The mega-caps are done, and the week that follows tests the plumbing of the AI trade rather than the demand for it. Wednesday carries the two biggest prints. Tencent reports after the Hong Kong close – the largest report anywhere this week, from a stock down about 16% this year while almost everything AI-adjacent has risen – and Cisco follows after the US close, up 60% in 2026 after raising its fiscal-2026 hyperscaler AI order target from $5bn to about $9bn. Thursday belongs to the equipment layer and the emerging-market consumer: Applied Materials, which has roughly doubled this year and still sits about 27% below its June high, and Nu Holdings, where credit costs have replaced customer growth as the question. Antofagasta reports the same morning with copper at record highs, which ties the electrification trade back to the same datacentre capex the tech names are being asked to defend. Brookfield, Constellation Software, Nebius and Maersk fill in the rest. Twenty-three names make our calendar; CoreWeave, Sea, Foxconn, Commonwealth Bank, SMIC, JD.com and Lenovo headline the others.
🇨🇳 Tencent Holdings
Tencent reports second-quarter results Wednesday after the Hong Kong close – the largest print anywhere this week, and one arriving from an unusual place. The shares closed Friday at HK$478.80, down about 16% in 2026 and roughly 30% below their 52-week high, at under 14 times forward earnings, while most of what touches AI has re-rated the other way. The March quarter is the source of the doubt: revenue rose 9% to RMB 196.5bn, short of a consensus near RMB 199bn, and domestic games revenue slowed to RMB 45.4bn, up 6% against 24% a year earlier. Tencent said the later timing of the Spring Festival shifted a portion of revenue recognition out of the quarter, and that domestic games gross receipts grew at a teens percentage rate over the same period – which is the reason the June quarter should read better on the same underlying trend. Marketing services grew 20% to RMB 38.2bn, gross margin reached 57%, and capital expenditure of RMB 31.9bn was up 16%, with management guiding the real step-up to the second half as more China-designed ASICs become available and AI-related spending more than doubles to above RMB 36bn this year. On 22 July the stock fell as much as 7.1% intraday, its steepest drop since April 2025, which brokers at the time attributed to market talk of weakening mobile-game revenue – an unusually specific question to carry into a print. Estimates suggest revenue growth of roughly 9.6% for the quarter, with marketing services again the fastest line.
Our readWhether recognised domestic-games growth reaccelerates as that timing effect unwinds is the swing factor – March’s shortfall was explained as timing, and June is the quarter where that explanation either shows up in recognised revenue or stops being available. Watch domestic games against the RMB 45.4bn base and the gross-receipts commentary underneath it, marketing services against the high-teens growth that estimates embed, and the capex line for evidence the second-half ramp has started. The tension is margin: Tencent has been converting single-digit revenue growth into faster profit growth, and a genuine AI build makes that harder to keep doing. The read-across runs to the whole China internet complex – and with the shares this de-rated, an unremarkable quarter may be enough.
🇺🇸 Cisco Systems
$CSCO reports fiscal fourth-quarter and full-year results Wednesday after the close – the week’s anchor, and the cleanest read on whether AI spending is reaching the network. The stock is up 60% in 2026, closing Friday at $121.43 against a record close near $130 set on 4 June. The largest single leg came after the 13 May print, when the shares rose 17% the following session – their biggest one-day gain in more than two decades. That quarter delivered record revenue of $15.8bn, up 12%, adjusted earnings of $1.06, product orders up 35% – 19% excluding hyperscalers – and $1.9bn of AI infrastructure orders from hyperscalers against $600m a year earlier. Management responded by raising the full-year hyperscaler order target to about $9bn from $5bn, and the associated fiscal-2026 revenue to about $4bn from $3bn; the CFO said at the same time that at least $6bn of recognised AI hyperscaler revenue in fiscal 2027 was reasonable. Guidance for this quarter is $16.7–16.9bn of revenue and $1.16–1.18 of adjusted earnings, consensus sits near $16.83bn and $1.17, and options imply a move of about 5%. The same day brought a restructuring of fewer than 4,000 roles, under 5% of staff, carrying a pre-tax charge of up to roughly $1bn.
