Telenor (Neutral, TP: NOK 160, -7%) post Q4 25 model update – Impressi...

In this note, we update our model and thoughts following the Q4 results incorporating conference call feedback and compare our new estimates to guidance and consensus.

TEL 3FQ26 QT: Weak 2FH26; 15-20% WFE growth in CY 2026, depending on ...

Tokyo Electron published its 3FQ26 results this morning. Please see our take on the print.

SpaceX: Can the 10-ton 1MW space datacenter fly? A first-principle vie...

The development of space technology infrastructure is accelerating this year, to our delight. Expect from us more and more research on the topic. A good place to start was to assess the feasibility of the 10-ton, 1 MW space datacenter pitched by Elon Musk. For our first-principle perspective, summarized on a single slide, follow the link. Stay tuned for more on the economics of this datacenter, and its implications on the supply chain.

Hyperscalers to nearly double AI capex again in 2026. Implications

All four hyperscalers have now reported. AI capex is set to nearly double for a second consecutive year. Click the link below for a single slide on the implications for XPU spending.

Hyperscaler replatforming: Microsoft doing ok, Google the best, Meta t...

Trump Says He’s Out of WBD Antitrust Decision-Making; So, Did the Sena...

On Tuesday, the Senate Judiciary Committee held a hearing on the proposed merger of NFLX and WBD. On Wednesday, President Trump said he will not be involved. So, did the Senate hearing change the odds of the deal moving forward? In this note, we discuss the likely impact of the hearing and Trump’s comments.

KDDI (Buy, TP: ¥3,150, +13%) Q3 FY25 Quick Take: Good results masked ...

Due an investigation into its subsidiaries, KDDI results were restated and may be subject to further revision. Based on the results of the investigation, final corrected results will be reported by end March 2026. We comment on current preliminary results. On that basis, KDDI had a good quarter. Total Revenue and EBIT accelerated and were up 4.6% and 8.6% respectively. Softbank Corp remains our preferred pick in Japan, followed by KDDI and NTT.

Orange Belgium (Neutral, TP: €21.6, +12%) H2 25 results: Numbers beat...

OBEL has reported a good set of numbers, with EBITDAaL c+3% ahead of consensus and 2026 EBITDAaL guidance is better than consensus expectations. There is evidence of a Digi impact in MSR and ARPU, but KPIs are OK, suggesting that OBEL is protecting share over ARPU - OBEL has c30% of revs from mobile only, which are vulnerable to Digi in our view.

Infineon 1FQ26: AI momentum confirmed, guide implies cyclical recover...

Telenor (Neutral, TP: NOK 150, -7%) Q4 25: Good results, new Buyback ...

Telenor has reported a good set of Q4 numbers, issued solid guidance for FY26, and announced a new 7% (over 3 years) buyback, that should help it shrug off the recent negative Telia-ICE RAN sharing news (HERE). We downgraded to Neutral in July (HERE) due to insufficient upside to be Buy, and because we saw better value elsewhere in the sector, and we were worried about dividend cover given rising Asian costs. Selling out of Thailand (HERE) helps repair the B/S and supports sentiment. As things s...

Amazon (Buy, $350 target) Expect faster, higher margin returns on AWS ...

In this first take following tonight’s results, we focus on: 1. Capex guide overshadows AWS acceleration 2. 1Q26 revenue guide brackets consensus, operating income guide comes in below 3. 2026 Capex guidance well ahead of expectations with high conviction in ROIC 4. AWS revenue growth beats and we expect acceleration to continue 5. International retail growth strong as Whole Foods expands 6. Rufus, “horizontal” agents and the future of Amazon advertising

CCI 4Q25 Results and Model Update

We are updating our model for CCI (Neutral, PT $93) following its 4Q25 results that were largely ahead of our estimates and consensus. With the removal of SATS noise from reported results, 2026 AFFO per share will be heavily influenced by the timing of the Small Cells and Fiber Segment Divestiture. As we have previously mentioned, we don’t see material upside in the stock until all the heavy lifting takes place which looks to wait until mid-year.

ARM: Cloud and AI will contribute more to growth than smartphones goin...

We upgraded Arm this morning. Datacenter is set to contribute meaningfully to growth, supporting an acceleration to a ~25% revenue CAGR over the next five years. Today’s one-slider breaks down the key drivers.

MTN (Buy, TP: ZAR280, +58%) IHS Towers (Buy, TP: $10, +26%) MTN / IHS...

MTN announced today that it is at an advanced stage of discussions with IHS to acquire the 75% shares in IHS it does not already own.

Arm: Upgrade to buy. Smartphone creates an entry point while the datac...

Arm reported 3FQ26 last night.

SK Telecom (Buy, KRW 78,000, +1%) Q4 25 Quick Take: Mixed recovery an...

Numbers were mixed and together with the absence of dividends this quarter means these results are overall negative. However, like all the Korean telcos on valuation we think SKT is compelling for investors, despite strength so far this year. We therefore stay Buyers with a KRW 78k price target.

CHTR: Buy It Now

We believe that positive EBITDA growth and strong FCF per share growth this year mean that Charter’s stock is due for a positive revaluation. In this note, we review changes to our estimates, and comparisons with guidance and consensus. We have also updated our target valuation for Charter. Our revised price target is $328 (+47% from the close). Please see separate notes reviewing results and thoughts following the earnings call. Our broadband subscriber and total EBITDA estimates remain nearly ...

NTIA Weighs in on Starlink BEAD Contract

As we discussed at the end of January, Starlink is requiring states to acknowledge that Starlink’s broadband service may not meet the metrics that were promised as part of the BEAD bid process. Now, NTIA has issued some FAQ’s addressing those proposed contract riders. In this note, we analyze what happens next.

BT (Neutral, £2.40, +18%) Q3 26 – Line loss analysis – what is drivin...

BT’s Q3 results surprised us. Line loss guidance for the year was improved and despite a competitive consumer market, BT held consumer volumes flat with minimal ARPU erosion. In this note, we analyse both of these trends and in particular look at a bottom-up analysis of broadband KPI trends across the UK market.

Uber 4Q25: Robotaxi datapoints support our thesis. Buy, $115

Uber reported 4Q25 earnings yesterday. Please click the link below for our take on the print.