big-tech-findings.slides.html

<!doctype html><html lang="en"><head><meta charset="utf-8"><meta name="viewport" content="width=device-width,initial-scale=1"><meta name="stuff:kind" content="slides"><meta name="stuff:slide-size" content="1280x720"><title>Big Tech findings — research slideshow</title><style>*{box-sizing:border-box}html,body{margin:0;padding:0}body{background:#e2e5dc;color:#22352c;font-family:Arial,Helvetica,sans-serif}.slide-canvas{position:relative;width:1280px;height:720px;padding:44px 68px 62px;margin:22px auto;background:#f7f5ef;overflow:hidden;break-after:page}.masthead{display:flex;justify-content:space-between;align-items:center;height:26px;font-size:14px;text-transform:uppercase;letter-spacing:1.8px;color:#66766d}.masthead strong{font-size:16px;letter-spacing:.6px;color:inherit}.slide-canvas h2{font-size:49px;line-height:1.08;letter-spacing:-1.8px;margin:30px 0 24px;max-width:1140px;font-weight:700}.slide-body{font-size:25px;line-height:1.38}.slide-body p{margin:0 0 20px}.slide-body 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Arial,sans-serif;overflow-wrap:anywhere;white-space:pre-wrap}.notes-panel[hidden]{display:none}@media(max-width:600px){.deck-nav{gap:4px;padding:7px;bottom:8px;width:96%;justify-content:center}.deck-nav button,.deck-nav select{font-size:12px;padding:9px}.deck-nav select{max-width:140px}.deck-nav .optional{display:none}.playing #stage-wrap{margin-top:16px}.notes-panel{margin:15px 12px 100px}}@media print{@page{size:1280px 720px;margin:0}body{background:white}.deck-nav,.notes-panel{display:none!important}#stage-wrap{width:auto!important;height:auto!important;margin:0!important}#stage{transform:none!important;height:auto!important}.slide-canvas,.playing .slide-canvas{display:block!important;margin:0!important;break-after:page;page-break-after:always}}</style></head><body><div id="stage-wrap"><div id="stage"><article class="slide-canvas ink cover" data-slide="1" aria-label="Slide 1: The businesses behind Big Tech"><header class="masthead"><strong>Big Tech Deep Research</strong><span>October 6, 2026</span></header><h2>The businesses behind Big Tech</h2><div class="slide-body"><div class="cover-title">The businesses<br>behind Big Tech</div><p class="cover-sub">NVIDIA, Apple, Alphabet, Microsoft, and Amazon</p><div class="cover-line">Growth, profit, cash, and the economics of AI</div><div class="cover-date">Research cutoff: October 6, 2026</div></div><footer class="slide-footer"><span></span><span>01 / 16</span></footer><aside class="notes">Coverage follows the first five companies in the dated README ranking. Latest results: NVIDIA Q2 FY2027, Apple Q3 FY2026, Alphabet Q2 2026, Microsoft Q4 FY2026, Amazon Q2 2026. Audience: analysts, casual investors, and readers curious about the businesses.</aside></article><article class="slide-canvas " data-slide="2" aria-label="Slide 2: Five roles in the technology economy"><header class="masthead"><strong>Big Tech Deep Research</strong><span>October 6, 2026</span></header><h2>Five roles in the technology economy</h2><div class="slide-body"><table class="business-table"><thead><tr><th>Company</th><th>Main economic engine</th><th>The question</th></tr></thead><tbody><tr><td>NVIDIA</td><td>Accelerated computing systems</td><td>Will growth convert to collected cash?</td></tr><tr><td>Apple</td><td>Devices and installed-base services</td><td>Will AI deepen customer value profitably?</td></tr><tr><td>Alphabet</td><td>Advertising and cloud services</td><td>Can cash returns justify the buildout?</td></tr><tr><td>Microsoft</td><td>Enterprise software and cloud</td><td>Will paid adoption earn infrastructure returns?</td></tr><tr><td>Amazon</td><td>Retail, advertising, and AWS</td><td>When will investment leave more free cash?</td></tr></tbody></table></div><footer class="slide-footer"><span>Source: company reports and author synthesis</span><span>02 / 16</span></footer><aside class="notes">https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Second-Quarter-Fiscal-2027/default.aspx
https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2026/default.aspx
https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75
https://data.sec.gov/api/xbrl/companyfacts/CIK0001045810.json
https://investor.nvidia.com/news/press-release-details/2024/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2024/default.aspx
https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm
https://www.sec.gov/Archives/edgar/data/320193/000032019326000020/aapl-20260627.htm
https://www.marketbeat.com/earnings/reports/2026-7-30-apple-inc-stock/
https://data.sec.gov/api/xbrl/companyfacts/CIK0000320193.json
https://www.apple.com/newsroom/2026/07/apple-reports-third-quarter-results/
https://www.apple.com/newsroom/2026/09/siri-ai-a-profoundly-more-capable-and-personal-assistant-is-here/
https://www.apple.com/ie/newsroom/2026/04/tim-cook-to-become-apple-executive-chairman-john-ternus-to-become-apple-ceo/
https://www.apple.com/leadership/
https://www.axios.com/2026/07/30/apple-earnings-beat-estimates-boosted-by-tariff-refunds
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000071/goog-20260630.htm
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm
https://stockanalysis.com/stocks/googl/transcripts/657320-q2-2026/
https://data.sec.gov/api/xbrl/companyfacts/CIK0001652044.json
https://blog.google/products-and-platforms/products/google-one/fall-2026-ai-plan-updates/
https://www.axios.com/2026/09/02/google-ad-tech-antitrust-remedies
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/msft-20260630.htm
https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast
https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4
https://data.sec.gov/api/xbrl/companyfacts/CIK0000789019.json
https://blogs.microsoft.com/blog/2026/09/25/introducing-the-new-copilot-with-home-code-and-autopilot/
https://apnews.com/article/f7dff4fb9d51a2bdec56a13e5da1053d
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm
https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm
https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results/default.aspx
https://stockanalysis.com/stocks/amzn/transcripts/657334-q2-2026/
https://data.sec.gov/api/xbrl/companyfacts/CIK0001018724.json
https://ir.aboutamazon.com/news-release/news-release-details/2025/Amazon-com-Announces-Third-Quarter-Results/default.aspx
https://www.aboutamazon.com/news/aws/claude-fable-5-anthropic-available-amazon-bedrock
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
https://www.aboutamazon.com/news/company-news/amazon-data-centers-built-together
