{"id":92683,"date":"2026-07-23T08:00:49","date_gmt":"2026-07-23T00:00:49","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=92683"},"modified":"2026-07-23T11:35:55","modified_gmt":"2026-07-23T03:35:55","slug":"technical-analysis-23-july-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-23-july-2026\/","title":{"rendered":"Technical Analysis: 23 July 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"92683\" class=\"elementor elementor-92683\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7de8b58c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7de8b58c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-327eb9a6\" data-id=\"327eb9a6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3580cd48 elementor-widget elementor-widget-heading\" data-id=\"3580cd48\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">TECHNICAL ANALYSIS<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76fb0d42 elementor-widget elementor-widget-heading\" data-id=\"76fb0d42\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Technical Analysis: 23 July 2026<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-78cfe52b elementor-widget elementor-widget-text-editor\" data-id=\"78cfe52b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 13px; font-weight: 600; background: #e8f4ff; padding: 12px 18px; border-radius: 0px; margin-top: 16px;\"><span style=\"color: #15a4ff;\"><span style=\"text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\"><a href=\"#sp\">SINGAPORE<\/a><\/span><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><span style=\"text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\"><a href=\"#hk\">HONG KONG<\/a><\/span><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><span style=\"text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\"><a href=\"#us\">UNITED STATES<\/a>\u00a0\u00a0<\/span><\/span>|<span style=\"color: #15a4ff;\">\u00a0\u00a0<\/span><a style=\"background-color: #e8f4ff;\" href=\"#er\">EARNINGS<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5fd542a2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5fd542a2\" data-element_type=\"section\" data-e-type=\"section\" id=\"sg\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7d1bf575\" data-id=\"7d1bf575\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3d6ff210 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"3d6ff210\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Singapore<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-211acbef e-flex e-con-boxed e-con e-parent\" data-id=\"211acbef\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-caa650a e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"caa650a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d889dd6 elementor-widget elementor-widget-text-editor\" data-id=\"d889dd6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding-top: 0px; padding-right: 15px; padding-bottom: 0px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">KEP SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Keppel Ltd.<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-05a679f elementor-widget elementor-widget-text-editor\" data-id=\"05a679f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"13\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">Shares closed above the 5dEMA.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"13\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">Both RSI and MACD are constructive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"13\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Buy \u2013 Entry\u00a011.2, Target\u00a013.0, Stop\u00a010.3<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3848921 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"3848921\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e0c58a elementor-widget elementor-widget-image\" data-id=\"5e0c58a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1560\" height=\"928\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.23.02-PM.png\" class=\"attachment-full size-full wp-image-92684\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.23.02-PM.png 1560w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.23.02-PM-300x178.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.23.02-PM-1024x609.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.23.02-PM-768x457.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.23.02-PM-1536x914.png 1536w\" sizes=\"(max-width: 1560px) 100vw, 1560px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-04e9bfc e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"04e9bfc\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-55d7169 elementor-widget elementor-widget-text-editor\" data-id=\"55d7169\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 15px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">JCNC SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Jardine Cycle &amp; Carriage Limited.<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc8b150 elementor-widget elementor-widget-text-editor\" data-id=\"cc8b150\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"none\">Shares closed above the 5dEMA\u00a0with rising volume.