected="false" data-profile="apple">Apple</button><button role="tab" aria-selected="false" data-profile="alphabet">Alphabet</button><button role="tab" aria-selected="false" data-profile="microsoft">Microsoft</button><button role="tab" aria-selected="false" data-profile="amazon">Amazon</button></div><div class="panel" id="profile-content"><h3>NVIDIA</h3><p>Revenue is growing fastest in this group. Customer collections and transition margins determine how much of that growth becomes cash.</p><p><a href="https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75" target="_blank" rel="noopener">Read the deep research</a></p><h3>Apple</h3><p>Strong hardware demand and Services margins support cash generation. AI must prove its incremental economics.</p><p><a href="https://stuff.ac/file/5e22c801-c453-4737-b403-e5b4796df3b4" target="_blank" rel="noopener">Read the deep research</a></p><h3>Alphabet</h3><p>Search and Cloud show strong operating growth, but investment gains distort net income and capex consumes cash.</p><p><a href="https://stuff.ac/file/cac51539-3175-4467-a54d-7290a69f90f8" target="_blank" rel="noopener">Read the deep research</a></p><h3>Microsoft</h3><p>Azure and paid AI adoption extend enterprise distribution. Cash returns must catch up with infrastructure spending.</p><p><a href="https://stuff.ac/file/7c715e7d-226f-4ee8-a582-9827bd9a8b21" target="_blank" rel="noopener">Read the deep research</a></p><h3>Amazon</h3><p>AWS supplies most operating profit. Infrastructure spending exceeds trailing operating cash generation.</p><p><a href="https://stuff.ac/file/2e833ab4-2596-4c1c-a09c-751e4b88b9b9" target="_blank" rel="noopener">Read the deep research</a></p></div></section>
<section id="scenario"><div class="section-head"><div><div class="eyebrow">05 / Explore the assumptions</div><h2>What would growth earn?</h2><p class="subtitle">Change sales growth and operating margin to see the arithmetic. This is an illustration, not a forecast or valuation model.</p></div></div><div class="panel"><div class="scenario-grid"><div><div class="controls"><label>Company<select id="scenario-company"><option value="nvidia">NVIDIA</option><option value="apple">Apple</option><option value="alphabet">Alphabet</option><option value="microsoft">Microsoft</option><option value="amazon">Amazon</option></select></label><button id="scenario-reset">Reset assumptions</button></div><label class="slider" for="growth-slider">Revenue growth<output id="growth-output" for="growth-slider">30%</output><input id="growth-slider" type="range" min="-20" max="80" value="30" step="1"></label><label class="slider" for="margin-slider">Operating margin<output id="margin-output" for="margin-slider">63%</output><input id="margin-slider" type="range" min="0" max="75" value="63" step="1"></label><p class="small">Revenue = trailing revenue × (1 + growth).<br>Operating income = scenario revenue × margin.</p></div><div id="scenario-result" class="scenario-result"><strong>Two assumptions</strong><p>Revenue growth and operating margin determine operating profit. Capital spending, tax, dilution, and valuation require separate assumptions.</p></div></div><p class="scenario-disclosure">Defaults are author assumptions, not consensus, management guidance, or probabilities. This does not estimate free cash flow or stock returns. Changing the margin does not automatically change capital spending. The next twelve months begin after each company's stated trailing-period end.</p></div></section>