https://apnews.com/article/91b65ba1729540c1c0d92e35deef35d8
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/</aside></article><article class="slide-canvas " data-slide="3" aria-label="Slide 3: NVIDIA leads latest-quarter revenue growth"><header class="masthead"><strong>Big Tech Deep Research</strong><span>October 6, 2026</span></header><h2>NVIDIA leads latest-quarter revenue growth</h2><div class="slide-body"><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">30</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">60</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">90</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">120</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">NVIDIA</text><rect x="185.00" y="18.00" width="676.99" height="40" rx="4" fill="#39764c"/><text x="873.99" y="46.80" font-size="21" fill="#22352c">105.9%</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="104.61" height="40" rx="4" fill="#606c75"/><text x="301.61" y="109.60" font-size="21" fill="#22352c">16.4%</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="154.99" height="40" rx="4" fill="#a46c29"/><text x="351.99" y="172.40" font-size="21" fill="#22352c">24.2%</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="113.50" height="40" rx="4" fill="#356e9b"/><text x="310.50" y="235.20" font-size="21" fill="#22352c">17.7%</text><text x="167" y="298.00" text-anchor="end" font-size="21" fill="#22352c">Amazon</text><rect x="185.00" y="269.20" width="125.49" height="40" rx="4" fill="#bb6042"/><text x="322.49" y="298.00" font-size="21" fill="#22352c">19.6%</text></svg><p class="annotation">Year-over-year growth for each latest reported quarter. Reporting windows differ.</p></div><footer class="slide-footer"><span>Source: latest company earnings releases; author calculations</span><span>03 / 16</span></footer><aside class="notes">NVIDIA ended July 26, Apple June 27, all others June 30, 2026. Revenue growth: NVIDIA: 105.9%; Apple: 16.4%; Alphabet: 24.2%; Microsoft: 17.7%; Amazon: 19.6%
https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Second-Quarter-Fiscal-2027/default.aspx
https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2026/default.aspx
https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75
https://data.sec.gov/api/xbrl/companyfacts/CIK0001045810.json
https://investor.nvidia.com/news/press-release-details/2024/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2024/default.aspx
https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm
https://www.sec.gov/Archives/edgar/data/320193/000032019326000020/aapl-20260627.htm
https://www.marketbeat.com/earnings/reports/2026-7-30-apple-inc-stock/
https://data.sec.gov/api/xbrl/companyfacts/CIK0000320193.json
https://www.apple.com/newsroom/2026/07/apple-reports-third-quarter-results/
https://www.apple.com/newsroom/2026/09/siri-ai-a-profoundly-more-capable-and-personal-assistant-is-here/
https://www.apple.com/ie/newsroom/2026/04/tim-cook-to-become-apple-executive-chairman-john-ternus-to-become-apple-ceo/
https://www.apple.com/leadership/
https://www.axios.com/2026/07/30/apple-earnings-beat-estimates-boosted-by-tariff-refunds
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000071/goog-20260630.htm
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm
https://stockanalysis.com/stocks/googl/transcripts/657320-q2-2026/
https://data.sec.gov/api/xbrl/companyfacts/CIK0001652044.json
https://blog.google/products-and-platforms/products/google-one/fall-2026-ai-plan-updates/
https://www.axios.com/2026/09/02/google-ad-tech-antitrust-remedies
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/msft-20260630.htm
https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast
https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4
https://data.sec.gov/api/xbrl/companyfacts/CIK0000789019.json
https://blogs.microsoft.com/blog/2026/09/25/introducing-the-new-copilot-with-home-code-and-autopilot/
https://apnews.com/article/f7dff4fb9d51a2bdec56a13e5da1053d
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm
https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm
https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results/default.aspx
https://stockanalysis.com/stocks/amzn/transcripts/657334-q2-2026/
https://data.sec.gov/api/xbrl/companyfacts/CIK0001018724.json
https://ir.aboutamazon.com/news-release/news-release-details/2025/Amazon-com-Announces-Third-Quarter-Results/default.aspx
https://www.aboutamazon.com/news/aws/claude-fable-5-anthropic-available-amazon-bedrock
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
https://www.aboutamazon.com/news/company-news/amazon-data-centers-built-together
https://apnews.com/article/91b65ba1729540c1c0d92e35deef35d8
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/</aside></article><article class="slide-canvas " data-slide="4" aria-label="Slide 4: Operating margins reflect different businesses"><header class="masthead"><strong>Big Tech Deep Research</strong><span>October 6, 2026</span></header><h2>Operating margins reflect different businesses</h2><div class="slide-body"><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">18</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">37</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">55</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">74</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">NVIDIA</text><rect x="185.00" y="18.00" width="676.99" height="40" rx="4" fill="#39764c"/><text x="873.99" y="46.80" font-size="21" fill="#22352c">65.2%</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="344.37" height="40" rx="4" fill="#606c75"/><text x="541.37" y="109.60" font-size="21" fill="#22352c">33.2%</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="343.72" height="40" rx="4" fill="#a46c29"/><text x="540.72" y="172.40" font-size="21" fill="#22352c">33.1%</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="485.63" height="40" rx="4" fill="#356e9b"/><text x="682.63" y="235.20" font-size="21" fill="#22352c">46.8%</text><text x="167" y="298.00" text-anchor="end" font-size="21" fill="#22352c">Amazon</text><rect x="185.00" y="269.20" width="125.42" height="40" rx="4" fill="#bb6042"/><text x="322.42" y="298.00" font-size="21" fill="#22352c">12.1%</text></svg><p class="annotation">Trailing operating income ÷ revenue. Retail, software, advertising, and chips have different cost structures.</p></div><footer class="slide-footer"><span>Source: reported GAAP financials; latest trailing periods</span><span>04 / 16</span></footer><aside class="notes">Sum of latest four quarters. Financial dates are stated per company.