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"13\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><span data-contrast=\"auto\">RSI\u00a0is constructive\u00a0and MACD\u00a0is about to turn positive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"13\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Buy \u2013 Entry\u00a027.5, Target\u00a031.5, Stop\u00a025.5<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f6c763 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5f6c763\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a7904c elementor-widget elementor-widget-image\" data-id=\"2a7904c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1562\" height=\"928\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.23.51-PM.png\" class=\"attachment-full size-full wp-image-92685\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.23.51-PM.png 1562w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.23.51-PM-300x178.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.23.51-PM-1024x608.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.23.51-PM-768x456.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.23.51-PM-1536x913.png 1536w\" sizes=\"(max-width: 1562px) 100vw, 1562px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-59bbfb01 e-flex e-con-boxed e-con e-parent\" data-id=\"59bbfb01\" data-element_type=\"container\" data-e-type=\"container\" id=\"hk\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-48ad8487 e-con-full e-flex e-con e-child\" data-id=\"48ad8487\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6496da02 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"6496da02\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Hong Kong<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0b714db e-flex e-con-boxed e-con e-parent\" data-id=\"0b714db\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-e845b60 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"e845b60\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0a08a42 elementor-widget elementor-widget-text-editor\" data-id=\"0a08a42\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 15px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">2510 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">TS Lines Ltd<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8424634 elementor-widget elementor-widget-text-editor\" data-id=\"8424634\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed at a one-month high above the 5dEMA. The 5dEMA crossed the 100dEMA.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Both RSI and MACD are constructive.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Long\u00a0<\/span><\/b><span data-contrast=\"auto\">\u2013\u00a0<\/span><b><span data-contrast=\"auto\">Entry\u00a08.6,\u00a0Target\u00a09.2,\u00a0Stop\u00a08.2<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8ca8642 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"8ca8642\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6063494 elementor-widget elementor-widget-image\" data-id=\"6063494\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1562\" height=\"912\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.25.08-PM.png\" class=\"attachment-full size-full wp-image-92686\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.25.08-PM.png 1562w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.25.08-PM-300x175.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.25.08-PM-1024x598.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.25.08-PM-768x448.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.25.08-PM-1536x897.png 1536w\" sizes=\"(max-width: 1562px) 100vw, 1562px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-796d6d3 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"796d6d3\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ca1d82b elementor-widget elementor-widget-text-editor\" data-id=\"ca1d82b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 15px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">1919 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">COSCO SHIPPING Holdings Co., Ltd.\u00a0<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-42f415e elementor-widget elementor-widget-text-editor\" data-id=\"42f415e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"11\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed at a one-month high above the 5dEMA.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"11\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">MACD is constructive, while RSI is at an overbought level.