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Next edition in 266 min Oct 28, 2026, 16:00-23:00 Lisbon
Premarket Alpha Midday Alpha Post-Market Alpha
Daily Alpha Post-Market Alpha by Buzzberg Research

What changed since midday

Microsoft's Azure grew 48% and its backlog rose 73%, while Alphabet's search growth missed even as Google Cloud rose 103%. Oracle set FY2030 targets of at least $225 billion in revenue, and the Fed held at 3.75%-4.00% with two dissents for a hike.

Main narratives

day change
01

Microsoft's Azure grew 48% and its commercial backlog rose 73% to $677 billion

Microsoft's fiscal first-quarter revenue was $92.28 billion against a $90.63 billion estimate, and cloud revenue was $63.9 billion against $61.62 billion, per ParadisLabs, which put capex at $39.37 billion against a $45.93 billion estimate. @ren_stocks says Azure grew 48%, up from 43% against a 44-45% guide, cash capex doubled from a year ago, and including finance leases capex was about $45 billion. @geiger_capital put the shares up 4%.

MSFT +2.9%
02

Google Cloud revenue rose 103% to $30.7 billion, but Alphabet missed on operating income and its shares fell 8%

Alphabet's third-quarter revenue of $127.58 billion was just under the $127.96 billion estimate, and operating income of $40.58 billion missed $43.16 billion, per ParadisLabs. An analyst on Bloomberg said cloud was up 103% and beat on margins, while search revenue growth undershot consensus by roughly three points. @jasonschips says $51.4 billion of quarterly capex pushed free cash flow to negative $9.1 billion and the $195-205 billion capex plan is unchanged.

GOOGL -10.2%
03

Oracle targets at least $225 billion of FY2030 revenue and positive cash flow in 2028

Oracle reaffirmed its FY2027 outlook of at least $90 billion of revenue and set FY2030 targets of at least $225 billion of revenue, a 35%-plus CAGR, and $21 or more of non-GAAP EPS. It expects capex to step down in fiscal 2029. DeItaone reports a $30 billion free cash flow target by fiscal 2029, and @ren_stocks says outside capital is limited to $20 billion more through FY30. The Kobeissi Letter says shares rose over 12%.

ORCL -0.5%
04

The Fed held at 3.75%-4.00% in a 10-2 vote, with Hammack and Cook dissenting in favor of a hike

Hammack and Cook dissented in favor of a 25bp hike, per LiveSquawk. Joseph Wang called it a hawkish hold: the chair noted tighter financial conditions but did not call them restrictive, and Wang expects a December hike unless risk assets fall enough to force a pause. DoubleLine's Jeffrey Gundlach said the Fed should be raising rates and expects headline inflation to re-accelerate into the 4% range for several months.

Themes of the session

?
Z-score shows how far this edition's mention count is above or below the theme's own average across 20 comparable earlier editions. +2.7σ means mentions are 2.7 standard deviations above that average — simply, the theme is being mentioned much more often than usual. It measures attention, not bullishness or expected return. Themes need at least 8 posts; gold begins at +2σ, and σ is hidden when history is too thin.
Hyperscalers +6.9σ
GOOGL -10.2% · MSFT +2.9% · ORCL -0.5%
+2 more META +0.9% · AMZN -1.0%
329 posts 101 voices base 56.4
Networking & Photonics +6.7σ
LITE +6.0% · AAOI -2.6% · COHR +0.6%
+17 more GLW — · APH — · AXTI — · ADTN — · ANET — · RBBN — · CRDO — · SIVE — · 600487.SS — · ADV.DE — · ALMU — · NOK — · CIEN — · AUDC — · IQE — · OPTX — · FN —
66 posts 33 voices base 20.6
AI ASIC +5.6σ
MRVL -11.4% · AVGO -2.3% · ALAB -3.1%
+4 more SVCO — · QCOM — · STM — · ARM —
59 posts 35 voices base 15.6
Grid Equipment +2.7σ
GEV -1.8% · VRT -2.6% · MYRG +5.4%
+11 more ETN — · ENR.DE — · GNRC — · MOD — · AAON — · HUBB — · 7011.T +0.0% · 298040.KS — · 267260.KS +0.0% · SU.PA — · BWXT —
9 posts 5 voices base 3.2
Telecom Operators +2.0σ
TMUS +3.7% · DTEGY +0.0% · VZ +1.7%
+1 more SKM —
10 posts 6 voices base 3.1
AI Compute +0.7σ
NVDA -0.5% · CBRS -2.5% · AMD -2.4%
62 posts 39 voices base 51.4
Software & SaaS +0.7σ
NOW -19.3% · ZETA -3.4% · SNOW -3.1%
+7 more CRM — · FIVN — · NICE — · SOUN — · GTLB — · TEAM — · PLTR —
16 posts 14 voices base 12.1
Thematic ETFs +0.6σ
SMH -1.5% · SOXX -2.0% · TQQQ -3.0%
+21 more AAOX — · XLF — · ARKG +0.1% · XLU — · DXYZ -0.4% · CRAK — · XLE — · COAL — · URA — · IGV — · MAGS — · SOXL — · AIQ +0.0% · KBE — · ICLN — · FAN — · XHB +1.1% · ITB -0.3% · GDX -1.8% · XLK — · XLRE +1.0%
36 posts 21 voices base 30.2
Consumer Electronics +0.5σ
AAPL +1.3%
13 posts 7 voices base 9.4
Oil & Gas +0.1σ
PSX +0.0% · PBR -0.9% · BKR +0.3%
+11 more TNZ.TO +2.6% · HESM — · MPC — · VLO — · OXY — · RRC — · DVN — · BP — · EQT — · SU — · EQNR —
10 posts 8 voices base 9.6
Clean Energy +0.1σ
BE -4.3% · TE -1.1% · FPS -3.1%
+3 more NXT +4.9% · VWS.CO — · ENPH —
8 posts 7 voices base 7.3
Commodities -0.0σ
USO -0.5% · WTI -0.5% · GLD -1.1%
+5 more UNG — · HO=F — · GOLD — · BNO — · CL —
24 posts 16 voices base 24.2
Autos & EV -0.0σ
F -0.8% · TSLA -0.1% · STLA -0.4%
+5 more GM — · VOW3.DE — · RIVN — · HMC — · NSANY —
16 posts 10 voices base 16.2
Memory & Storage -0.2σ
MU -2.6% · SKHY -1.3% · 000660.KS +2.2%
+5 more STX — · SNDK — · 005930.KS — · WDC — · SIMO —
30 posts 20 voices base 32.9
Positioning Market Radar →

Buying / adding

1 positions · 1 voices

Selective / waiting

2 positions · 2 voices

Fading / not buying

3 positions · 3 voices
YouTube
49 videos · 28h 13m Post-FOMC coverage leaned toward another hike, and an analyst on Bloomberg split Alphabet's quarter into strong cloud and weak search. Open the desk →
X
1992 posts Microsoft's 48% Azure growth and Alphabet's move to rent outside compute were the substantive earnings reads, and Jukan relayed a technical case against Cerebras's wafer lifespan. Open the desk →
Reddit
312 threads Open the desk →