https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Second-Quarter-Fiscal-2027/default.aspx
https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2026/default.aspx
https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75
https://data.sec.gov/api/xbrl/companyfacts/CIK0001045810.json
https://investor.nvidia.com/news/press-release-details/2024/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2024/default.aspx
https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm
https://www.sec.gov/Archives/edgar/data/320193/000032019326000020/aapl-20260627.htm
https://www.marketbeat.com/earnings/reports/2026-7-30-apple-inc-stock/
https://data.sec.gov/api/xbrl/companyfacts/CIK0000320193.json
https://www.apple.com/newsroom/2026/07/apple-reports-third-quarter-results/
https://www.apple.com/newsroom/2026/09/siri-ai-a-profoundly-more-capable-and-personal-assistant-is-here/
https://www.apple.com/ie/newsroom/2026/04/tim-cook-to-become-apple-executive-chairman-john-ternus-to-become-apple-ceo/
https://www.apple.com/leadership/
https://www.axios.com/2026/07/30/apple-earnings-beat-estimates-boosted-by-tariff-refunds
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000071/goog-20260630.htm
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm
https://stockanalysis.com/stocks/googl/transcripts/657320-q2-2026/
https://data.sec.gov/api/xbrl/companyfacts/CIK0001652044.json
https://blog.google/products-and-platforms/products/google-one/fall-2026-ai-plan-updates/
https://www.axios.com/2026/09/02/google-ad-tech-antitrust-remedies
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/msft-20260630.htm
https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast
https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4
https://data.sec.gov/api/xbrl/companyfacts/CIK0000789019.json
https://blogs.microsoft.com/blog/2026/09/25/introducing-the-new-copilot-with-home-code-and-autopilot/
https://apnews.com/article/f7dff4fb9d51a2bdec56a13e5da1053d
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm
https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm
https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results/default.aspx
https://stockanalysis.com/stocks/amzn/transcripts/657334-q2-2026/
https://data.sec.gov/api/xbrl/companyfacts/CIK0001018724.json
https://ir.aboutamazon.com/news-release/news-release-details/2025/Amazon-com-Announces-Third-Quarter-Results/default.aspx
https://www.aboutamazon.com/news/aws/claude-fable-5-anthropic-available-amazon-bedrock
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
https://www.aboutamazon.com/news/company-news/amazon-data-centers-built-together
https://apnews.com/article/91b65ba1729540c1c0d92e35deef35d8
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/</aside></article><article class="slide-canvas " data-slide="5" aria-label="Slide 5: Reported profit and cash diverge"><header class="masthead"><strong>Big Tech Deep Research</strong><span>October 6, 2026</span></header><h2>Reported profit and cash diverge</h2><div class="slide-body"><table class="cash-table"><thead><tr><th>Company</th><th>TTM net income</th><th>TTM free cash flow</th><th>Main issue to investigate</th></tr></thead><tbody><tr><td>NVIDIA</td><td>$192.9B</td><td>$126.9B</td><td>Customer collections</td></tr><tr><td>Apple</td><td>$128.9B</td><td>$136.7B</td><td>AI costs and tariff benefits</td></tr><tr><td>Alphabet</td><td>$244.2B</td><td>$53.3B</td><td>Large investment gains; capex</td></tr><tr><td>Microsoft</td><td>$133.7B</td><td>$67.0B</td><td>Infrastructure reinvestment</td></tr><tr><td>Amazon</td><td>$135.3B</td><td>$-7.6B</td><td>Investment gains; negative FCF</td></tr></tbody></table><p class="annotation">FCF definitions differ. Investment gains and capital spending affect different statements.</p></div><footer class="slide-footer"><span>Source: company cash-flow statements and earnings reconciliations</span><span>05 / 16</span></footer><aside class="notes">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.
https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Second-Quarter-Fiscal-2027/default.aspx
https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2026/default.aspx
https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75
https://data.sec.gov/api/xbrl/companyfacts/CIK0001045810.json
https://investor.nvidia.com/news/press-release-details/2024/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2024/default.aspx
https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm
https://www.sec.gov/Archives/edgar/data/320193/000032019326000020/aapl-20260627.htm
https://www.marketbeat.com/earnings/reports/2026-7-30-apple-inc-stock/
https://data.sec.gov/api/xbrl/companyfacts/CIK0000320193.json
https://www.apple.com/newsroom/2026/07/apple-reports-third-quarter-results/
https://www.apple.com/newsroom/2026/09/siri-ai-a-profoundly-more-capable-and-personal-assistant-is-here/
https://www.apple.com/ie/newsroom/2026/04/tim-cook-to-become-apple-executive-chairman-john-ternus-to-become-apple-ceo/
https://www.apple.com/leadership/
https://www.axios.com/2026/07/30/apple-earnings-beat-estimates-boosted-by-tariff-refunds
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000071/goog-20260630.htm
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm
https://stockanalysis.com/stocks/googl/transcripts/657320-q2-2026/
https://data.sec.gov/api/xbrl/companyfacts/CIK0001652044.json
https://blog.google/products-and-platforms/products/google-one/fall-2026-ai-plan-updates/
https://www.axios.com/2026/09/02/google-ad-tech-antitrust-remedies
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/msft-20260630.htm
https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast
https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4
https://data.sec.gov/api/xbrl/companyfacts/CIK0000789019.json
https://blogs.microsoft.com/blog/2026/09/25/introducing-the-new-copilot-with-home-code-and-autopilot/
https://apnews.com/article/f7dff4fb9d51a2bdec56a13e5da1053d
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm
https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm
https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results/default.aspx
https://stockanalysis.com/stocks/amzn/transcripts/657334-q2-2026/
https://data.sec.gov/api/xbrl/companyfacts/CIK0001018724.json
https://ir.aboutamazon.com/news-release/news-release-details/2025/Amazon-com-Announces-Third-Quarter-Results/default.aspx
https://www.aboutamazon.com/news/aws/claude-fable-5-anthropic-available-amazon-bedrock
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
https://www.aboutamazon.com/news/company-news/amazon-data-centers-built-together
https://apnews.com/article/91b65ba1729540c1c0d92e35deef35d8