<\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"11\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Long \u2013 Entry&nbsp;15.3, Target&nbsp;16.5, Stop&nbsp;14.7<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<br><\/span><\/li>\n<\/ul><div><br><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-48f64b5 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"48f64b5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b46392 elementor-widget elementor-widget-image\" data-id=\"7b46392\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1558\" height=\"914\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.27.52-PM.png\" class=\"attachment-full size-full wp-image-92687\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.27.52-PM.png 1558w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.27.52-PM-300x176.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.27.52-PM-1024x601.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.27.52-PM-768x451.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-at-10.27.52-PM-1536x901.png 1536w\" sizes=\"(max-width: 1558px) 100vw, 1558px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ec83e44 e-flex e-con-boxed e-con e-parent\" data-id=\"ec83e44\" data-element_type=\"container\" data-e-type=\"container\" id=\"us\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-2a2d5e8f e-con-full e-flex e-con e-child\" data-id=\"2a2d5e8f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d298853 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"d298853\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">United States<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a4bba78 e-flex e-con-boxed e-con e-parent\" data-id=\"a4bba78\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-49fcacc9 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"49fcacc9\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1d277b15 elementor-widget elementor-widget-text-editor\" data-id=\"1d277b15\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 15px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">MSA US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">MSA Safety Incorporated.\u00a0<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a4d3e66 elementor-widget elementor-widget-text-editor\" data-id=\"6a4d3e66\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"15\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed\u00a0above\u00a0the\u00a05dEMA\u00a0with an increasing\u00a0volume.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"15\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Both RSI and MACD are constructive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"15\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Long \u2013 Entry\u00a0171,\u00a0Target\u00a0187,\u00a0Stop\u00a0163<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-179691ff elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"179691ff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-38985d1d elementor-widget elementor-widget-image\" data-id=\"38985d1d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1032\" height=\"619\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-23-at-11.33.29-AM.png\" class=\"attachment-full size-full wp-image-92691\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-23-at-11.33.29-AM.png 1032w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-23-at-11.33.29-AM-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-23-at-11.33.29-AM-1024x614.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-23-at-11.33.29-AM-768x461.png 768w\" sizes=\"(max-width: 1032px) 100vw, 1032px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-47db7ac5 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"47db7ac5\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8e69be9 elementor-widget elementor-widget-text-editor\" data-id=\"8e69be9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 15px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">SHLS US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Shoals Technologies Group\u00a0<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-31bab0f1 elementor-widget elementor-widget-text-editor\" data-id=\"31bab0f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed\u00a0above\u00a0the\u00a05dEMA.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Both RSI and MACD are constructive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Long \u2013 Entry\u00a010.4,\u00a0Target\u00a011.6,\u00a0Stop\u00a09.8<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d3c72a2 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"2d3c72a2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-73aec530 elementor-widget elementor-widget-image\" data-id=\"73aec530\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1030\" height=\"615\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-23-at-11.34.11-AM.png\" class=\"attachment-full size-full wp-image-92692\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-23-at-11.34.11-AM.png 1030w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-23-at-11.34.11-AM-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-23-at-11.34.11-AM-1024x611.