Our readThe fiscal-2027 guide is the swing factor, not the quarter – at about 26 times forward earnings Cisco is priced as a company whose AI orders keep compounding, and $6bn is the only number management has put on next year. Watch the conversion cadence: Cisco expects about $9bn of fiscal-2026 hyperscaler AI orders against about $4bn of recognised fiscal-2026 revenue, and it is the timing and durability of that conversion – rather than the arithmetic difference between the two figures, which are not the same measure – that underpins the fiscal-2027 setup. Watch Security too, flat near $2bn last quarter as Splunk customers moved from upfront licences to ratable subscriptions, which management has targeted to exit this fiscal year approaching double-digit growth; and product orders excluding hyperscalers, the enterprise tell rather than the webscale one. The read-across runs to Arista, Juniper and the optics names reporting around it – and a strong quarter paired with a cautious first look at fiscal 2027 is the outcome this multiple is least prepared for.
🇺🇸 Applied Materials
$AMAT reports fiscal third-quarter results Thursday after the close – the semicap bellwether, and the most stretched setup of the week in both directions. The shares have roughly doubled in 2026 and still closed Friday at $539.14, about 27% below the $739.67 high set on 30 June, after a July drawdown that took them under $500 before a sharp rebound. The April quarter was a record on most lines: revenue of $7.91bn, up 11%; adjusted earnings of $2.86, up 20%; and gross margin of 49.9% on a GAAP basis and 50.0% on an adjusted one. Semiconductor Systems revenue was $5.97bn, with DRAM contributing $1.7bn, up 18%, as customers added capacity at denser nodes, while services set its own record at $1.67bn. Guidance for this quarter is $8.95bn of revenue give or take $500m and $3.36 of adjusted earnings give or take $0.20 – about 23% revenue growth – and consensus sits essentially on top of it, near $9bn and $3.36, with individual vendor prints a little either side. China was 27% of revenue in the April quarter against 25% a year earlier; the $253m paid to settle the US export-controls inquiry, agreed on 11 February, was charged to the January quarter rather than this one. Management now expects Applied’s own semiconductor equipment business to grow more than 30% in calendar 2026, with advanced packaging up more than 50%.
Our readThe October-quarter guide matters more than the quarter, because consensus already sits on the company’s own number while the stock has spent six weeks pricing a slowdown that has not yet appeared in management’s outlook. Watch the China revenue share and any qualification on licence availability – at 27% of revenue that is one of the clearest swing factors in the guide; the leading-edge foundry-logic and DRAM commentary, where management has said those two plus advanced packaging account for more than 80% of this year’s incremental wafer-fab equipment spending and expects a similar shape in 2027; and gross margin against the 50% run-rate. The read-across runs to Lam and KLA, and through them to whether 2027 is being set up as another growth year for wafer-fab equipment. One caution on the reaction: implied-move estimates for this print range from roughly 7.5% to 11% depending on the provider, and the average day-of move across the company’s last five beats has been negative.
🇧🇷 Nu Holdings
$NU reports second-quarter results Thursday after the close – the clearest look on the slate at the LatAm consumer credit cycle, from a stock the market has stopped rewarding for growth. The shares closed Friday at $13.84, roughly 27% below their 52-week high and below a 200-day average near $15.10, despite a first quarter that took managerial revenue above $5bn for the first time, at $5.32bn against $4.97bn on the IFRS presentation, and produced $871m of net income, up 41%, at a 29% return on equity. The customer count is no longer the story: Nu added four million in the quarter to pass 135 million, with Brazil above 115 million and Mexico past 15 million and at break-even. Credit is. The portfolio grew to $37.2bn, up 40% year on year; the cost of credit reached $1.79bn, up 72% year on year; risk-adjusted net interest margin fell 100 basis points sequentially to 9.5%, though still 20 basis points above a year earlier; and the early-stage 15–90-day non-performing loan ratio rose 89 basis points to 5.0%, which Nu attributed in the vast majority to its usual first-quarter seasonal pattern, with deliberate expansion into higher-risk segments the next contributor. The 90-plus ratio eased 10 basis points to 6.5%, well below its 2024 peak. Consensus for this quarter sits near $0.20 of earnings, trimmed from $0.21 a month ago, on roughly $5.4bn of revenue on the managerial basis. One structural change landed a week before the print: Nu México began operating as a full bank on 6 August, having previously been a SOFIPO, lifting deposit protection from 25,000 to 400,000 UDIS per depositor, a sixteenfold increase.