<section id="data"><div class="section-head"><div><div class="eyebrow">06 / Follow the evidence</div><h2>The numbers, definitions, and sources</h2><p class="subtitle">All financial amounts in the table are USD billions. Click a company for its full report.</p></div><div class="controls"><label>Sort table<select id="table-sort"><option value="name">Company name</option><option value="revenue">Revenue, highest first</option><option value="operating">Operating income</option><option value="fcf">Free cash flow</option><option value="growth">Revenue growth</option></select></label></div></div><div class="panel"><div class="table-wrap"><table id="data-table"><thead><tr><th>Company</th><th>TTM end</th><th>Revenue $B</th><th>Operating $B</th><th>Net income $B</th><th>FCF $B</th><th>Op. margin</th><th>Revenue YoY</th></tr></thead><tbody><tr><td><a href="https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75" target="_blank" rel="noopener">NVIDIA</a></td><td>2026-07-26</td><td>302.969</td><td>197.579</td><td>192.879</td><td>126.886</td><td>65.2%</td><td>105.9%</td></tr><tr><td><a href="https://stuff.ac/file/5e22c801-c453-4737-b403-e5b4796df3b4" target="_blank" rel="noopener">Apple</a></td><td>2026-06-27</td><td>466.823</td><td>154.859</td><td>128.930</td><td>136.683</td><td>33.2%</td><td>16.4%</td></tr><tr><td><a href="https://stuff.ac/file/cac51539-3175-4467-a54d-7290a69f90f8" target="_blank" rel="noopener">Alphabet</a></td><td>2026-06-30</td><td>445.867</td><td>147.628</td><td>244.205</td><td>53.273</td><td>33.1%</td><td>24.2%</td></tr><tr><td><a href="https://stuff.ac/file/7c715e7d-226f-4ee8-a582-9827bd9a8b21" target="_blank" rel="noopener">Microsoft</a></td><td>2026-06-30</td><td>331.839</td><td>155.237</td><td>133.749</td><td>66.987</td><td>46.8%</td><td>17.7%</td></tr><tr><td><a href="https://stuff.ac/file/2e833ab4-2596-4c1c-a09c-751e4b88b9b9" target="_blank" rel="noopener">Amazon</a></td><td>2026-06-30</td><td>775.680</td><td>93.712</td><td>135.281</td><td>-7.604</td><td>12.1%</td><td>19.6%</td></tr></tbody></table></div><div class="controls" style="margin-top:20px"><button id="download-csv">Download selected CSV</button><button id="download-json">Download full data JSON</button></div><p class="small" id="export-status" role="status" aria-live="polite"></p><p class="chart-caption">GAAP net income is consolidated net income. Alphabet's common-share valuation denominator separately deducts preferred dividends. Market caps count each company once.</p></div><details open><summary>Methodology and limitations</summary><div class="method-grid"><p><strong>Annual</strong>Company fiscal years; Microsoft ends June, Apple September, NVIDIA January. Alphabet and Amazon use calendar years.</p><p><strong>Quarter</strong>Latest four company fiscal quarters, not identical calendar windows. Fourth quarters and standalone cash flows derived from annual/YTD differences where required.</p><p><strong>Ttm</strong>Sum of latest four quarters. Financial dates are stated per company.</p><p><strong>Fcf</strong>Apple, Alphabet and Microsoft: operating cash flow less cash PPE purchases. Amazon: operating cash flow less PPE purchases net of sale proceeds and incentives, excluding finance-lease principal. NVIDIA: its published FCF also deducts purchases and principal payments for PPE and intangibles. Definitions differ; FCF is not GAAP profit or cash after all investing/financing.</p><p><strong>Valuation</strong>Provider-rounded company-wide market caps, one company per share-class group. Market cap / trailing GAAP common net income is an approximate P/E, not a quote-based diluted EPS calculation. No enterprise values or target prices.</p><p><strong>Source</strong>SEC companyfacts, annual and quarterly filings and earnings releases; source links travel with each company.</p><p><strong>Precision</strong>USD billions from reported USD millions. Source statements occasionally have immaterial rounding/reconciliation differences; NVIDIA published FCF is used directly. Figures are historical snapshots, not live feeds.