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-23-at-11.34.11-AM-768x459.png 768w\" sizes=\"(max-width: 1030px) 100vw, 1030px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1a0c420a e-con e-atomic-element e-flexbox-base e-1a0c420a-108c1cb \" data-id=\"1a0c420a\" data-element_type=\"e-flexbox\" data-e-type=\"e-flexbox\" data-interaction-id=\"1a0c420a\" data-e-type=\"e-flexbox\" data-id=\"1a0c420a\">\n    \t\t\t<p class=\"e-32092b11-15817bd e-paragraph-base\" data-interaction-id=\"32092b11\" data-e-type=\"widget\" data-id=\"32092b11\"><a target=\"_self\" href=\"#top\" id=\"e-mq4jsug1-z6kdzol\">^ Back to Top<\/a><\/p>\n\t\t\n<\/div>\n<div class=\"elementor-element elementor-element-30f27d76 e-flex e-con-boxed e-con e-parent\" data-id=\"30f27d76\" data-element_type=\"container\" data-e-type=\"container\" id=\"er\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-ad2646f e-con-full e-flex e-con e-child\" data-id=\"ad2646f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-50b50a35 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"50b50a35\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Earnings<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-39b0c2cc e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"39b0c2cc\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;animation_tablet&quot;:&quot;fadeInUp&quot;,&quot;animation_mobile&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-297187d6 elementor-widget elementor-widget-text-editor\" data-id=\"297187d6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><b><span data-contrast=\"auto\">GE&nbsp;Vernova&nbsp;Inc. (GEV)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$11.1B<\/span><span data-contrast=\"auto\">,&nbsp;+22.0% YoY,&nbsp;beat&nbsp;estimates&nbsp;by&nbsp;<\/span><span data-contrast=\"auto\">$330M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;GAAP&nbsp;EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$2.47,&nbsp;miss&nbsp;estimates&nbsp;by&nbsp;$0.71<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY<\/span><\/b><b><span data-contrast=\"auto\">26&nbsp;Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;Raised FY26 revenue guidance to $45.5B\u2013$46.5B from $44.5B\u2013$45.5B and free-cash-flow guidance to $11.5B\u2013$12.5B from $6.5B\u2013$7.5B. Adjusted EBITDA margin guidance remained unchanged at 12%\u201314%. Power organic growth guidance increased to 18%\u201320%, while Wind is expected to record approximately $400M of EBITDA losses.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks:&nbsp;<\/span><\/b><span data-contrast=\"auto\">Paid a quarterly dividend of $0.50 per share. Repurchased approximately 2.5M shares for $2.3B during 2Q26, taking year-to-date repurchases to 4.3M shares at an average price of $854.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:&nbsp;<\/span><\/b><span data-contrast=\"auto\">The underlying demand indicators were exceptional. Orders increased 88% organically to $24.2B, lifting backlog to $176B. Power orders rose 134% organically, Electrification orders increased 66%, and data-centre-related orders exceeded $5B year to date. This provides strong multi-year visibility for gas turbines, grid&nbsp;equipment&nbsp;and services. The earnings miss was concentrated in Wind, where revenue declined 10%, orders fell approximately 40% organically and segment EBITDA losses widened to $275M. Higher offshore project costs and weak onshore volumes offset strong margin expansion in Power and Electrification. The unchanged group margin guidance also disappointed investors expecting another EBITDA-margin upgrade. Shares fell approximately 8.5% despite the raised revenue and cash-flow outlook. The principal variables are gas-turbine capacity execution, backlog conversion, Electrification&nbsp;margins&nbsp;and containment of offshore-wind losses.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26&nbsp;recommended trading range: $900&nbsp;to $1300.&nbsp;Positive&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">GE&nbsp;Vernova&nbsp;Inc.\uff08GEV<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">111<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">22.0%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">3.3<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">2.47<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">0.71<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u6307\u5f15\u66f4\u65b0\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8425\u6536\u6307\u5f15\u4e0a\u8c03\u81f3<\/span><span data-contrast=\"auto\">455<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">465<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff08\u539f\u4e3a<\/span><span data-contrast=\"auto\">445<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">455<\/span><span data-contrast=\"auto\">\u4ebf\uff09\uff1b\u81ea\u7531\u73b0\u91d1\u6d41\u6307\u5f15\u5927\u5e45\u4e0a\u8c03\u81f3<\/span><span data-contrast=\"auto\">115<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">125<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff08\u539f\u4e3a<\/span><span data-contrast=\"auto\">65<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">75<\/span><span data-contrast=\"auto\">\u4ebf\uff09\uff1b\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EBITDA<\/span><span data-contrast=\"auto\">\u5229\u6da6\u7387\u6307\u5f15\u7ef4\u6301<\/span><span