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/</aside></article><article class="slide-canvas " data-slide="6" aria-label="Slide 6: NVIDIA: the cash-collection test"><header class="masthead"><strong>Big Tech Deep Research</strong><span>October 6, 2026</span></header><h2>NVIDIA: the cash-collection test</h2><div class="slide-body"><div class="split-slide"><div><svg viewBox="0 0 650 310" width="650" height="310" xmlns="http://www.w3.org/2000/svg" role="img" aria-label="Comparison chart"><line x1="205.00" y1="12" x2="205.00" y2="272" stroke="#d8ded2"/><text x="205.00" y="302" text-anchor="middle" font-size="16" fill="#66766d">0</text><line x1="291.25" y1="12" x2="291.25" y2="272" stroke="#d8ded2"/><text x="291.25" y="302" text-anchor="middle" font-size="16" fill="#66766d">17</text><line x1="377.50" y1="12" x2="377.50" y2="272" stroke="#d8ded2"/><text x="377.50" y="302" text-anchor="middle" font-size="16" fill="#66766d">34</text><line x1="463.75" y1="12" x2="463.75" y2="272" stroke="#d8ded2"/><text x="463.75" y="302" text-anchor="middle" font-size="16" fill="#66766d">51</text><line x1="550.00" y1="12" x2="550.00" y2="272" stroke="#d8ded2"/><text x="550.00" y="302" text-anchor="middle" font-size="16" fill="#66766d">67</text><line x1="205.00" y1="12" x2="205.00" y2="272" stroke="#66766d"/><text x="187" y="46.80" text-anchor="end" font-size="21" fill="#22352c">GAAP net income</text><rect x="205.00" y="18.00" width="305.31" height="40" rx="4" fill="#a8b5a0"/><text x="522.31" y="46.80" font-size="21" fill="#22352c">59.7</text><text x="187" y="173.80" text-anchor="end" font-size="21" fill="#22352c">Free cash flow</text><rect x="205.00" y="145.00" width="109.16" height="40" rx="4" fill="#337552"/><text x="326.16" y="173.80" font-size="21" fill="#22352c">21.3</text></svg></div><div><div class="big-stat">$22.35B</div><p>Quarterly cash use from increased receivables.</p><p>Demand is strong. Collections and transition margins remain essential checks.</p></div></div><p class="annotation">Q2 FY2027, ended July 26, 2026. Chart: USD billions.</p></div><footer class="slide-footer"><span>Source: NVIDIA Q2 FY2027 financial results and cash-flow statement</span><span>06 / 16</span></footer><aside class="notes">https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Second-Quarter-Fiscal-2027/default.aspx
https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75</aside></article><article class="slide-canvas " data-slide="7" aria-label="Slide 7: Apple: strong cash, new AI cost questions"><header class="masthead"><strong>Big Tech Deep Research</strong><span>October 6, 2026</span></header><h2>Apple: strong cash, new AI cost questions</h2><div class="slide-body"><div class="split-slide"><div><div class="big-stat">$136.7B</div><p>Trailing free cash flow through June 27, 2026.</p><div class="rule"></div><p>Services gross margin: <strong>75.6%</strong><br>Products gross margin: <strong>40.1%</strong></p></div><div><h3>What supports the business</h3><p>Device demand, the installed base, and high-margin Services.</p><h3>What needs evidence</h3><p>AI monetization after usage costs. Q3 gross margin also benefited by about 2 points from tariff refunds.</p></div></div></div><footer class="slide-footer"><span>Source: Apple Q3 filing and July 30 earnings release; author TTM calculation</span><span>07 / 16</span></footer><aside class="notes">https://stuff.ac/file/5e22c801-c453-4737-b403-e5b4796df3b4
https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm
https://www.sec.gov/Archives/edgar/data/320193/000032019326000020/aapl-20260627.htm
https://www.marketbeat.com/earnings/reports/2026-7-30-apple-inc-stock/
https://data.sec.gov/api/xbrl/companyfacts/CIK0000320193.json
https://www.apple.com/newsroom/2026/07/apple-reports-third-quarter-results/
https://www.apple.com/newsroom/2026/09/siri-ai-a-profoundly-more-capable-and-personal-assistant-is-here/
https://www.apple.com/ie/newsroom/2026/04/tim-cook-to-become-apple-executive-chairman-john-ternus-to-become-apple-ceo/
https://www.apple.com/leadership/
https://www.axios.com/2026/07/30/apple-earnings-beat-estimates-boosted-by-tariff-refunds
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/</aside></article><article class="slide-canvas " data-slide="8" aria-label="Slide 8: Alphabet: investment gains reshape earnings"><header class="masthead"><strong>Big Tech Deep Research</strong><span>October 6, 2026</span></header><h2>Alphabet: investment gains reshape earnings</h2><div class="slide-body"><svg viewBox="0 0 1050 320" width="1050" height="320" xmlns="http://www.w3.org/2000/svg" role="img" aria-label="Comparison chart"><line x1="205.00" y1="12" x2="205.00" y2="282" stroke="#d8ded2"/><text x="205.00" y="312" text-anchor="middle" font-size="16" fill="#66766d">-6</text><line x1="391.25" y1="12" x2="391.25" y2="282" stroke="#d8ded2"/><text x="391.25" y="312" text-anchor="middle" font-size="16" fill="#66766d">27</text><line x1="577.50" y1="12" x2="577.50" y2="282" stroke="#d8ded2"/><text x="577.50" y="312" text-anchor="middle" font-size="16" fill="#66766d">60</text><line x1="763.75" y1="12" x2="763.75" y2="282" stroke="#d8ded2"/><text x="763.75" y="312" text-anchor="middle" font-size="16" fill="#66766d">94</text><line x1="950.00" y1="12" x2="950.00" y2="282" stroke="#d8ded2"/><text x="950.00" y="312" text-anchor="middle" font-size="16" fill="#66766d">127</text><line x1="237.89" y1="12" x2="237.89" y2="282" stroke="#66766d"/><text x="187" y="46.80" text-anchor="end" font-size="21" fill="#22352c">Operating income</text><rect x="237.89" y="18.00" width="229.01" height="40" rx="4" fill="#337552"/><text x="478.89" y="46.80" font-size="21" fill="#22352c">40.8</text><text x="187" y="134.80" text-anchor="end" font-size="21" fill="#22352c">GAAP net income</text><rect x="237.89" y="106.00" width="630.19" height="40" rx="4" fill="#a8b5a0"/><text x="880.08" y="134.80" font-size="21" fill="#22352c">112.2</text><text x="187" y="222.80" text-anchor="end" font-size="21" fill="#22352c">Free cash flow</text><rect x="205.00" y="194.00" width="32.89" height="40" rx="4" fill="#bb6042"/><text x="249.89" y="222.80" font-size="21" fill="#22352c">-5.9</text></svg><p class="annotation">Q2 2026, USD billions. Other income was $98.0B, largely unrealized investment gains.</p><p class="annotation">Search and Cloud grew strongly. Net income is a poor proxy for recurring operating cash.</p></div><footer class="slide-footer"><span>Source: Alphabet Q2 2026 earnings release and investment notes</span><span>08 / 16</span></footer><aside class="notes">https://stuff.ac/file/cac51539-3175-4467-a54d-7290a69f90f8
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000071/goog-20260630.htm
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm
https://stockanalysis.com/stocks/googl/transcripts/657320-q2-2026/
https://data.sec.gov/api/xbrl/companyfacts/CIK0001652044.json
https://blog.google/products-and-platforms/products/google-one/fall-2026-ai-plan-updates/
https://www.axios.com/2026/09/02/google-ad-tech-antitrust-remedies
