This week, on the record

A transformative week for earnings, dominated by AI infrastructure acceleration and margin expansion across semiconductors, technology, and select retail. Applied Materials delivered a historic beat with record revenue of $9.1B and guided FY2026 semiconductor systems growth 'stronger than' 30%, signaling unprecedented customer visibility and fab capacity investment. Keysight and ADI both posted blowout results driven by data center and AI infrastructure demand, with ADI crossing $4B in quarterly revenue for the first time and guiding Q4 operating margin to 52%. Retail showed resilience with TJX and Walmart both raising guidance on tariff mitigation, off-price supply tailwinds, and operating leverage inflection. Jack Henry and Estée Lauder demonstrated that software and beauty can compound through M&A and product innovation even in uncertain macro. The week's dominant theme: AI capex is real, durable, and broad-based, with supply chain now the binding constraint rather than demand.

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