data-contrast=\"auto\">12%\u201314%<\/span><span data-contrast=\"auto\">\u4e0d\u53d8\uff1b\u7535\u529b\u4e1a\u52a1\u6709\u673a\u589e\u957f\u6307\u5f15\u63d0\u5347\u81f3<\/span><span data-contrast=\"auto\">18%\u201320%<\/span><span data-contrast=\"auto\">\uff1b\u98ce\u7535\u4e1a\u52a1\u9884\u8ba1\u5168\u5e74<\/span><span data-contrast=\"auto\">EBITDA<\/span><span data-contrast=\"auto\">\u4e8f\u635f\u7ea6<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5b63\u5ea6\u80a1\u606f<\/span><span data-contrast=\"auto\">0.50<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-contrast=\"auto\">\/<\/span><span data-contrast=\"auto\">\u80a1\uff1b<\/span><span data-contrast=\"auto\">Q2<\/span><span data-contrast=\"auto\">\u56de\u8d2d<\/span><span data-contrast=\"auto\">250<\/span><span data-contrast=\"auto\">\u4e07\u80a1\uff08\u8017\u8d44<\/span><span data-contrast=\"auto\">23<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff09\uff0c\u5e74\u521d\u81f3\u4eca\u5171\u56de\u8d2d<\/span><span data-contrast=\"auto\">430<\/span><span data-contrast=\"auto\">\u4e07\u80a1\uff08\u5747\u4ef7<\/span><span data-contrast=\"auto\">854<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff09<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u5448\u73b0\u201c\u9700\u6c42\u6781\u5f3a\u3001\u76c8\u5229\u627f\u538b\u201d\u7684\u9c9c\u660e\u5206\u5316\u3002\u8ba2\u5355\u8868\u73b0\u60ca\u8273\uff1a\u6709\u673a\u8ba2\u5355\u540c\u6bd4\u5927\u589e<\/span><span data-contrast=\"auto\">88%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">242<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u79ef\u538b\u8ba2\u5355\uff08<\/span><span data-contrast=\"auto\">backlog<\/span><span data-contrast=\"auto\">\uff09\u98d9\u5347\u81f3<\/span><span data-contrast=\"auto\">1760<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u3002\u5176\u4e2d\uff0c\u7535\u529b\u4e1a\u52a1\u8ba2\u5355\u66b4\u589e<\/span><span data-contrast=\"auto\">134%<\/span><span data-contrast=\"auto\">\uff0c\u7535\u6c14\u5316\u8ba2\u5355\u589e\u957f<\/span><span data-contrast=\"auto\">66%<\/span><span data-contrast=\"auto\">\uff0c\u6570\u636e\u4e2d\u5fc3\u76f8\u5173\u8ba2\u5355\u5df2\u8d85<\/span><span data-contrast=\"auto\">50<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u4e3a\u71c3\u6c14\u8f6e\u673a\u3001\u7535\u7f51\u8bbe\u5907\u53ca\u670d\u52a1\u63d0\u4f9b\u591a\u5e74\u9ad8\u80fd\u89c1\u5ea6\u3002\u7136\u800c\uff0c\u76c8\u5229\u663e\u8457\u4e0d\u53ca\u9884\u671f\uff0c\u4e3b\u56e0\u98ce\u7535\u4e1a\u52a1\u6301\u7eed\u62d6\u7d2f\uff1a\u8425\u6536\u4e0b\u6ed1<\/span><span data-contrast=\"auto\">10%<\/span><span data-contrast=\"auto\">\uff0c\u8ba2\u5355\u6709\u673a\u4e0b\u964d\u7ea6<\/span><span data-contrast=\"auto\">40%\uff0cEBITDA<\/span><span data-contrast=\"auto\">\u4e8f\u635f\u6269\u5927\u81f3<\/span><span data-contrast=\"auto\">2.75<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u4e3b\u8981\u53d7\u6d77\u4e0a\u98ce\u7535\u9879\u76ee\u6210\u672c\u8d85\u652f\u4e0e\u9646\u4e0a\u98ce\u7535\u9700\u6c42\u75b2\u8f6f\u5f71\u54cd\u3002\u5c3d\u7ba1\u7535\u529b\u4e0e\u7535\u6c14\u5316\u677f\u5757\u5229\u6da6\u7387\u5f3a\u52b2\u6269\u5f20\uff0c\u4ecd\u65e0\u6cd5\u62b5\u6d88\u98ce\u7535\u4e8f\u635f\u3002\u66f4\u4ee4\u5e02\u573a\u5931\u671b\u7684\u662f\uff0c\u516c\u53f8\u672a\u4e0a\u8c03\u6574\u4f53<\/span><span data-contrast=\"auto\">EBITDA<\/span><span data-contrast=\"auto\">\u5229\u6da6\u7387\u6307\u5f15\uff08\u7ef4\u6301<\/span><span data-contrast=\"auto\">12%\u201314%<\/span><span data-contrast=\"auto\">\uff09\uff0c\u6253\u7834\u6295\u8d44\u8005\u5bf9\u8fdb\u4e00\u6b65\u76c8\u5229\u5347\u7ea7\u7684\u671f\u5f85\u3002\u5c3d\u7ba1\u81ea\u7531\u73b0\u91d1\u6d41\u6307\u5f15\u7ffb\u500d\u5f0f\u4e0a\u8c03\uff0c\u80a1\u4ef7\u4ecd\u4e0b\u8dcc\u7ea6<\/span><span data-contrast=\"auto\">8.5%<\/span><span data-contrast=\"auto\">\uff0c\u53cd\u6620\u5e02\u573a\u5bf9\u98ce\u7535\u98ce\u9669\u655e\u53e3\u548c\u5229\u6da6\u7387\u505c\u6ede\u7684\u62c5\u5fe7\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u71c3\u6c14\u8f6e\u673a\u4ea7\u80fd\u722c\u5761\u4e0e\u4ea4\u4ed8\u6267\u884c\u80fd\u529b\uff1b\uff08<\/span><span data-contrast=\"auto\">2\uff091760<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-contrast=\"auto\">&nbsp;backlog&nbsp;<\/span><span data-contrast=\"auto\">\u5411\u6536\u5165\u4e0e\u73b0\u91d1\u6d41\u7684\u8f6c\u5316\u6548\u7387\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u7535\u6c14\u5316\u4e1a\u52a1\u80fd\u5426\u7ef4\u6301\u9ad8\u5229\u6da6\u7387\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u6d77\u4e0a\u98ce\u7535\u4e8f\u635f\u662f\u5426\u53ef\u63a7\uff0c\u6216\u9700\u8fdb\u4e00\u6b65\u8ba1\u63d0\u3002<\/span><span data-contrast=\"auto\">GE&nbsp;Vernova<\/span><span