</p></div></details><details><summary>Further reading and sources</summary><div class="sources-grid"><div><h3>NVIDIA</h3><ul><li><a href="https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Second-Quarter-Fiscal-2027/default.aspx" target="_blank" rel="noopener">Q2 FY2027 earnings release</a></li><li><a href="https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2026/default.aspx" target="_blank" rel="noopener">FY2026 earnings release</a></li><li><a href="https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75" target="_blank" rel="noopener">NVIDIA deep research</a></li><li><a href="https://data.sec.gov/api/xbrl/companyfacts/CIK0001045810.json" target="_blank" rel="noopener">SEC financial facts (filings through cutoff)</a></li><li><a href="https://investor.nvidia.com/news/press-release-details/2024/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2024/default.aspx" target="_blank" rel="noopener">FY2024 earnings and free cash flow</a></li></ul></div><div><h3>Apple</h3><ul><li><a href="https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm" target="_blank" rel="noopener">Annual</a></li><li><a href="https://www.sec.gov/Archives/edgar/data/320193/000032019326000020/aapl-20260627.htm" target="_blank" rel="noopener">Quarter</a></li><li><a href="https://www.marketbeat.com/earnings/reports/2026-7-30-apple-inc-stock/" target="_blank" rel="noopener">Call</a></li><li><a href="https://data.sec.gov/api/xbrl/companyfacts/CIK0000320193.json" target="_blank" rel="noopener">SEC financial facts (filings through cutoff)</a></li><li><a href="https://www.apple.com/newsroom/2026/07/apple-reports-third-quarter-results/" target="_blank" rel="noopener">Release</a></li><li><a href="https://www.apple.com/newsroom/2026/09/siri-ai-a-profoundly-more-capable-and-personal-assistant-is-here/" target="_blank" rel="noopener">Siri</a></li><li><a href="https://www.apple.com/ie/newsroom/2026/04/tim-cook-to-become-apple-executive-chairman-john-ternus-to-become-apple-ceo/" target="_blank" rel="noopener">Leadership</a></li><li><a href="https://www.apple.com/leadership/" target="_blank" rel="noopener">Leaders</a></li><li><a href="https://www.axios.com/2026/07/30/apple-earnings-beat-estimates-boosted-by-tariff-refunds" target="_blank" rel="noopener">News</a></li><li><a href="https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/" target="_blank" rel="noopener">Market</a></li></ul></div><div><h3>Alphabet</h3><ul><li><a href="https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm" target="_blank" rel="noopener">Annual</a></li><li><a href="https://www.sec.gov/Archives/edgar/data/1652044/000165204426000071/goog-20260630.htm" target="_blank" rel="noopener">Quarter</a></li><li><a href="https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm" target="_blank" rel="noopener">Release</a></li><li><a href="https://stockanalysis.com/stocks/googl/transcripts/657320-q2-2026/" target="_blank" rel="noopener">Call</a></li><li><a href="https://data.sec.gov/api/xbrl/companyfacts/CIK0001652044.json" target="_blank" rel="noopener">SEC financial facts (filings through cutoff)</a></li><li><a href="https://blog.google/products-and-platforms/products/google-one/fall-2026-ai-plan-updates/" target="_blank" rel="noopener">Product</a></li><li><a href="https://www.axios.com/2026/09/02/google-ad-tech-antitrust-remedies" target="_blank" rel="noopener">News</a></li><li><a href="https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/" target="_blank" rel="noopener">Market</a></li></ul></div><div><h3>Microsoft</h3><ul><li><a href="https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/msft-20260630.htm" target="_blank" rel="noopener">Annual</a></li><li><a href="https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast" target="_blank" rel="noopener">Release</a></li><li><a href="https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4" target="_blank" rel="noopener">Call</a></li><li><a href="https://data.sec.gov/api/xbrl/companyfacts/CIK0000789019.json" target="_blank" rel="noopener">SEC financial facts (filings through cutoff)</a></li><li><a href="https://blogs.microsoft.com/blog/2026/09/25/introducing-the-new-copilot-with-home-code-and-autopilot/" target="_blank" rel="noopener">Product</a></li><li><a href="https://apnews.com/article/f7dff4fb9d51a2bdec56a13e5da1053d" target="_blank" rel="noopener">News</a></li><li><a