Our readWhether early-stage delinquencies normalise off the seasonal first-quarter peak is the swing factor – management’s seasonality explanation is consistent with the last two years, and the June quarter is where it either holds or does not, while the 90-plus ratio remains a lagging read on loans already written. Watch the risk-adjusted margin after its 100-basis-point sequential fall, the pace of the push into secured and payroll lending where yields are lower but so are losses, and Mexico’s cost of funding now that the banking licence changes both the deposit-insurance backdrop and the product set. The read-across runs to LatAm consumer credit and, more loosely, to the digital-bank model generally: a book compounding at 40% is only as good as its underwriting, and that is what this quarter is being asked to demonstrate.
🇬🇧 Antofagasta
Antofagasta publishes half-year results Thursday morning in London – the week’s commodity anchor, delivered into a copper market at record highs. The shares have more than doubled in 2026, closing Friday at 3,981p against a 52-week high of 4,475p, and the metal has moved with them: COMEX copper set fresh records early last week around $6.90 a pound while LME three-month copper traded above $14,000 a tonne, amid a Democratic Republic of Congo ban on copper-concentrate exports and continued tariff-driven stockpiling in the United States. The operating half was harder than the price suggests. Group copper production fell 9.5% to 285,000 tonnes on lower output at Los Pelambres and Centinela, with about 7,000 tonnes left in plant inventory at Los Pelambres after concentrate pipeline maintenance and due to be recognised in the second half. Net cash costs of $1.22 a pound for the half were 7.6% below last year, but the second quarter alone ran at $1.36. Full-year guidance is unchanged at 650,000–700,000 tonnes and $1.15–1.35 a pound of net cash costs, though the range before by-product credits has been lifted to $2.40–2.60 on fuel and consumables, with capex held at $3.4bn. The interim dividend follows a policy of paying out at least 35% of underlying net earnings, the minimum at which last year’s interim was set; the comparable half last year produced $2.23bn of EBITDA at a 58.8% margin.
Our readThe second-half bridge on volume and cost is the swing factor – the guide needs a pronounced step-up in production, which management expects to arrive sequentially through the year and to pull unit costs down with it, but the second quarter alone ran at $1.36 a pound, already above the top of the full-year range. Watch the realised copper price against the record spot prints, since provisional pricing means the reported number rarely matches the screen; the cost guide, where the group has already conceded higher pre-credit costs; and the Centinela second concentrator, which was around 70% complete at the start of the year and where pre-commissioning has begun on individual systems, including the primary crusher motor and the overland conveyor drives. The read-across is to the copper complex, and then back to the technology names reporting the same week: the grid and datacentre demand being used to justify copper at these levels is the same capex Cisco and Applied Materials are being asked to defend.
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🇨🇦 Brookfield Corporation
$BN reports second-quarter results Thursday before the open – a useful window on private capital, though one where much of the news is already out. Brookfield Asset Management, the listed manager the corporation controls, reported on 5 August: fee-related earnings of $808m, up 20%; distributable earnings of $707m, up 15%; fee-bearing capital of $672bn, up 19% over twelve months; and $77bn raised in the quarter, its strongest ever, of which a record $51bn came through credit. The AI build showed up across fundraising, deployment and monetisation – a $5bn first close on a dedicated AI infrastructure strategy, an expanded arrangement with Bloom Energy, $3bn committed to acquire a large standalone energy-storage business, and a data-centre infrastructure listing that returned more than $1bn in July. The corporation’s own first quarter produced $1.6bn of distributable earnings, or $0.66 a share, alongside $17bn of asset sales and $188bn of total available capital. Separately, shareholders approved a transaction on 16 July to simplify the corporate structure, expected to close by year end, which should broaden index and ETF eligibility.