data-contrast=\"auto\">\u4f5c\u4e3a\u80fd\u6e90\u8f6c\u578b\u6838\u5fc3\u53d7\u76ca\u8005\uff0c\u5728\u7535\u529b\u4e0e\u7535\u7f51\u9886\u57df\u5360\u636e\u6218\u7565\u9ad8\u5730\uff0c\u957f\u671f\u524d\u666f\u5149\u660e\u3002\u4f46\u77ed\u671f\u98ce\u7535\u5305\u88b1\u548c\u5229\u6da6\u7387\u74f6\u9888\u9650\u5236\u4f30\u503c\u5f39\u6027\u3002\u82e5\u98ce\u7535\u98ce\u9669\u9010\u6b65\u51fa\u6e05\uff0c\u53e0\u52a0\u5f3a\u52b2\u73b0\u91d1\u6d41\u5151\u73b0\uff0c\u6709\u671b\u91cd\u83b7\u91cd\u4f30\u3002<\/span><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">900<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">1300<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">AT&amp;T Inc. (T)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$31.56B<\/span><span data-contrast=\"auto\">,&nbsp;+2.3% YoY,&nbsp;miss&nbsp;estimates by $250M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;Non-GAAP&nbsp;EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$0.65, beat estimates by $0.06<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY<\/span><\/b><b><span data-contrast=\"auto\">26&nbsp;Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;Reaffirmed FY26 adjusted EPS of $2.25\u2013$2.35, adjusted EBITDA growth of 3%\u20134%, capital investment of $23B\u2013$24B and free cash flow above $18B. Management continues to target at least 5% Advanced Connectivity service-revenue growth and at least 6% segment EBITDA growth in FY26.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks:&nbsp;<\/span><\/b><span data-contrast=\"auto\">Maintained&nbsp;the quarterly dividend at $0.2775 per share, equivalent to $1.11 annually. AT&amp;T accelerated its FY26 repurchase plan to approximately $10B and reiterated plans to return more than $45B through dividends and buybacks during 2026\u20132028<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"10\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:&nbsp;<\/span><\/b><span data-contrast=\"auto\">This was a strong operating quarter despite the modest revenue miss. AT&amp;T added 432,000 postpaid phone customers, ahead of expectations of approximately 338,500, alongside 367,000&nbsp;fiber&nbsp;and 279,000 fixed-wireless additions. Advanced Connectivity EBITDA increased 8%, with margin expanding approximately 150 bps. Free cash flow increased to $4.7B, supporting the accelerated buyback, while the 42.5% convergence rate between advanced home internet and wireless&nbsp;indicates&nbsp;improving customer economics. The main constraints&nbsp;remain&nbsp;$126.4B of net debt and the rapid decline of the legacy copper business, where revenue fell 25.9%. Shares rose approximately 3.6% following the results. The principal variables are&nbsp;fiber-build execution, wireless churn, integration of the acquired Lumen&nbsp;fiber&nbsp;assets and progress toward reducing leverage after the EchoStar transaction.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26&nbsp;recommended trading range: $20&nbsp;to $28.&nbsp;Neutral&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">AT&amp;T&nbsp;Inc.\uff08T<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">315.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">2.3%<\/span><span data-contrast=\"auto\">\uff0c\u7565\u4f4e\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">2.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">0.65<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.06<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u91cd\u7533\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u4e3a<\/span><span data-contrast=\"auto\">2.25\u20132.35<\/span><span data-contrast=\"auto\">\u7f8e\u5143\u3001\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EBITDA<\/span><span data-contrast=\"auto\">\u589e\u957f<\/span><span data-contrast=\"auto\">3%\u20134%<\/span><span data-contrast=\"auto\">\u3001\u8d44\u672c\u5f00\u652f<\/span><span data-contrast=\"auto\">230<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">240<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u3001\u81ea\u7531\u73b0\u91d1\u6d41\u8d85<\/span><span data-contrast=\"auto\">180<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff1b\u76ee\u6807<\/span><span data-contrast=\"auto\">Advanced Connectivity<\/span><span data-contrast=\"auto\">\u670d\u52a1\u6536\u5165\u589e\u957f<\/span><span data-contrast=\"auto\">\u22655%<\/span><span data-contrast=\"auto\">\u3001\u5206\u90e8<\/span><span data-contrast=\"auto\">EBITDA<\/span><span data-contrast=\"auto\">\u589e\u957f<\/span><span data-contrast=\"auto\">\u22656%<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7ef4\u6301\u5b63\u5ea6\u80a1\u606f<\/span><span data-contrast=\"auto\">0.2775<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-contrast=\"auto\">\/<\/span><span data-contrast=\"auto\">\u80a1\uff08\u5e74\u5316<\/span><span data-contrast=\"auto\">1.11<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff09\uff1b\u5c06<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\u52a0\u901f\u81f3\u7ea6<\/span><span data-contrast=\"auto\">100<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff1b\u91cd\u7533<\/span><span data-contrast=\"auto\">2026\u20132028<\/span><span data-contrast=\"auto\">\u5e74\u901a\u8fc7\u5206\u7ea2\u4e0e\u56de\u8d2d\u8fd4\u8fd8\u80a1\u4e1c\u8d85<\/span><span