href="https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/" target="_blank" rel="noopener">Market</a></li></ul></div><div><h3>Amazon</h3><ul><li><a href="https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm" target="_blank" rel="noopener">Annual</a></li><li><a href="https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm" target="_blank" rel="noopener">Quarter</a></li><li><a href="https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results/default.aspx" target="_blank" rel="noopener">Release</a></li><li><a href="https://stockanalysis.com/stocks/amzn/transcripts/657334-q2-2026/" target="_blank" rel="noopener">Call</a></li><li><a href="https://data.sec.gov/api/xbrl/companyfacts/CIK0001018724.json" target="_blank" rel="noopener">SEC financial facts (filings through cutoff)</a></li><li><a href="https://ir.aboutamazon.com/news-release/news-release-details/2025/Amazon-com-Announces-Third-Quarter-Results/default.aspx" target="_blank" rel="noopener">Q3 2025 earnings release</a></li><li><a href="https://www.aboutamazon.com/news/aws/claude-fable-5-anthropic-available-amazon-bedrock" target="_blank" rel="noopener">Product</a></li><li><a href="https://press.aboutamazon.com/aws/2026/8/aws-and-nvidia-to-deliver-2-million-additional-gpus-and-next-generation-infrastructure-for-agentic-and-physical-ai" target="_blank" rel="noopener">Gpu</a></li><li><a href="https://www.aboutamazon.com/news/company-news/amazon-data-centers-built-together" target="_blank" rel="noopener">Community</a></li><li><a href="https://apnews.com/article/91b65ba1729540c1c0d92e35deef35d8" target="_blank" rel="noopener">News</a></li><li><a href="https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/" target="_blank" rel="noopener">Market</a></li></ul></div></div><p><a href="https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/" target="_blank" rel="noopener">Market-cap ranking</a> · <a href="https://stuff.ac/file/0bfe9dc5-1dfb-4e97-9c11-5baa15166417" target="_blank" rel="noopener">Research standard</a></p></details></section><footer class="footer"><span>Big Tech Deep Research<br>Prepared October 6, 2026</span><span>Historical facts, management expectations, and author scenarios are labeled separately.<br>Charts and data remain available without an internet connection.</span></footer></main></div>
<script id="research-data" type="application/json">{"asOf": "2026-10-06", "marketCapDate": "2026-10-06, before US market open", "units": "USD billions unless stated", "methodology": {"annual": "Company fiscal years; Microsoft ends June, Apple September, NVIDIA January. Alphabet and Amazon use calendar years.", "quarter": "Latest four company fiscal quarters, not identical calendar windows. Fourth quarters and standalone cash flows derived from annual/YTD differences where required.", "ttm": "Sum of latest four quarters. Financial dates are stated per company.", "fcf": "Apple, Alphabet and Microsoft: operating cash flow less cash PPE purchases. Amazon: operating cash flow less PPE purchases net of sale proceeds and incentives, excluding finance-lease principal. NVIDIA: its published FCF also deducts purchases and principal payments for PPE and intangibles. Definitions differ; FCF is not GAAP profit or cash after all investing/financing.", "valuation": "Provider-rounded company-wide market caps, one company per share-class group. Market cap / trailing GAAP common net income is an approximate P/E, not a quote-based diluted EPS calculation. No enterprise values or target prices.", "source": "SEC companyfacts, annual and quarterly filings and earnings releases; source links travel with each company.", "precision": "USD billions from reported USD millions. Source statements occasionally have immaterial rounding/reconciliation differences; NVIDIA published FCF is used directly. Figures are historical snapshots, not live feeds."