Our readRealisations rather than fee earnings are the swing factor here – the manager’s numbers are already public, so what the corporation adds is the pace at which the balance sheet is turning assets into cash. Watch realised carried interest, asset marks and monetisations after $17bn of group-wide first-quarter sales – of which only about $2bn was real estate, against $6bn in infrastructure and $5bn in energy – and any detail on how much of the AI-datacentre and power pipeline sits on the corporation’s own balance sheet rather than in third-party funds. This is a lower-variance print than most of the week by design – the fundraising story has been told – and the more interesting question may be whether the year-end simplification changes who is able to own the shares.
🇨🇦 Constellation Software
Constellation Software reports second-quarter results Tuesday after the close in Toronto – the serial-acquirer model at a size where the model itself is the question. The shares closed Friday at C$3,221.60, about 35% below their 52-week high and down roughly 32% over the past year, though back above both the 50- and 200-day averages after a spring sell-off partly attributed to fears that AI could disrupt vertical-market software. The first quarter showed little sign of it yet. Revenue rose 20% to $3.18bn with 6% organic growth, or 2% adjusting for currency; cash from operations rose 9% to $897m; free cash flow available to shareholders rose 44% to $733m; and net income attributable to shareholders nearly tripled to $367m, or $17.32 a share. Acquisitions in the quarter came to $697m of cash consideration, or $809m including deferred payments. Constellation gives no guidance, so there is no bar to clear beyond the one the market sets for itself.
Our readCapital deployed is the swing factor, as it always is – the model needs somewhere to put the cash, and at this size the question is whether larger transactions can supplement the long tail of small targets without diluting returns. Watch organic growth excluding currency after the 2% print, whether large deals are becoming a bigger share of what gets done, and the split across the operating groups. With no guide and a thesis that plays out over years, a single quarter rarely settles anything – but with the shares a third off their high on an argument about AI displacing niche software, the maintenance revenue line deserves more attention than usual, because that is where the argument would show up first.
🇳🇱 Nebius Group
$NBIS reports second-quarter results Wednesday before the US open – the other neocloud, and the one that has to answer the same question CoreWeave answers the night before, at a similar market value on a fraction of the revenue. The first quarter was a step change: revenue of $399m, up 684% year on year and 75% sequentially; adjusted EBITDA of $129.5m, its second positive quarter after $15.0m in the fourth; and AI annualised run-rate revenue reaching $1.9bn from $1.25bn a quarter earlier. The company reiterated a 2026 exit run-rate target of $7–9bn on group revenue of $3.0–3.4bn, and raised 2026 capital expenditure guidance to $20–25bn. Contracted power already exceeds 3.5GW and management lifted the year-end target to more than 4GW, anchored by a 1.2GW site in Pennsylvania and the Finland expansion – though connected power, the capacity closer to being billable, is still guided only to 800MW–1GW by year end. A substantial part of the demand is contracted: remaining performance obligations stood at $33.6bn at 31 March, alongside a five-year Microsoft commitment reported at $17.4bn and a Meta arrangement of up to $27bn, with Nvidia both a $2bn strategic investor and, as disclosed in late July, the holder of a 9.3% beneficial stake held mostly through a pre-funded warrant. The share price tells a different story – $187.97 on Friday, about 37% below its high and well under a 50-day average near $224. Consensus for the quarter sits near $573m of revenue.
Our readThe gap between run-rate revenue and the cost of building it is the swing factor – $7–9bn of exit ARR against $20–25bn of 2026 capex is a financing question before it is a demand question, and the first quarter closed with about $9.3bn of cash against roughly $8.5bn of debt, with $4.8bn of deferred revenue standing against that cash from prepayments already taken. Watch how much of the $7–9bn exit target is covered by contract rather than pipeline, since the $33.6bn of performance obligations includes variable consideration and is not the same claim; when secured power becomes connected and billable rather than merely contracted; and the shape of the next financing. The honest read-through is that CoreWeave reports first on Tuesday night and is far larger by revenue, so the sector will likely take its direction from there; Nebius matters mainly for whether the second name in the trade is being priced on the same terms as the first.
