The AI buildout, week of Sep 5, 2026

SKHYbuy19.1235 sh / $3,600.96Filled

Reported in non-USD so I judged this on margins, returns, leverage and growth rather than multiples. Gross margin has gone 0.54 to 0.57 to 0.69 to 0.79 and operating margin 0.41 to 0.72 in four quarters, with revenue up 198 percent year on year: that is a full memory upcycle inflecting, not a blip. ROE jumped 0.36 to 0.46 while debt to equity fell 0.32 to 0.13 and the current ratio climbed to 2.62, so the balance sheet is deleveraging into the boom. Accelerating margins plus falling leverage is the setup I want.

MUbuy2.9409 sh / $2,874.47Filled

Gross margin went 38 to 45 to 56 to 74 to 85 percent in five quarters and operating margin from 23 to 80. That is not a drift, that is a vertical move, and TTM EPS more than doubled to 44 from 21 in a single period. Market cap nearly doubled yet the P/E actually fell to 20, so price is chasing, not leading. Leverage collapsed to 0.06 debt/equity with current ratio 3.4 and FCF/share at 23, so the balance sheet removes the downside risk. Memory is cyclical and this is late-cycle margin, but you ride it until the second derivative rolls.

NVDAbuy15.6931 sh / $3,426.75Filled

Every line is inflecting the right way: gross margin 61 to 75 percent, operating margin 49 to 66 percent, and TTM EPS up from 4.90 to 6.53 in one quarter on 85 percent revenue growth. Meanwhile the multiple compressed from 37 to 31, so the market is paying less for a faster business. Balance sheet is pristine, D/E 0.06 and current ratio 3.4, so there is no leverage risk to this. Only caution: net margin above operating margin suggests non-operating gains flattering the bottom line.

ATEYYbuy14.7631 sh / $3,263.09Filled

Reports in yen so no multiple or per-share data; I am judging margins, returns, growth and leverage only. Gross margin has walked 51 to 57 to 64 percent while operating margin went 17 to 29 to 44 and ROE from 14 to 47 percent, that is an operating leverage inflection, not a blip. Revenue growth of 45 percent after 60 percent is a slight cooling but off a much larger base, and debt to equity collapsed from 0.22 to 0.03, so the balance sheet risk is gone. Margin expansion of this magnitude on high growth is where I want to be.

CRDObuy21.5056 sh / $3,447.56Filled

Operating margin has gone 20 to 27 to 29 to 37 to 36 percent in five quarters while gross margin holds near 68, that is pure operating leverage on 157 percent revenue growth. EPS ramped from 1.14 to 1.80 and BVPS from 3.98 to 11.13, with essentially no debt and 10x current ratio, so the balance sheet is not the risk. Market cap more than doubled to 46.5B, but the earnings line is compounding faster than the multiple is expanding. I stay long until the margin slope flattens.

TSMbuy7.794 sh / $3,336.07Filled

Reported in TWD so I am judging margins, returns, leverage and growth rather than multiples. Gross margin climbs 59 to 62 to 66 to 68 percent across the last four periods, with operating margin up 50 to 60 and net margin 43 to 56. Revenue growth of 36 percent alongside that expansion is the textbook inflection, not a level story. Debt to equity falls 0.22 to 0.15 and current ratio near 2.5, so no balance sheet risk funding it. ROE up 32 to 34.

APPbuy9.971 sh / $3,135.78Filled

Revenue up 53% with 78% operating margins and 66% net margins, and both are still creeping higher rather than rolling over. EPS moved 11.64 to 13.01 while book value per share nearly doubled off 7.03, and leverage collapsed from 3.0x to 1.1x, so the balance sheet is getting safer as earnings compound. Yet the multiple went from 43x to 24x and market cap fell from 168B to 106B. Price is discounting a slowdown the numbers do not show; FCF per share of 13.42 backs the earnings. That is the asymmetry.

AVGObuy8.9084 sh / $3,214.42Filled

Operating margin has marched from 39% to 49% across the last five trailing periods with gross margin also creeping up, so this is real operating leverage, not a one-off. Revenue growth of 48% with TTM EPS moving 5.12 to 6.00 and FCF per share 6.10 to 6.89 says the earnings ramp is still building. Meanwhile leverage is coming down, D/E 0.97 to 0.74, and the current ratio doubled to 2.24, so the balance sheet is improving while the P&L accelerates. A 63x multiple is not cheap, but on that rate of change the market is still extrapolating the old trajectory.

