Beth Kindig

Google has seen AI token consumption rise 330X in two years, while some of the more bullish forecasts project a 70X increase in token consumption by 2030 – and that 70X figure already appears too low. Here’s why⬇️ https://t.co/urSDxMjuD0 $GOOG $NVDA

Goldman Sachs expects monthly token processing to rise from 1.7Q in 2025 to 120Q by 2030 - a 70X increase - with agentic AI driving more than 80% of demand. My analysis hitting inboxes Friday reveals why the 70X increase may still be too low. Link in bio. $NVDA $GOOG $MSFT

Microsoft $MSFT stated that Azure revenue surpassed $100 billion for the first time, while Azure growth accelerated to 43% YoY in FQ4, up from 40% in FQ3. $GOOG $AMZN

Capex growth significantly exceeds cash flow growth for Big Tech, with $GOOG reporting the highest capex growth at 107%, followed by $MSFT at 84%, $AMZN at 79%, and $META at 45%. Operating cash flow growth ranged from 26% to 53%, highlighting the widening gap between AI infrastructure spending and cash generation.

The chart below shows TTM cash from financing across Big Tech companies. Amazon leads with $62.48 billion, followed by Google at $7.89 billion, while Meta and Microsoft recorded financing outflows of $7.34 billion and $51.61 billion, respectively. $AMZN $GOOG $MSFT $META https://t.co/k8yAOFL8eg

The chart below compares quarterly cloud revenue growth from Q2 2025 to Q1 2026, with Google Cloud accelerating to 63% growth in Q1 2026, outperforming Azure (39%) and AWS (28%). $GOOG $MSFT $AMZN https://t.co/SULuLhEZp0

If Meta's Advantage+ ARR grows 1.5X in nine months from October 2025 to July 2026, its run rate would reach $90 billion – meaning it is very possible that $META is still second only to Nvidia $NVDA on AI revenue. My original analysis from 6 mos ago is below ⬇️

TSMC's $TSM advanced-node expansion roadmap includes N5-to-N3 capacity conversions within 6–12 months, N3 volume production in Taiwan (H1 2027), Arizona (H2 2027), and Japan (2028). Additional N2 and below capacity is planned for Arizona and Taiwan beyond 2028, supporting the company's next phase of advanced semiconductor manufacturing growth. $NVDA $AMD $AVGO

"You cannot put a gas turbine in the middle of Manhattan" - $BE CEO KR Sridhar

Global semiconductor revenue rose 24% QoQ to $394 billion in Q2, per Omdia, with memory remaining one of the key growth drivers. $NVDA $AMD $AVGO $MU

Intel expects its 14A process to enter risk production for internal products in 2H 2027, a year earlier than planned, with high volume manufacturing expected in 2028, also a year ahead of expectations. $INTC $TSM $NVDA $AMD

Nvidia, Google, AMD, and Amazon accounted for roughly 90% of CoWoS demand and 92% of HBM demand, highlighting packaging and memory as key AI chip bottlenecks. $NVDA $GOOG $AMD $AMZN $TSM https://t.co/Pu8I55LWa8

AMD’s $AMD new MI455X GPU offers 40 PFLOPs of FP4 and 20 PFLOPs of FP8 performance, double the MI350 series and nearly matching $NVDA Rubin’s 50 PFLOPs of FP4 and 17.5 PFLOPs of FP8 performance. $AVGO $INTC

Intel and AMD are reportedly signing long-term deals with Chinese clients for server CPUs as prices rise, with most of the deals covering one-year supply, per Reuters. $INTC $AMD $NVDA

TSMC is said to be planning price hikes in 2027 to cover increasing costs for materials, manufacturing equipment and international plant construction, with base price hikes expected to be 5-10% depending on customer and product. $TSM $NVDA $AMD $AVGO

Owning AI’s safest choices like $NVDA or $GOOG comes with opportunity cost, as 2026’s largest winners came from deeper in the AI stack. My new Q3 Top 20 AI Stock report released this week maps out the many lesser-known beneficiaries - subscribe below to access the 90-page report. Access my Q3 Top 20 AI Stock report here: https://t.co/X2qjfofhds

Nvidia signed a multi-year deal with Amkor worth $1.5 billion to expand advanced chip packaging and test capacity in the US, with Nvidia making a prepayment to support the expansion. $NVDA $AMKR $TSM

OpenAI is said to be spending more than $30 billion on a 3.2GW data center in Georgia, with several hundred MW coming online in 2028 and scaling through 2032. $MSFT $AMZN $GOOG $NVDA

Nvidia supplier Wistron opened its $700 million factory in Texas, producing Nvidia’s GB300 systems as well as its upcoming Vera Rubin racks. Nvidia says the plant is scaling to produce “tens of thousands of boards per month.” $NVDA $AMD $AVGO

In 2028, Morgan Stanley estimates Big Tech capex will rise just 11% to $1.29 trillion, with Meta the only of the four to spend less than $300 billion. $GOOG $META $MSFT $AMZN https://t.co/LBtwhpoTyn

Contrary to popular belief, $TSM and $INTC may be more complementary than competitive -- and the answer lies in advanced packaging. Here's why. ⬇️ https://t.co/SvKokpoldq

The conventional thinking among investors is that $INTC needs to “beat” $TSM in developing advanced nodes to attract significant external demand. This week, the I/O Fund challenges this narrative by highlighting another critical AI constraint: advanced packaging. Link in bio.

With capex up 100% YoY to $44.9 billion, Alphabet's $GOOG free cash flow went negative in Q2 -- the first time in 22 years since its IPO. Read more below about which Big Tech companies could be next in line to see FCF turn negative as capex accelerates.⬇️ https://t.co/r1wmjNprpp

TSMC CEO C.C. Wei: “So yes, I'm really jealous about the memory companies, 86% gross margin. 86%? About 68%, I would be happy about that.” $TSM $MU

Japan is planning to purchase 27,500 of Nvidia’s $NVDA Rubin GPUs to build an AI factory to develop a homegrown foundational AI model for robotics.

Google $GOOG boosted its capex forecast by $15 billion, now expecting to spend between $195-205 billion this year versus its prior forecast for $180-190 billion. $AMZN $MSFT $META

Google $GOOG reported Cloud revenue up 82% YoY in Q2 to $24.8 billion, accelerating 19 points from Q1's 63% growth and 50 points faster than the 32% growth reported in Q2 2025. $AMZN $MSFT

AMD $AMD announced a strategic partnership with Anthropic for 2GW of its MI450 series GPUs, said to be worth 'tens of billions', with the first deployments expected in 1H 2027. AMD is also investing up to $5 billion in Anthropic.

Nvidia-backed AI infrastructure startup Fireworks AI raised $1.5 billion at a $17.5 billion valuation, noting that its ARR has risen fivefold YoY to surpass $1 billion while daily tokens processed on its platform reached 40 trillion, up 1.67X YoY. $NVDA $AMZN $GOOG $MSFT

As $GOOG Cloud accelerated for the fourth consecutive quarter in Q1, backlog soared 400% YoY to $462 billion and revenue from products built on GenAI models rose 800% YoY.