}, "companies": [{"name": "NVIDIA", "ticker": "NVDA", "rank": 1, "marketCap": 5768, "color": "#39764c", "releaseDate": "2026-08-26", "mix": [["Hyperscale", 48.71], ["AI clouds, industrial & enterprise", 40.313], ["Edge", 7.198]], "id": "nvidia", "annual": [{"label": "FY2024", "start": "2023-01-30", "end": "2024-01-28", "revenue": 60.922, "operating": 32.972, "net": 29.76, "cfo": 28.09, "capex": 1.069, "fcf": 26.947, "operatingMargin": 54.121664}, {"label": "FY2025", "start": "2024-01-29", "end": "2025-01-26", "revenue": 130.497, "operating": 81.453, "net": 72.88, "cfo": 64.089, "capex": 3.236, "fcf": 60.724, "operatingMargin": 62.417527}, {"label": "FY2026", "start": "2025-01-27", "end": "2026-01-25", "revenue": 215.938, "operating": 130.387, "net": 120.067, "cfo": 102.718, "capex": 6.042, "fcf": 96.575, "operatingMargin": 60.381684}], "quarters": [{"label": "Q3 FY2026", "start": "2025-07-28", "end": "2025-10-26", "revenue": 57.006, "operating": 36.01, "net": 31.91, "cfo": 23.751, "capex": 1.636, "fcf": 22.089, "operatingMargin": 63.168789}, {"label": "Q4 FY2026", "start": "2025-10-27", "end": "2026-01-25", "revenue": 68.127, "operating": 44.299, "net": 42.96, "cfo": 36.188, "capex": 1.284, "fcf": 34.902, "operatingMargin": 65.024146}, {"label": "Q1 FY2027", "start": "2026-01-26", "end": "2026-04-26", "revenue": 81.615, "operating": 53.536, "net": 58.321, "cfo": 50.344, "capex": 1.757, "fcf": 48.554, "operatingMargin": 65.595785}, {"label": "Q2 FY2027", "start": "2026-04-27", "end": "2026-07-26", "revenue": 96.221, "operating": 63.734, "net": 59.688, "cfo": 24.077, "capex": 2.677, "fcf": 21.341, "operatingMargin": 66.2371}], "prior": {"label": "Q2 FY2026", "start": "2025-04-28", "end": "2025-07-27", "revenue": 46.743, "operating": 28.44, "net": 26.422, "cfo": null, "capex": null}, "sources": [{"title": "Q2 FY2027 earnings release", "url": "https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Second-Quarter-Fiscal-2027/default.aspx"}, {"title": "FY2026 earnings release", "url": "https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2026/default.aspx"}, {"title": "NVIDIA deep research", "url": "https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75"}, {"title": "SEC financial facts (filings through cutoff)", "url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001045810.json"}, {"title": "FY2024 earnings and free cash flow", "url": "https://investor.nvidia.com/news/press-release-details/2024/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2024/default.aspx"}], "ttm": {"revenue": 302.969, "operating": 197.579, "net": 192.879, "cfo": 134.36, "capex": 7.354, "fcf": 126.886, "end": "2026-07-26", "operatingMargin": 65.21426284537363}, "growth": {"revenue": 105.85114348672526, "operating": 124.0998593530239, "net": 125.90265687684506}, "tagline": "AI infrastructure with exceptional margins", "thesis": "Revenue is growing fastest in this group. Customer collections and transition margins determine how much of that growth becomes cash.", "upside": "Accelerated computing demand and a broad hardware/software platform support growth.", "risk": "Receivables, customer financing exposure, competing chips and product-transition margins.", "watch": ["Receivable collections and cash conversion", "Gross margin through the product transition", "Customer funding and capacity utilization"], "report": "https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75", "cashNote": "Published FCF includes principal payments on PPE and intangibles.", "quality": "Q2 FCF was $21.3B versus $59.7B GAAP net income. Receivables used $22.35B of operating cash in the quarter.", "scenarios": [{"name": "Lower", "revenueGrowth": 15, "operatingMargin": 58, "revenue": 348.414, "operating": 202.08}, {"name": "Middle", "revenueGrowth": 30, "operatingMargin": 63, "revenue": 393.86, "operating": 248.132}, {"name": "Higher", "revenueGrowth": 45, "operatingMargin": 66, "revenue": 439.305, "operating": 289.941}], "valuation": {"priceSales": 19.038251438265963, "priceEarnings": 29.90475894213471, "priceFCF": 45.458127768232906, "fcfYield": 2.1998266296809987}}, {"name": "Apple", "ticker": "AAPL", "rank": 2, "marketCap": 