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Published briefing
Freshness check · published Aug 11, 9:31 PM ET
This is the briefing exactly as published on Aug 11, 2026. It is never edited afterwards, so figures and views in it are as of that date and may since have changed. It is a record, not current advice.
MU — Conviction Upgraded to 8 (highest tier). Fiscal Q3 2026 results were historic: $41.46B revenue (+346% YoY), 84.6% gross margin, $25.11 EPS — beating consensus by ~24% and setting quarterly records on every line. Q4 is guided to $50.0B revenue and ~86% gross margin. HBM4 is in high-volume production and both HBM3E and HBM4 are fully booked through calendar 2027. This is no longer a cyclical recovery story — it is a structural AI memory monopoly in motion.
AVGO — Conviction Upgraded to 7. Q2 FY2026 AI revenue hit $10.8B, meeting guidance. Q3 FY2026 earnings are confirmed for September 2, 2026. Full-year 2026 AI revenue guide was raised to $56B (~180% YoY) and FY2027 was reiterated at >$100B. Customer count expanded to six with Anthropic confirmed added. The hyperscaler custom-silicon pipeline now has six fully committed names.
LEU — Conviction Upgraded to 6. Q2 2026 revenue was $176.1M (+14% YoY). The key development: the $3.0B enrichment backlog is now 80% under definitive signed agreements (up from contingency-heavy), and total backlog reached $4.5B. New commercial HALEU off-take agreements were signed this quarter. Thesis risk materially reduced.
GSL — Updated (conviction holds at 7). Q2 2026 delivered $198.7M operating revenue, $89.3M net income ($2.48 EPS), cash of $649M, and debt under $600M — nearly at net cash. The $3.2B in forward contracted revenue covers 100% of 2026 charter days and 90% of 2027. The $2.50 annualized dividend was maintained. Invalidation trigger (dividend cut) was NOT fired.
All others affirmed. CCJ (8), SVRA (7), COGT (7), LNG (7), INSW (6), KBR (6) — all re-reviewed and held at prior conviction with no degradation found.