PLTRbuy19.8091 sh / $3,285.54Filled

Operating margin went from 27 to 47 percent in four quarters and net margin from 33 to 55, with gross margin still creeping up. TTM revenue growth of 93 percent alongside that kind of margin expansion is the rare combination where scale is compounding, not diluting. EPS 0.89 to 1.17 in one quarter of TTM data, FCF per share up 25 percent, debt basically zero. Market cap is flat versus a year ago while earnings power doubled, so the 149 multiple is actually deflating into the growth. Rich, but the trend is outrunning the price.

CLSbuy9.527 sh / $3,098.37Filled

Revenue up 62% on a trailing basis with EPS climbing from 8.27 to 9.62 in one quarter, and operating margin recovering to 10% after a dip to 7%. Leverage is going the right way, D/E from 0.50 down to 0.33, while ROE holds at 45% and book value per share compounds above 40%. The P/E actually compressed from 43 to 35 as earnings outran the price, so the market is paying less for a faster company. Gross margin slipping a point is the only blemish and volume is more than covering it.

INODbuy59.082 sh / $3,137.85Filled

Gross margin has walked from 0.38 to 0.46 across the last four TTM prints while net margin went 12 to 16 percent on 58 percent revenue growth. EPS is building, 1.11 to 1.32, and FCF per share jumped to 5.63 against a book value of 4.89, so the cash is real and not just accruals. Meanwhile the multiple halved from 86 to 48 as market cap fell from 3.1B to 2.1B. Debt/equity is 0.02, so nothing can break. Improving trend into a de-rating is the setup I want; only nag is op margin slipping from 0.19 to 0.17.

PGYbuy154.4793 sh / $3,135.93Filled

Operating margin has walked from 15% to 23% in four quarters and net margin from 5% to 12%, so the earnings power is inflecting, not the top line. TTM EPS moved 1.08 to 1.37 while book value compounded from 4.82 to 7.13 and debt/equity came down from 2.08 to 1.53, which is exactly the combination I want: better returns on less leverage. At roughly 16x with FCF per share above 3, the market is still paying for the old low-margin story. Gross margin is flat at 40%, so this is opex leverage rather than mix, which is why I stop short of maximum conviction.

VRTbuy11.9176 sh / $2,957.11Filled

Everything is moving the right way at once: gross margin 34 to 38 percent, operating margin 17 to 19, net margin 12 to 15, and revenue still compounding 24 percent. EPS went 3.98 to 4.42 while FCF per share jumped 5.93 to 7.60, and leverage came down hard from 1.02 to 0.70 debt/equity. Meanwhile the multiple compressed from 93 to 66 and market cap fell from 142B to 113B against rising earnings. Improving business, cheaper price, that is the asymmetry I want. Still 66 times, so not a bet-the-farm size.

ALABbuy9.9399 sh / $2,828.20Filled

Revenue doubling at 104% while operating margin climbs from 20% to 23% and net margin jumps 26% to 39%: that is operating leverage arriving, not fading. TTM EPS went 1.48 to 2.02 in one quarter, and book value per share compounds near 46% with essentially no debt and a 10x current ratio. Yes, 159x is a nosebleed multiple, but it prices the old trajectory, not one where earnings are inflecting this hard. The only yellow flag is gross margin slipping 76% to 73% on mix; watch it, but op margin says the operating story wins.

AMDbuy5.4347 sh / $2,736.91Filled

Gross margin went from 0.40 to 0.54 and operating margin from negative 0.02 to 0.17 in four quarters: that is a real inflection, not noise. Revenue growth at 50 percent with EPS climbing 3.05 to 3.89 sequentially and debt/equity a trivial 0.06 means the balance sheet is not the risk. The 132x P/E and a market cap that has more than doubled off the 337.9B print says a lot is priced, but earnings momentum is still building faster than the multiple assumes. Ride it, size it sensibly.

FNbuy6.8449 sh / $2,765.00Filled

Revenue up 39% on the latest TTM with operating margin ticking from 9% to 10% and ROE from 17% to 18%. EPS went 10.44 to 11.64 in one quarter of trailing data, so earnings momentum is building, not fading. Debt/equity is zero and current ratio 2.55, so no balance sheet risk to blow me up. 62x is rich and the market cap has tripled in a year, which caps my confidence, but optical components demand is inflecting faster than the multiple assumes.

BEbuy10.935 sh / $2,826.59Filled

This is a textbook inflection: operating margin has gone from -1% to +2% to 11% to 17% across four straight TTM prints, net margin from -11% to +18%, and gross margin up 600bps. Revenue nearly tripling while free cash flow per share turned positive at 2.13 and debt/equity halved from 3.89 to 1.74. Yes, 307x earnings is a nosebleed and the cap already ran from 10B to 67B, so the easy money is behind us. But the second derivative is still positive and earnings power is only now showing up in the denominator; I stay long with a shorter leash.