4858, "color": "#606c75", "releaseDate": "2026-07-30", "mix": [["iPhone", 54.252], ["Services", 30.739], ["Mac", 10.352], ["Wearables, Home, Accessories", 7.883], ["iPad", 6.191]], "id": "apple", "annual": [{"label": "FY2023", "start": "2022-09-25", "end": "2023-09-30", "revenue": 383.285, "operating": 114.301, "net": 96.995, "cfo": 110.543, "capex": 10.959, "fcf": 99.584, "operatingMargin": 29.821412}, {"label": "FY2024", "start": "2023-10-01", "end": "2024-09-28", "revenue": 391.035, "operating": 123.216, "net": 93.736, "cfo": 118.254, "capex": 9.447, "fcf": 108.807, "operatingMargin": 31.510223}, {"label": "FY2025", "start": "2024-09-29", "end": "2025-09-27", "revenue": 416.161, "operating": 133.05, "net": 112.01, "cfo": 111.482, "capex": 12.715, "fcf": 98.767, "operatingMargin": 31.9708}], "quarters": [{"label": "Q4 FY2025", "start": "2025-06-29", "end": "2025-09-27", "revenue": 102.466, "operating": 32.427, "net": 27.466, "cfo": 29.728, "capex": 3.242, "fcf": 26.486, "operatingMargin": 31.646595}, {"label": "Q1 FY2026", "start": "2025-09-28", "end": "2025-12-27", "revenue": 143.756, "operating": 50.852, "net": 42.097, "cfo": 53.925, "capex": 2.373, "fcf": 51.552, "operatingMargin": 35.373828}, {"label": "Q2 FY2026", "start": "2025-12-28", "end": "2026-03-28", "revenue": 111.184, "operating": 35.885, "net": 29.578, "cfo": 28.702, "capex": 1.971, "fcf": 26.731, "operatingMargin": 32.275327}, {"label": "Q3 FY2026", "start": "2026-03-29", "end": "2026-06-27", "revenue": 109.417, "operating": 35.695, "net": 29.789, "cfo": 34.369, "capex": 2.455, "fcf": 31.914, "operatingMargin": 32.622901}], "prior": {"label": "Q3 FY2025", "start": "2025-03-30", "end": "2025-06-28", "revenue": 94.036, "operating": 28.202, "net": 23.434, "cfo": null, "capex": null}, "ttm": {"revenue": 466.823, "operating": 154.859, "net": 128.93, "cfo": 146.724, "capex": 10.041, "fcf": 136.683, "end": "2026-06-27", "operatingMargin": 33.17295848747813}, "growth": {"revenue": 16.356501765281383, "operating": 26.56903765690375, "net": 27.118716394981647}, "sources": [{"title": "Annual", "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm"}, {"title": "Quarter", "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019326000020/aapl-20260627.htm"}, {"title": "Call", "url": "https://www.marketbeat.com/earnings/reports/2026-7-30-apple-inc-stock/"}, {"title": "SEC financial facts (filings through cutoff)", "url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000320193.json"}, {"title": "Release", "url": "https://www.apple.com/newsroom/2026/07/apple-reports-third-quarter-results/"}, {"title": "Siri", "url": "https://www.apple.com/newsroom/2026/09/siri-ai-a-profoundly-more-capable-and-personal-assistant-is-here/"}, {"title": "Leadership", "url": "https://www.apple.com/ie/newsroom/2026/04/tim-cook-to-become-apple-executive-chairman-john-ternus-to-become-apple-ceo/"}, {"title": "Leaders", "url": "https://www.apple.com/leadership/"}, {"title": "News", "url": "https://www.axios.com/2026/07/30/apple-earnings-beat-estimates-boosted-by-tariff-refunds"}, {"title": "Market", "url": "https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/"}], "tagline": "Devices monetize a durable customer base", "thesis": "Strong hardware demand and Services margins support cash generation. AI must prove its incremental economics.", "upside": "Device upgrades, customer retention and paid services can reinforce one another.", "risk": "Supply constraints, component costs, platform economics and the cost of AI usage.", "watch": ["Margins excluding tariff refunds", "Services growth and paid conversion", "Siri usage costs and device upgrades"], "cashNote": "FCF is operating cash flow less cash PPE purchases.", "quality": "A tariff refund added about 2 percentage points to Q3 gross margin. It should not be assumed to recur.", "report": "https://stuff.ac/file/5e22c801-c453-4737-b403-e5b4796df3b4", "scenarios": [{"name": "Lower", "revenueGrowth": 3, "operatingMargin": 30, "revenue": 480.828, "operating": 