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/</aside></article><article class="slide-canvas " data-slide="9" aria-label="Slide 9: Microsoft: earnings grow while FCF falls"><header class="masthead"><strong>Big Tech Deep Research</strong><span>October 6, 2026</span></header><h2>Microsoft: earnings grow while FCF falls</h2><div class="slide-body"><div class="split-slide"><div><svg viewBox="0 0 650 325" width="650" height="325" xmlns="http://www.w3.org/2000/svg" role="img" aria-label="Comparison chart"><line x1="160.00" y1="12" x2="160.00" y2="287" stroke="#d8ded2"/><text x="160.00" y="317" text-anchor="middle" font-size="16" fill="#66766d">0</text><line x1="257.50" y1="12" x2="257.50" y2="287" stroke="#d8ded2"/><text x="257.50" y="317" text-anchor="middle" font-size="16" fill="#66766d">21</text><line x1="355.00" y1="12" x2="355.00" y2="287" stroke="#d8ded2"/><text x="355.00" y="317" text-anchor="middle" font-size="16" fill="#66766d">42</text><line x1="452.50" y1="12" x2="452.50" y2="287" stroke="#d8ded2"/><text x="452.50" y="317" text-anchor="middle" font-size="16" fill="#66766d">63</text><line x1="550.00" y1="12" x2="550.00" y2="287" stroke="#d8ded2"/><text x="550.00" y="317" text-anchor="middle" font-size="16" fill="#66766d">84</text><line x1="160.00" y1="12" x2="160.00" y2="287" stroke="#66766d"/><text x="142" y="46.80" text-anchor="end" font-size="21" fill="#22352c">FY2024 FCF</text><rect x="160.00" y="18.00" width="345.13" height="40" rx="4" fill="#9fb78e"/><text x="517.13" y="46.80" font-size="21" fill="#22352c">74.1</text><text x="142" y="136.47" text-anchor="end" font-size="21" fill="#22352c">FY2025 FCF</text><rect x="160.00" y="107.67" width="333.67" height="40" rx="4" fill="#769c74"/><text x="505.67" y="136.47" font-size="21" fill="#22352c">71.6</text><text x="142" y="226.13" text-anchor="end" font-size="21" fill="#22352c">FY2026 FCF</text><rect x="160.00" y="197.33" width="312.12" height="40" rx="4" fill="#337552"/><text x="484.12" y="226.13" font-size="21" fill="#22352c">67.0</text></svg></div><div><div class="big-stat">$115.9B</div><p>FY2026 cash purchases of property and equipment.</p><p>Azure and paid Copilot adoption support demand. The investment return still needs to emerge in cash.</p></div></div><p class="annotation">USD billions. FCF excludes finance-lease principal. Broader capex guidance differs.</p></div><footer class="slide-footer"><span>Source: Microsoft FY2026 annual financial statements</span><span>09 / 16</span></footer><aside class="notes">https://stuff.ac/file/7c715e7d-226f-4ee8-a582-9827bd9a8b21
https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/msft-20260630.htm
https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast
https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4
https://data.sec.gov/api/xbrl/companyfacts/CIK0000789019.json
https://blogs.microsoft.com/blog/2026/09/25/introducing-the-new-copilot-with-home-code-and-autopilot/
https://apnews.com/article/f7dff4fb9d51a2bdec56a13e5da1053d
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/</aside></article><article class="slide-canvas " data-slide="10" aria-label="Slide 10: Amazon: AWS supplies most operating profit"><header class="masthead"><strong>Big Tech Deep Research</strong><span>October 6, 2026</span></header><h2>Amazon: AWS supplies most operating profit</h2><div class="slide-body"><div class="split-slide"><div><svg viewBox="0 0 660 305" width="660" height="305" xmlns="http://www.w3.org/2000/svg" role="img" aria-label="Comparison chart"><line x1="205.00" y1="12" x2="205.00" y2="267" stroke="#d8ded2"/><text x="205.00" y="297" text-anchor="middle" font-size="16" fill="#66766d">0</text><line x1="293.75" y1="12" x2="293.75" y2="267" stroke="#d8ded2"/><text x="293.75" y="297" text-anchor="middle" font-size="16" fill="#66766d">17</text><line x1="382.50" y1="12" x2="382.50" y2="267" stroke="#d8ded2"/><text x="382.50" y="297" text-anchor="middle" font-size="16" fill="#66766d">34</text><line x1="471.25" y1="12" x2="471.25" y2="267" stroke="#d8ded2"/><text x="471.25" y="297" text-anchor="middle" font-size="16" fill="#66766d">51</text><line x1="560.00" y1="12" x2="560.00" y2="267" stroke="#d8ded2"/><text x="560.00" y="297" text-anchor="middle" font-size="16" fill="#66766d">68</text><line x1="205.00" y1="12" x2="205.00" y2="267" stroke="#66766d"/><text x="187" y="46.80" text-anchor="end" font-size="21" fill="#22352c">AWS revenue share</text><rect x="205.00" y="18.00" width="109.27" height="40" rx="4" fill="#a8b5a0"/><text x="326.27" y="46.80" font-size="21" fill="#22352c">21.1%</text><text x="187" y="171.30" text-anchor="end" font-size="21" fill="#22352c">AWS profit share</text><rect x="205.00" y="142.50" width="314.16" height="40" rx="4" fill="#337552"/><text x="531.16" y="171.30" font-size="21" fill="#22352c">60.5%</text></svg></div><div><div class="big-stat">−$7.6B</div><p>Trailing free cash flow after $169.0B of net cash capex.</p><p>AWS margins include a discrete energy-derivative benefit. Investment gains also inflate net income.</p></div></div><p class="annotation">Shares use Q2 2026 segment revenue and operating income. Cash figures are TTM to June 30.</p></div><footer class="slide-footer"><span>Source: Amazon Q2 2026 financials and earnings call</span><span>10 / 16</span></footer><aside class="notes">https://stuff.ac/file/2e833ab4-2596-4c1c-a09c-751e4b88b9b9
https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm
https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm
https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results/default.aspx
https://stockanalysis.com/stocks/amzn/transcripts/657334-q2-2026/
https://data.sec.gov/api/xbrl/companyfacts/CIK0001018724.json
https://ir.aboutamazon.com/news-release/news-release-details/2025/Amazon-com-Announces-Third-Quarter-Results/default.aspx
https://www.aboutamazon.com/news/aws/claude-fable-5-anthropic-available-amazon-bedrock
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
https://www.aboutamazon.com/news/company-news/amazon-data-centers-built-together
https://apnews.com/article/91b65ba1729540c1c0d92e35deef35d8
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/</aside></article><article class="slide-canvas " data-slide="11" aria-label="Slide 11: Valuation needs the right denominator"><header class="masthead"><strong>Big Tech Deep Research</strong><span>October 6, 2026</span></header><h2>Valuation needs the right denominator</h2><div class="slide-body"><table class="valuation-table"><thead><tr><th>Company</th><th>Equity value</th><th>Approx. GAAP P/E</th><th>FCF yield</th></tr></thead><tbody><tr><td>NVIDIA</td><td>$5.768T</td><td>29.9×</td><td>2.20%</td></tr><tr><td>Apple</td><td>$4.858T</td><td>37.7×</td><td>2.81%</td></tr><tr><td>Alphabet</td><td>$4.205T</td><td>17.2×</td><td>1.27%</td></tr><tr><td>Microsoft</td><td>$3.899T</td><td>29.2×</td><td>1.72%</td></tr><tr><td>Amazon</td><td>$2.711T</td><td>20.0×</td><td>-0.28%</td></tr></tbody></table><p class="annotation">October 6 premarket market caps ÷ latest trailing results. Alphabet uses income available to common shareholders.</p><p class="annotation">Large investment gains make Alphabet and Amazon P/E ratios difficult to interpret. Negative FCF is not a cheapness signal.</p></div><footer class="slide-footer"><span>Sources: CompaniesMarketCap dated snapshot; company financial statements</span><span>11 / 16</span></footer><aside class="notes">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.