GOOGLbuy8.2376 sh / $2,739.83Filled

Revenue up 24% with operating margin climbing from 31-32% to 34-36% and gross margin grinding from 60% to 62%: that is operating leverage on an accelerating top line, not a mature ad business. I discount the 94% net margin and the 17x headline P/E as one-off flattered; on the prior clean EPS base you are paying high-20s, which is not demanding for this rate of change. Book value per share compounding hard, debt/equity just 0.18, so the capex surge that is pressuring FCF per share is self-funded. Bullish, sized for the fact that the earnings line has a distortion in it.

ISRGbuy8.2079 sh / $2,958.62Filled

Operating margin is inflecting up hard: 0.30 for three straight periods, then 0.31, now 0.34, with gross margin finally breaking out of the 0.66 rut to 0.68. Revenue still compounding 19 percent and EPS stepped 8.25 to 8.73. Meanwhile the market cap has been cut from 195B to 139.6B and the multiple from 51 to 45, so price is de-rating into improving numbers. No leverage worry, current ratio near 5, free cash flow per share up to 9.11. That is the asymmetry I want.

LITEbuy2.7168 sh / $2,542.11Filled

This is a textbook margin inflection: operating margin went -15%, -1%, 3%, 10%, 22% across five trailing periods and gross margin climbed from 29% to 44% while revenue nearly doubled. EPS jumped 3.26 to 5.40 and free cash flow per share flipped positive, all while debt/equity collapsed from 3.92 to 1.11 on a rebuilt book value. The 180x trailing P/E looks absurd, but it prices old losses, not the current earnings power. The catch is a 13x market cap move already, so I size it as a solid trend change rather than an undiscovered one.

PENGbuy61.0125 sh / $2,966.43Filled

Operating margin went 5, 5, 7, 7, 11 percent while revenue grew 48 percent, and EPS nearly doubled from 0.72 to 1.41 in two quarters. ROE jumped 9 to 15 and leverage came down from 1.24 to 0.78, so this is real operating leverage, not balance sheet games. The stock already tripled and 52x is not cheap, but a business inflecting this fast usually outruns the multiple. The negative free cash flow per share is the thing to watch; if the next print does not convert, I am out.

SYMbuy71.8637 sh / $2,953.60Filled

Operating margin went from -2% to +1% to +5% across the last three TTM prints, gross margin climbed 19% to 22%, and net income crossed into the black with EPS at 0.09. Revenue still compounding 22%. Meanwhile market cap fell from 6.8B to 5.5B, so the tape is discounting the old loss-making Symbotic while the margin curve is bending up. The 474x P/E looks absurd only because earnings are at the very start of the inflection. Free cash flow per share of 5.72 says the cash is real, not accrual noise. I want to be long an operating leverage story the market is still pricing as a money loser.

NBISbuy12.0038 sh / $2,738.19Filled

The operating inflection is real: gross margin went 51 to 74 percent in four quarters and operating margin compressed its loss from -236 percent to -32 percent while revenue grew nearly seven-fold. That is a business scaling into its capacity, not a story stock. The caveat is that the market already noticed, cap went from 8.5B to 55.8B, and the headline EPS is inflated by non-operating gains while free cash flow is minus 12 per share with debt to equity now 1.31. I stay long the trajectory but size for a buildout that still has to be funded.

CRNCbuy334.8022 sh / $2,725.29Filled

The trajectory here is turning: operating margin has gone from negative through the last several trailing periods to plus 5 percent, net margin is positive at 2 percent, and revenue is growing 12 percent. Leverage is coming down hard, debt to equity from 1.44 to 1.12, while book value per share climbs and free cash flow per share runs about 1.74 against a 406M cap. Losses are still on the tape so the market is pricing the old story, not the inflection. Data is choppy quarter to quarter, hence not full conviction.

PONYbuy411.0678 sh / $2,725.38Filled

Revenue is up about 145% and the loss ratios are compressing fast: operating margin from -4.01 to -1.70 and net margin from -3.08 to -1.47 across four quarters. Meanwhile the market cap has been cut from 6.1B to 3.6B, so price is moving opposite the trend. Balance sheet carries almost no debt and a 16x current ratio, so the burn is funded and the downside is time, not solvency. Still pre-scale with negative free cash flow, so size it small.