144.248}, {"name": "Middle", "revenueGrowth": 8, "operatingMargin": 33, "revenue": 504.169, "operating": 166.376}, {"name": "Higher", "revenueGrowth": 13, "operatingMargin": 35, "revenue": 527.51, "operating": 184.628}], "valuation": {"priceSales": 10.406513817871014, "priceEarnings": 37.679360893508104, "priceFCF": 35.54209374977137, "fcfYield": 2.8135652531906135}}, {"name": "Alphabet", "ticker": "GOOG / GOOGL", "rank": 3, "marketCap": 4205, "color": "#a46c29", "releaseDate": "2026-07-22", "mix": [["Google Services", 94.54], ["Google Cloud", 24.768], ["Other Bets + hedging", 0.488]], "id": "alphabet", "annual": [{"label": "FY2023", "start": "2023-01-01", "end": "2023-12-31", "revenue": 307.394, "operating": 84.293, "net": 73.795, "cfo": 101.746, "capex": 32.251, "fcf": 69.495, "operatingMargin": 27.42181}, {"label": "FY2024", "start": "2024-01-01", "end": "2024-12-31", "revenue": 350.018, "operating": 112.39, "net": 100.118, "cfo": 125.299, "capex": 52.535, "fcf": 72.764, "operatingMargin": 32.109777}, {"label": "FY2025", "start": "2025-01-01", "end": "2025-12-31", "revenue": 402.836, "operating": 129.039, "net": 132.17, "cfo": 164.713, "capex": 91.447, "fcf": 73.266, "operatingMargin": 32.032639}], "quarters": [{"label": "Q3 2025", "start": "2025-07-01", "end": "2025-09-30", "revenue": 102.346, "operating": 31.228, "net": 34.979, "cfo": 48.414, "capex": 23.953, "fcf": 24.461, "operatingMargin": 30.512184}, {"label": "Q4 2025", "start": "2025-10-01", "end": "2025-12-31", "revenue": 113.829, "operating": 35.934, "net": 34.455, "cfo": 52.402, "capex": 27.851, "fcf": 24.551, "operatingMargin": 31.568405}, {"label": "Q1 2026", "start": "2026-01-01", "end": "2026-03-31", "revenue": 109.896, "operating": 39.696, "net": 62.578, "cfo": 45.79, "capex": 35.674, "fcf": 10.116, "operatingMargin": 36.121424}, {"label": "Q2 2026", "start": "2026-04-01", "end": "2026-06-30", "revenue": 119.796, "operating": 40.77, "net": 112.193, "cfo": 39.069, "capex": 44.924, "fcf": -5.855, "operatingMargin": 34.032856}], "prior": {"label": "Q2 2025", "start": "2025-04-01", "end": "2025-06-30", "revenue": 96.428, "operating": 31.271, "net": 28.196, "cfo": null, "capex": null}, "ttm": {"revenue": 445.867, "operating": 147.628, "net": 244.205, "cfo": 185.675, "capex": 132.402, "fcf": 53.273, "end": "2026-06-30", "operatingMargin": 33.11032213642184}, "growth": {"revenue": 24.23362508814868, "operating": 30.376387067890388, "net": 297.90395800822813}, "sources": [{"title": "Annual", "url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm"}, {"title": "Quarter", "url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000071/goog-20260630.htm"}, {"title": "Release", "url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm"}, {"title": "Call", "url": "https://stockanalysis.com/stocks/googl/transcripts/657320-q2-2026/"}, {"title": "SEC financial facts (filings through cutoff)", "url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001652044.json"}, {"title": "Product", "url": "https://blog.google/products-and-platforms/products/google-one/fall-2026-ai-plan-updates/"}, {"title": "News", "url": "https://www.axios.com/2026/09/02/google-ad-tech-antitrust-remedies"}, {"title": "Market", "url": "https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/"}], "commonNet": 244.119, "tagline": "Search cash meets a huge cloud buildout", "thesis": "Search and Cloud show strong operating growth, but investment gains distort net income and capex consumes cash.", "upside": "AI can improve commercial search and help Cloud gain profitable workloads.", "risk": "Search monetization, capacity returns, financing dilution and regulatory constraints.", "watch": ["Search advertising economics", "Cloud margin and backlog delivery", "Capex, FCF and equity issuance"], "cashNote": "FCF is operating cash flow less cash PPE purchases.", "quality": "Q2 net income was $112.2B alongside $98.0B other income, mostly investment gains. 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