data-contrast=\"auto\">450<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"10\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8fd0\u8425\u8868\u73b0\u5f3a\u52b2\uff0c\u5c3d\u7ba1\u8425\u6536\u5c0f\u5e45\u4e0d\u53ca\u9884\u671f\uff0c\u4f46\u6838\u5fc3\u589e\u957f\u6307\u6807\u5168\u9762\u8d85\u9884\u671f\u3002\u65b0\u589e\u540e\u4ed8\u8d39\u624b\u673a\u7528\u6237<\/span><span data-contrast=\"auto\">43.2<\/span><span data-contrast=\"auto\">\u4e07\uff08\u8fdc\u8d85\u9884\u671f<\/span><span data-contrast=\"auto\">33.85<\/span><span data-contrast=\"auto\">\u4e07\uff09\uff0c\u5149\u7ea4\u5bbd\u5e26\u51c0\u589e<\/span><span data-contrast=\"auto\">36.7<\/span><span data-contrast=\"auto\">\u4e07\uff0c\u56fa\u5b9a\u65e0\u7ebf\u63a5\u5165\uff08<\/span><span data-contrast=\"auto\">FWA<\/span><span data-contrast=\"auto\">\uff09\uff0c\u663e\u793a\u5176\u201c\u878d\u5408\u6218\u7565\u201d\uff08\u65e0\u7ebf<\/span><span data-contrast=\"auto\">+<\/span><span data-contrast=\"auto\">\u5bb6\u5ead\u5bbd\u5e26\uff09\u6b63\u6709\u6548\u63d0\u5347\u5ba2\u6237\u7c98\u6027\u4e0e<\/span><span data-contrast=\"auto\">ARPU\u3002Advanced Connectivity<\/span><span data-contrast=\"auto\">\u677f\u5757<\/span><span data-contrast=\"auto\">EBITDA<\/span><span data-contrast=\"auto\">\u589e\u957f<\/span><span data-contrast=\"auto\">8%<\/span><span data-contrast=\"auto\">\uff0c\u5229\u6da6\u7387\u6269\u5927<\/span><span data-contrast=\"auto\">150<\/span><span data-contrast=\"auto\">\u4e2a\u57fa\u70b9\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u8fbe<\/span><span data-contrast=\"auto\">47<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u652f\u6491\u56de\u8d2d\u52a0\u901f\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u5148\u8fdb\u5bb6\u5ead\u4e92\u8054\u7f51\u4e0e\u65e0\u7ebf\u670d\u52a1\u7684\u878d\u5408\u7387\u8fbe<\/span><span data-contrast=\"auto\">42.5%<\/span><span data-contrast=\"auto\">\uff0c\u8868\u660e\u4ea4\u53c9\u9500\u552e\u6b63\u5728\u6539\u5584\u5ba2\u6237\u7ecf\u6d4e\u6a21\u578b\u3002\u7136\u800c\uff0c\u4f20\u7edf\u94dc\u7f06\u4e1a\u52a1\u6536\u5165\u540c\u6bd4\u66b4\u8dcc<\/span><span data-contrast=\"auto\">25.9%<\/span><span data-contrast=\"auto\">\uff0c\u6301\u7eed\u62d6\u7d2f\u6574\u4f53\u8425\u6536\u589e\u957f\uff1b\u540c\u65f6\uff0c\u51c0\u503a\u52a1\u9ad8\u8fbe<\/span><span data-contrast=\"auto\">1264<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u867d\u6709\u671b\u901a\u8fc7<\/span><span data-contrast=\"auto\">EchoStar<\/span><span data-contrast=\"auto\">\u4ea4\u6613\u53ca\u8d44\u4ea7\u4f18\u5316\u9010\u6b65\u964d\u6760\u6746\uff0c\u4f46\u4ecd\u662f\u957f\u671f\u5173\u6ce8\u70b9\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u4e0a\u6da8\u7ea6<\/span><span data-contrast=\"auto\">3.6%<\/span><span data-contrast=\"auto\">\uff0c\u53cd\u6620\u5e02\u573a\u66f4\u770b\u91cd\u9ad8\u8d28\u91cf\u7528\u6237\u589e\u957f\u4e0e\u73b0\u91d1\u6d41\u751f\u6210\u80fd\u529b\uff0c\u800c\u975e\u77ed\u671f\u8425\u6536\u6ce2\u52a8\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u5149\u7ea4\u7f51\u7edc\u5efa\u8bbe\u8fdb\u5ea6\u4e0e\u7528\u6237\u8f6c\u5316\u6548\u7387\uff1b\uff08<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">\uff09\u65e0\u7ebf\u7528\u6237\u6d41\u5931\u7387\uff08<\/span><span data-contrast=\"auto\">churn\uff09\uff1b\uff083\uff09Lumen<\/span><span data-contrast=\"auto\">\u6536\u8d2d\u5149\u7ea4\u8d44\u4ea7\u7684\u6574\u5408\u6210\u6548\uff1b\uff08<\/span><span data-contrast=\"auto\">4\uff09EchoStar<\/span><span data-contrast=\"auto\">\u4ea4\u6613\u540e\u8d44\u4ea7\u8d1f\u503a\u8868\u53bb\u6760\u6746\u8282\u594f\u3002<\/span><span data-contrast=\"auto\">AT&amp;T<\/span><span data-contrast=\"auto\">\u6b63\u6210\u529f\u4ece\u4f20\u7edf\u7535\u4fe1\u8fd0\u8425\u5546\u8f6c\u578b\u4e3a\u4ee5\u5149\u7ea4\u548c<\/span><span data-contrast=\"auto\">5G<\/span><span data-contrast=\"auto\">\u4e3a\u6838\u5fc3\u7684\u201c\u8fde\u63a5<\/span><span data-contrast=\"auto\">+<\/span><span data-contrast=\"auto\">\u5185\u5bb9\u201d\u5e73\u53f0\uff0c\u57fa\u672c\u9762\u8d8b\u52bf\u5411\u597d\uff0c\u4f46\u9ad8\u8d1f\u503a\u4e0e\u4f20\u7edf\u4e1a\u52a1\u840e\u7f29\u9650\u5236\u4f30\u503c\u5f39\u6027\u3002<\/span><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">20<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">28<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Philip Morris International Inc. (PM)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"11\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$11.19B<\/span><span data-contrast=\"auto\">,&nbsp;+10.4% YoY, beat estimates by $550M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"12\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;Non-GAAP&nbsp;EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$2.20, beat estimates by $0.15<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"13\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26&nbsp;Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;FY26 adjusted EPS was revised to $8.26\u2013$8.41 from $8.31\u2013$8.46 because of currency movements. Currency-neutral adjusted EPS growth&nbsp;remains&nbsp;7.5%\u20139.5%, while organic revenue growth is guided at 5%\u20137%.