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Second-Quarter-Fiscal-2027/default.aspx
https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2026/default.aspx
https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75
https://data.sec.gov/api/xbrl/companyfacts/CIK0001045810.json
https://investor.nvidia.com/news/press-release-details/2024/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2024/default.aspx
https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm
https://www.sec.gov/Archives/edgar/data/320193/000032019326000020/aapl-20260627.htm
https://www.marketbeat.com/earnings/reports/2026-7-30-apple-inc-stock/
https://data.sec.gov/api/xbrl/companyfacts/CIK0000320193.json
https://www.apple.com/newsroom/2026/07/apple-reports-third-quarter-results/
https://www.apple.com/newsroom/2026/09/siri-ai-a-profoundly-more-capable-and-personal-assistant-is-here/
https://www.apple.com/ie/newsroom/2026/04/tim-cook-to-become-apple-executive-chairman-john-ternus-to-become-apple-ceo/
https://www.apple.com/leadership/
https://www.axios.com/2026/07/30/apple-earnings-beat-estimates-boosted-by-tariff-refunds
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000071/goog-20260630.htm
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm
https://stockanalysis.com/stocks/googl/transcripts/657320-q2-2026/
https://data.sec.gov/api/xbrl/companyfacts/CIK0001652044.json
https://blog.google/products-and-platforms/products/google-one/fall-2026-ai-plan-updates/
https://www.axios.com/2026/09/02/google-ad-tech-antitrust-remedies
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/msft-20260630.htm
https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast
https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4
https://data.sec.gov/api/xbrl/companyfacts/CIK0000789019.json
https://blogs.microsoft.com/blog/2026/09/25/introducing-the-new-copilot-with-home-code-and-autopilot/
https://apnews.com/article/f7dff4fb9d51a2bdec56a13e5da1053d
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm
https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm
https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results/default.aspx
https://stockanalysis.com/stocks/amzn/transcripts/657334-q2-2026/
https://data.sec.gov/api/xbrl/companyfacts/CIK0001018724.json
https://ir.aboutamazon.com/news-release/news-release-details/2025/Amazon-com-Announces-Third-Quarter-Results/default.aspx
https://www.aboutamazon.com/news/aws/claude-fable-5-anthropic-available-amazon-bedrock
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
https://www.aboutamazon.com/news/company-news/amazon-data-centers-built-together
https://apnews.com/article/91b65ba1729540c1c0d92e35deef35d8
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/</aside></article><article class="slide-canvas sage" data-slide="12" aria-label="Slide 12: Three distinctions change the interpretation"><header class="masthead"><strong>Big Tech Deep Research</strong><span>October 6, 2026</span></header><h2>Three distinctions change the interpretation</h2><div class="slide-body"><div class="three-col"><div><span class="num">01</span><h3>Backlog and revenue</h3><p>A future commitment needs delivery, recognition, and collection before it becomes current cash.</p></div><div><span class="num">02</span><h3>Earnings and cash</h3><p>Investment gains can lift profit. New infrastructure can absorb cash before depreciation reaches earnings.</p></div><div><span class="num">03</span><h3>Capex and obligations</h3><p>Cash purchases, finance leases, and operating leases have different presentation. Definitions must travel with the chart.</p></div></div><p class="annotation">Microsoft’s building-life update changes future lease classification. It does not itself establish lower investment.</p></div><footer class="slide-footer"><span>Source: company financial definitions and Microsoft July 29 call; author synthesis</span><span>12 / 16</span></footer><aside class="notes">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.
