Holdings and
conviction.

Nvidia supplies the chips at the centre of the computing buildout, and its latest guidance calls for about $91 billion in a single quarter without counting any sales into China. It also locked up more than $500 billion of long term memory supply in July, which removes one of the few genuine limits on how many chips it can ship.

Amazon's cloud arm grew almost 37% last quarter, its fastest in more than four years, while earning a 39% margin on that business. The company also raised its spending plans for the year to about $220 billion and said rising memory prices were part of the reason, which is the main pressure on its spare cash.

Palo Alto Networks completed its $25 billion purchase of CyberArk in February to control how automated software is granted permission to act inside a company. Revenue grew 31% last quarter, but a large share of that came from the acquisitions themselves, and reported profit fell while the shares sit near a record high.

Broadcom designs the custom chips and networking parts the largest cloud companies use to build their own hardware, and it has told investors that business grows from about $56 billion this year to over $100 billion next year. That forecast was left unchanged while the shares fell roughly 15% from their high, and it is backed by signed multi year agreements rather than hopes.

Alphabet's cloud business grew 82% last quarter and it now holds $514 billion of contracted work not yet delivered. The complication is that its spending pushed cash flow negative for the first time as a public company, and today several of its most senior research leaders announced they are leaving to start their own venture.

Datadog sells the software that watches whether other software is working and charges by how much gets processed rather than by headcount, so revenue rises as machine workloads rise. Growth was 32% in its last report, but the shares sit near an all time high above where most analysts think they should be, and the next results land tomorrow.

Meta's advertising business is still growing 28% and the shares are the cheapest of the large technology names after a 27% fall. But its data center spending consumed almost all of its spare cash last quarter, profits missed expectations, and management would not say how much it plans to spend next year.

Equinix operates the buildings where companies, networks and cloud providers physically plug into each other, and it delivered its biggest forecast increase ever on record customer bookings. It also raised its multi year growth outlook, but the building programme it announced will consume cash for several years and its next quarter guide came in light.

Applied Materials sells the equipment used to build chip factories, and its last results in May were a record with revenue up 11%. US export rules are expected to remove between $600 million and $710 million from this year's revenue, and the shares have fallen about a fifth in the past month ahead of results on August 13.

Eaton makes the electrical gear that gets power from the grid into the servers, and its data center revenue grew 65% last quarter while orders rose 41% and it raised its profit forecast. The shares are at a record high and priced accordingly, so the risk is no longer whether demand shows up but whether estimates keep rising.

DigitalBridge agreed to be bought by SoftBank for $16.00 per share in cash, shareholders approved in April, and the deal is expected to close in the second half of this year. The shares already trade within a few cents of that price, so there is almost nothing left to gain and several regulatory approvals still outstanding.

Microsoft's cloud business grew 43% last quarter and accelerated rather than slowed, and it now holds $678 billion of contracted work not yet delivered, which means most of what it is spending is already sold. The offset is a plan to spend $255 billion to $260 billion next year, a step up of about a third that will weigh on cash generation for years.

Fortinet beat expectations with revenue up 26% and product sales up 52%, driven by customers replacing ageing firewall hardware, and it raised its full year forecast. Part of that growth comes from price increases rather than more units, and the equipment replacement cycle behind it has a natural end.

Taiwan Semiconductor manufactures essentially every advanced chip this portfolio depends on and raised both its growth and spending plans in July after a quarter with margins near 68%. It committed another $100 billion to Arizona at the same time, which reduces the tariff risk that had been the main policy worry, and it still trades at about 20 times forward earnings.

CrowdStrike is being paid to secure the automated software companies are now deploying, and that product line grew 250% in a single quarter while new annual contract value rose 32%. The business is performing well, but the shares trade above where most analysts value them and the company is still not profitable on a reported basis.

Digital Realty is re-signing expiring leases at rents about 25% higher than before and sits on a record queue of signed leases that have not started billing yet. It raised its profit forecast in July and added another $410 million of annual rent from two leases signed after the quarter closed.

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