Recap: Q4 FY26
The Backlog Says $638B, the Cash Flow Says −$24B: Record RPO and a $90B FY27 Guide Collide With a $55.7B Capex Bill and a $40B Raise — Maintaining Outperform
Recap: Q1 FY26
RPO Inflects to $455B, OCI Guide Laid Out at $144B by FY30 — the OpenAI / Stargate Reset: Maintaining Outperform, FV $310–360
Recap: Q4 FY25
Maintaining Outperform: Headline Beat, RPO $138B, and an FY26 Raise to >$67B Confirm the Bookings-to-Revenue Cascade Is Delivering
Recap: Q3 FY25
Upgrading to Outperform: $48B In-Quarter Bookings, RPO $130B (+63% cc), and FY27 Acceleration to ~20% Tick All Four Boxes From Our Initiation Note
Recap: Q2 FY25
Initiating Coverage at Hold: RPO Step-Function to $97.3B (+50%) and OCI +52% Validate the Hyperscale Pivot, But Capex Absorption and AI Customer Concentration Keep Us Patient