https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4</aside></article><article class="slide-canvas " data-slide="13" aria-label="Slide 13: The next evidence to watch"><header class="masthead"><strong>Big Tech Deep Research</strong><span>October 6, 2026</span></header><h2>The next evidence to watch</h2><div class="slide-body"><table class="watch-table"><thead><tr><th>Company</th><th>Evidence that matters</th></tr></thead><tbody><tr><td>NVIDIA</td><td>Receivable collections and cash conversion. Gross margin through the product transition.</td></tr><tr><td>Apple</td><td>Margins excluding tariff refunds. Services growth and paid conversion.</td></tr><tr><td>Alphabet</td><td>Search advertising economics. Cloud margin and backlog delivery.</td></tr><tr><td>Microsoft</td><td>Azure growth and capacity. Copilot renewals and monetization.</td></tr><tr><td>Amazon</td><td>AWS margin after discrete benefits. Net cash capex and lease payments.</td></tr></tbody></table><p class="annotation">Product rollouts and announcements create hypotheses. Paid adoption, profitable delivery, and collections test them.</p></div><footer class="slide-footer"><span>Source: company reports, product announcements, and author watchlists</span><span>13 / 16</span></footer><aside class="notes">https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Second-Quarter-Fiscal-2027/default.aspx
https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2026/default.aspx
https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75
https://data.sec.gov/api/xbrl/companyfacts/CIK0001045810.json
https://investor.nvidia.com/news/press-release-details/2024/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2024/default.aspx
https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm
https://www.sec.gov/Archives/edgar/data/320193/000032019326000020/aapl-20260627.htm
https://www.marketbeat.com/earnings/reports/2026-7-30-apple-inc-stock/
https://data.sec.gov/api/xbrl/companyfacts/CIK0000320193.json
https://www.apple.com/newsroom/2026/07/apple-reports-third-quarter-results/
https://www.apple.com/newsroom/2026/09/siri-ai-a-profoundly-more-capable-and-personal-assistant-is-here/
https://www.apple.com/ie/newsroom/2026/04/tim-cook-to-become-apple-executive-chairman-john-ternus-to-become-apple-ceo/
https://www.apple.com/leadership/
https://www.axios.com/2026/07/30/apple-earnings-beat-estimates-boosted-by-tariff-refunds
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000071/goog-20260630.htm
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm
https://stockanalysis.com/stocks/googl/transcripts/657320-q2-2026/
https://data.sec.gov/api/xbrl/companyfacts/CIK0001652044.json
https://blog.google/products-and-platforms/products/google-one/fall-2026-ai-plan-updates/
https://www.axios.com/2026/09/02/google-ad-tech-antitrust-remedies
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/msft-20260630.htm
https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast
https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4
https://data.sec.gov/api/xbrl/companyfacts/CIK0000789019.json
https://blogs.microsoft.com/blog/2026/09/25/introducing-the-new-copilot-with-home-code-and-autopilot/
https://apnews.com/article/f7dff4fb9d51a2bdec56a13e5da1053d
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm
https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm
https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results/default.aspx
https://stockanalysis.com/stocks/amzn/transcripts/657334-q2-2026/
https://data.sec.gov/api/xbrl/companyfacts/CIK0001018724.json
https://ir.aboutamazon.com/news-release/news-release-details/2025/Amazon-com-Announces-Third-Quarter-Results/default.aspx
https://www.aboutamazon.com/news/aws/claude-fable-5-anthropic-available-amazon-bedrock
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
https://www.aboutamazon.com/news/company-news/amazon-data-centers-built-together
https://apnews.com/article/91b65ba1729540c1c0d92e35deef35d8
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/</aside></article><article class="slide-canvas " data-slide="14" aria-label="Slide 14: Operating scenarios make assumptions visible"><header class="masthead"><strong>Big Tech Deep Research</strong><span>October 6, 2026</span></header><h2>Operating scenarios make assumptions visible</h2><div class="slide-body"><div class="split-slide"><div><h3>Two explicit inputs</h3><p>Next-period revenue = trailing revenue × (1 + assumed growth).</p><p>Operating income = that revenue × assumed margin.</p><p>The interactive explorer lets readers adjust both inputs.</p></div><div><h3>What this leaves open</h3><p>Capital spending, tax, financing, dilution, and the valuation investors will pay.</p><p>The same operating profit can coexist with very different free cash flow.</p></div></div><p class="annotation">Author scenarios illustrate arithmetic. They are not forecasts, consensus estimates, or probabilities.</p></div><footer class="slide-footer"><span>Method: author sensitivity calculations from the reported trailing base</span><span>14 / 16</span></footer><aside class="notes">Scenarios in the four reports and explorer use explicit revenue-growth and operating-margin inputs. They do not imply price targets or personalized investment advice.</aside></article><article class="slide-canvas ink" data-slide="15" aria-label="Slide 15: Read the research and examine the data"><header class="masthead"><strong>Big Tech Deep Research</strong><span>October 6, 2026</span></header><h2>Read the research and examine the data</h2><div class="slide-body"><div class="read-list"><div><strong>NVIDIA</strong><span><a href="https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75" target="_blank" rel="noopener">AI infrastructure with exceptional margins</a></span></div><div><strong>Apple</strong><span><a href="https://stuff.ac/file/5e22c801-c453-4737-b403-e5b4796df3b4" target="_blank" rel="noopener">Devices monetize a durable customer base</a></span></div><div><strong>Alphabet</strong><span><a href="https://stuff.ac/file/cac51539-3175-4467-a54d-7290a69f90f8" target="_blank" rel="noopener">Search cash meets a huge cloud buildout</a></span></div><div><strong>Microsoft</strong><span><a href="https://stuff.ac/file/7c715e7d-226f-4ee8-a582-9827bd9a8b21" target="_blank" rel="noopener">Enterprise reach, growing infrastructure costs</a></span></div><div><strong>Amazon</strong><span><a href="https://stuff.ac/file/2e833ab4-2596-4c1c-a09c-751e4b88b9b9" target="_blank" rel="noopener">AWS profits, retail scale, heavy reinvestment</a></span></div></div><p class="annotation">The companion explorer includes historical charts, filters, underlying tables, and data exports.</p><p class="annotation"><a href="https://stuff.ac/api/v1/items/60b153e6-f14d-4e9c-b64b-04254a5999ad/content">Download the interactive explorer</a> · <a href="https://stuff.ac/file/0bfe9dc5-1dfb-4e97-9c11-5baa15166417" target="_blank" rel="noopener">Open the research library</a></p></div><footer class="slide-footer"><span>Big Tech Deep Research / October 6, 2026</span><span>15 / 16</span></footer><aside class="notes">Full reports include inline citations, calculation notes, and annotated further reading at the bottom. The HTML explorer works offline after downloading. Stuff previews may omit scripts; open the original HTML for interactions.