Published briefing

Aug 19, 2026

Freshness check · published Aug 19, 7:27 PM ET

This is the briefing exactly as published on Aug 19, 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.

What changed this run

MU upgraded to 9/10. Micron's Q3 FY2026 call (June 24) confirmed HBM is sold out not just through 2026 but through all of calendar 2027 — price and volume locked. HBM4 entered high-volume shipments for the lead customer on schedule. Q3 results came in at $41.5B revenue, 84.9% gross margin, $25.11 EPS; Q4 is guided at $50B revenue, ~86% gross margin, ~$31 EPS. The thesis duration argument just got a full year longer with hard commercial evidence.

AVGO, INSW, CCJ affirmed at 8/10. No conviction change for any of the three — the core theses are intact and the data since open reinforces rather than challenges them.

What to watch next

Sep 1 — PANW Q4 FY2026 full-year results (watchlist; not shortlisted)
Sep 2 — AVGO Q3 FY2026 earnings (after close) — the central near-term catalyst for the highest-confidence AI infrastructure name on the shortlist; $29.4B revenue guide and XPU booking commentary are the reads
Sep 14 — ORCL Q1 FY2027 (watchlist; not shortlisted)
~Nov 4 — CCJ Q3 2026 earnings (date unconfirmed) — operational execution update and uranium price realization