🇩🇰 A.P. Møller – Mærsk
Maersk publishes second-quarter results Thursday morning in Copenhagen – the global-trade tell, arriving after the guidance has already moved. On 29 June the company sharply upgraded its 2026 outlook: underlying EBITDA of $8–10bn against a prior $4.5–7bn, underlying EBIT of $2–4bn against a prior range spanning a $1.5bn loss to a $1bn profit, and free cash flow of at least negative $1.5bn – an outflow no worse than $1.5bn – against at least negative $3bn before, on global container volume growth of about 4% rather than 2–4%. The company pointed to continued strong container demand, particularly out of the Far East, and a sustained rise in spot rates. The first quarter had looked nothing like it: EBITDA of $1.8bn against $2.7bn a year earlier, EBIT of $340m against $1.3bn, and Ocean revenue down 8.2% despite 9.3% volume growth as rates fell. Rates firmed again into August, with transpacific spot levels rising on general rate increases and Chinese port congestion while Asia–Europe stayed flatter. The shares closed Friday at DKK 17,110, up about 23% over the past year and within reach of a 52-week high of DKK 18,865.
Our readWhether the June upgrade proves conservative is the swing factor – the guide was raised with the quarter almost complete, so the numbers themselves should be close to known and the interest sits in what management now says about the second half. Watch the Ocean unit-cost line, which is what survives when rates normalise; Logistics & Services margins, the part of the group meant to be less cyclical; and any change to the Red Sea assumption, since the guidance range still spans different reopening scenarios. Weekly freight indices make Ocean pricing more observable than in most sectors, but contract mix, cost execution and impairments can still move the result – and the read-through is less about Maersk than about whether tariff-era trade volumes are holding up better than the consensus assumed.
Weekly Calendar
Some notable names reporting this week:
| Company | Country | Sector | Timing |
|---|---|---|---|
| Tuesday 11-Aug | |||
| Sea Limited | 🇸🇬 | E-commerce / gaming / fintech | BMO |
| Cardinal Health | 🇺🇸 | Healthcare distribution | BMO |
| CoreWeave | 🇺🇸 | AI cloud infrastructure | AMC |
| Constellation Software | 🇨🇦 | Vertical-market software | AMC |
| Lumentum Holdings | 🇺🇸 | Optical components | AMC |
| Franco-Nevada | 🇨🇦 | Precious-metals royalties | AMC |
| Wednesday 12-Aug | |||
| Commonwealth Bank of Australia | 🇦🇺 | Banking (Australia) | BMO |
| E.ON | 🇩🇪 | Utilities / power grids | BMO |
| Nebius Group | 🇳🇱 | AI cloud infrastructure | BMO |
| Tencent Holdings | 🇨🇳 | Internet / gaming / advertising | AMC |
| Hon Hai Precision (Foxconn) | 🇹🇼 | Electronics manufacturing / AI servers | AMC |
| Cisco Systems | 🇺🇸 | Networking / AI infrastructure | AMC |
| Coherent | 🇺🇸 | Optics & photonics | AMC |
| Thursday 13-Aug | |||
| Antofagasta | 🇬🇧 | Copper mining | BMO |
| RWE | 🇩🇪 | Utilities / renewables | BMO |
| A.P. Møller – Mærsk | 🇩🇰 | Container shipping / logistics | BMO |
| Lenovo Group | 🇭🇰 | PCs & AI servers | Intraday |
| Brookfield Corporation | 🇨🇦 | Alternative assets & insurance | BMO |
| JD.com | 🇨🇳 | E-commerce (China) | BMO |
| China Mobile | 🇭🇰 | Telecom | AMC |
| Semiconductor Manufacturing Intl (SMIC) | 🇨🇳 | Semiconductor foundry | AMC |
| Applied Materials | 🇺🇸 | Semiconductor equipment | AMC |
| Nu Holdings | 🇧🇷 | Digital banking (LatAm) | AMC |