</aside></article><article class="slide-canvas " data-slide="16" aria-label="Slide 16: Sources and reading notes"><header class="masthead"><strong>Big Tech Deep Research</strong><span>October 6, 2026</span></header><h2>Sources and reading notes</h2><div class="slide-body"><div class="source-slide"><div><h3>NVIDIA</h3><p><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><br><a href="https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75" target="_blank" rel="noopener">Full report and annotated bibliography</a></p></div><div><h3>Apple</h3><p><a href="https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm" target="_blank" rel="noopener">Annual</a><br><a href="https://stuff.ac/file/5e22c801-c453-4737-b403-e5b4796df3b4" target="_blank" rel="noopener">Full report and annotated bibliography</a></p></div><div><h3>Alphabet</h3><p><a href="https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm" target="_blank" rel="noopener">Annual</a><br><a href="https://stuff.ac/file/cac51539-3175-4467-a54d-7290a69f90f8" target="_blank" rel="noopener">Full report and annotated bibliography</a></p></div><div><h3>Microsoft</h3><p><a href="https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/msft-20260630.htm" target="_blank" rel="noopener">Annual</a><br><a href="https://stuff.ac/file/7c715e7d-226f-4ee8-a582-9827bd9a8b21" target="_blank" rel="noopener">Full report and annotated bibliography</a></p></div><div><h3>Amazon</h3><p><a href="https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm" target="_blank" rel="noopener">Annual</a><br><a href="https://stuff.ac/file/2e833ab4-2596-4c1c-a09c-751e4b88b9b9" target="_blank" rel="noopener">Full report and annotated bibliography</a></p></div><div><h3>Shared methods</h3><p><a href="https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/" target="_blank" rel="noopener">CompaniesMarketCap snapshot</a><br><a href="https://stuff.ac/file/0bfe9dc5-1dfb-4e97-9c11-5baa15166417" target="_blank" rel="noopener">Research standard and definitions</a></p></div></div><p class="annotation">All sources were checked by the October 6 cutoff. Product claims and management expectations remain attributed. Complete source URLs are also in each slide’s notes.</p></div><footer class="slide-footer"><span>Financial amounts: USD billions unless shown otherwise</span><span>16 / 16</span></footer><aside class="notes">https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Second-Quarter-Fiscal-2027/default.aspx
https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2026/default.aspx
https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75
https://data.sec.gov/api/xbrl/companyfacts/CIK0001045810.json
https://investor.nvidia.com/news/press-release-details/2024/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2024/default.aspx
https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm
https://www.sec.gov/Archives/edgar/data/320193/000032019326000020/aapl-20260627.htm
https://www.marketbeat.com/earnings/reports/2026-7-30-apple-inc-stock/
https://data.sec.gov/api/xbrl/companyfacts/CIK0000320193.json
https://www.apple.com/newsroom/2026/07/apple-reports-third-quarter-results/
https://www.apple.com/newsroom/2026/09/siri-ai-a-profoundly-more-capable-and-personal-assistant-is-here/
https://www.apple.com/ie/newsroom/2026/04/tim-cook-to-become-apple-executive-chairman-john-ternus-to-become-apple-ceo/
https://www.apple.com/leadership/
https://www.axios.com/2026/07/30/apple-earnings-beat-estimates-boosted-by-tariff-refunds
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000071/goog-20260630.htm
https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm
https://stockanalysis.com/stocks/googl/transcripts/657320-q2-2026/
https://data.sec.gov/api/xbrl/companyfacts/CIK0001652044.json
https://blog.google/products-and-platforms/products/google-one/fall-2026-ai-plan-updates/
https://www.axios.com/2026/09/02/google-ad-tech-antitrust-remedies
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/msft-20260630.htm
https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast
https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4
https://data.sec.gov/api/xbrl/companyfacts/CIK0000789019.json
https://blogs.microsoft.com/blog/2026/09/25/introducing-the-new-copilot-with-home-code-and-autopilot/
https://apnews.com/article/f7dff4fb9d51a2bdec56a13e5da1053d
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm
https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm
https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results/default.aspx
https://stockanalysis.com/stocks/amzn/transcripts/657334-q2-2026/
https://data.sec.gov/api/xbrl/companyfacts/CIK0001018724.json
https://ir.aboutamazon.com/news-release/news-release-details/2025/Amazon-com-Announces-Third-Quarter-Results/default.aspx
https://www.aboutamazon.com/news/aws/claude-fable-5-anthropic-available-amazon-bedrock
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
https://www.aboutamazon.com/news/company-news/amazon-data-centers-built-together
https://apnews.com/article/91b65ba1729540c1c0d92e35deef35d8
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/</aside></article></div></div><div class="notes-panel" id="notes-panel" hidden></div><nav class="deck-nav" aria-label="Slideshow controls"><button id="previous" aria-label="Previous slide">←</button><select id="slide-picker" aria-label="Choose slide"><option value="0">1. The businesses behind Big Tech</option><option value="1">2. Five roles in the technology economy</option><option value="2">3. NVIDIA leads latest-quarter revenue growth</option><option value="3">4. Operating margins reflect different businesses</option><option value="4">5. Reported profit and cash diverge</option><option value="5">6. NVIDIA: the cash-collection test</option><option value="6">7. Apple: strong cash, new AI cost questions</option><option value="7">8. Alphabet: investment gains reshape earnings</option><option value="8">9. Microsoft: earnings grow while FCF falls</option><option value="9">10. Amazon: AWS supplies most operating profit</option><option value="10">11. Valuation needs the right denominator</option><option value="11">12. Three distinctions change the interpretation</option><option value="12">13. The next evidence to watch</option><option value="13">14. Operating scenarios make assumptions visible</option><option value="14">15. Read the research and examine the data</option><option value="15">16. Sources and reading notes</option></select><button id="next" aria-label="Next slide">→</button><span id="slide-status" class="optional" aria-live="polite"></span><button id="show-notes" class="optional" aria-controls="notes-panel" aria-expanded="false">Notes</button><button id="fullscreen" class="optional">Fullscreen</button></nav><script>const slides=[...document.querySelectorAll('.slide-canvas')],pick=document.querySelector('#slide-picker');let page=Math.min(slides.length-1,Math.max(0,(parseInt(location.hash.slice(1))||1)-1));document.body.classList.add('playing');function fit(){const scale=Math.min((innerWidth-32)/1280,(innerHeight-120)/720,1.35);document.documentElement.style.setProperty('--deck-scale',Math.max(.2,scale));const wrap=document.querySelector('#stage-wrap');wrap.style.width=1280*Math.max(.2,scale)+'px';wrap.style.height=720*Math.max(.2,scale)+'px'}function go(n){page=Math.max(0,Math.min(n,slides.length-1));slides.forEach((s,i)=>{s.classList.toggle('active',i===page);s.setAttribute('aria-hidden',String(i!==page))});pick.value=page;document.querySelector('#previous').disabled=page===0;document.querySelector('#next').disabled=page===slides.length-1;document.querySelector('#slide-status').textContent=(page+1)+' / '+slides.length;document.querySelector('#notes-panel').textContent=slides[page].querySelector('.notes').textContent;history.replaceState(null,'','#'+(page+1))}document.querySelector('#previous').onclick=()=>go(page-1);document.querySelector('#next').onclick=()=>go(page+1);pick.onchange=()=>go(Number(pick.value));document.querySelector('#show-notes').onclick=()=>{const p=document.querySelector('#notes-panel');p.hidden=!p.hidden;document.querySelector('#show-notes').setAttribute('aria-expanded',String(!p.hidden))};document.querySelector('#fullscreen').onclick=()=>{if(document.fullscreenElement)document.exitFullscreen?.();else document.documentElement.requestFullscreen?.()};addEventListener('resize',fit);addEventListener('keydown',e=>{if(['SELECT','INPUT','TEXTAREA'].includes(e.target.tagName))return;if(e.key==='ArrowRight'||e.key==='PageDown'){e.preventDefault();go(page+1)}if(e.key==='ArrowLeft'||e.key==='PageUp'){e.preventDefault();go(page-1)}if(e.key==='Home'){e.preventDefault();go(0)}if(e.key==='End'){e.preventDefault();go(slides.length-1)}});fit();go(page);</script></body></html>

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