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"14\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks:&nbsp;<\/span><\/b><span data-contrast=\"auto\">Maintained&nbsp;the&nbsp;quarterly dividend&nbsp;at $1.47&nbsp;per share, equivalent to $5.88 annually. Management expects no share repurchases during FY26 as it prioritises deleveraging toward approximately 2.0x net debt-to-adjusted EBITDA.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"15\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:&nbsp;<\/span><\/b><span data-contrast=\"auto\">This was a strong and broad-based quarter. International smoke-free revenue increased 14.2%, IQOS shipment volumes rose 7.6%, and combustible volumes proved&nbsp;substantially more&nbsp;resilient than expected, with cigarette shipments increasing 1.1%. Strong pricing and mix drove operating-income growth of 22%. The main concern is competitive pressure in U.S. nicotine pouches. ZYN shipments grew only about 2% to 2.9B pouches, prompting increased spending on marketing,&nbsp;distribution&nbsp;and new product variants. This could constrain near-term U.S. margins, although the expanded ZYN portfolio and reduced-risk marketing authorisation remain supportive longer term. Shares rose 3.3% after the results, having gained as much as approximately 5% intraday. The principal variables are ZYN market-share performance, IQOS growth after price increases in Japan, combustible-volume&nbsp;resilience&nbsp;and progress on debt reduction.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26&nbsp;recommended trading range: $170&nbsp;to $220.&nbsp;Neutral&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Philip Morris International&nbsp;Inc.\uff08PM<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"11\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">111.9<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">10.4%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">5.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"12\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">2.20<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.15<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"13\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u6307\u5f15\u8c03\u6574\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u4e0b\u8c03\u81f3<\/span><span data-contrast=\"auto\">8.26\u20138.41<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff08\u539f\u4e3a<\/span><span data-contrast=\"auto\">8.31\u20138.46<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff09\uff0c\u4e3b\u56e0\u6c47\u7387\u4e0d\u5229\u53d8\u52a8\uff1b\u5254\u9664\u6c47\u7387\u5f71\u54cd\u7684<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u589e\u957f\u4ecd\u7ef4\u6301<\/span><span data-contrast=\"auto\">7.5%\u20139.5%<\/span><span data-contrast=\"auto\">\uff1b\u6709\u673a\u6536\u5165\u589e\u957f\u6307\u5f15\u4e3a<\/span><span data-contrast=\"auto\">5%\u20137%<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"14\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7ef4\u6301\u5b63\u5ea6\u80a1\u606f<\/span><span data-contrast=\"auto\">1.47<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-contrast=\"auto\">\/<\/span><span data-contrast=\"auto\">\u80a1\uff08\u5e74\u5316<\/span><span data-contrast=\"auto\">5.88<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff09\uff1b<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u6682\u4e0d\u8fdb\u884c\u80a1\u7968\u56de\u8d2d\uff0c\u4f18\u5148\u5c06\u81ea\u7531\u73b0\u91d1\u6d41\u7528\u4e8e\u53bb\u6760\u6746\uff0c\u76ee\u6807\u51c0\u503a\u52a1<\/span><span data-contrast=\"auto\">\/<\/span><span data-contrast=\"auto\">\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EBITDA<\/span><span data-contrast=\"auto\">\u964d\u81f3\u7ea6<\/span><span data-contrast=\"auto\">2.0<\/span><span data-contrast=\"auto\">\u500d<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"15\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8868\u73b0\u5f3a\u52b2\u4e14\u5168\u9762\u8d85\u9884\u671f\u3002\u56fd\u9645\u65e0\u70df\u4ea7\u54c1\u6536\u5165\u589e\u957f<\/span><span data-contrast=\"auto\">14.2%\uff0cIQOS<\/span><span data-contrast=\"auto\">\u51fa\u8d27\u91cf\u4e0a\u5347<\/span><span data-contrast=\"auto\">7.6%<\/span><span data-contrast=\"auto\">\uff0c\u5c24\u4e3a\u4eae\u773c\u7684\u662f\u4f20\u7edf\u53ef\u71c3\u70df\u8349\u51fa\u8d27\u91cf\u540c\u6bd4\u5fae\u589e<\/span><span data-contrast=\"auto\">1.1%<\/span><span data-contrast=\"auto\">\uff0c\u8fdc\u597d\u4e8e\u5e02\u573a\u9884\u671f\u7684\u6301\u7eed\u4e0b\u6ed1\uff0c\u663e\u793a\u5176\u5728\u90e8\u5206\u65b0\u5174\u5e02\u573a\u4ecd\u5177\u97e7\u6027\u3002\u5f3a\u52b2\u5b9a\u4ef7\u7b56\u7565\u4e0e\u9ad8\u7aef\u4ea7\u54c1\u7ec4\u5408\u63a8\u52a8\u8425\u4e1a\u5229\u6da6\u589e\u957f<\/span><span data-contrast=\"auto\">22%<\/span><span data-contrast=\"auto\">\uff0c\u76c8\u5229\u8d28\u91cf\u4f18\u5f02\u3002\u7136\u800c\uff0c\u7f8e\u56fd\u5c3c\u53e4\u4e01\u888b\u5e02\u573a\u9762\u4e34\u7ade\u4e89\u538b\u529b\uff1a<\/span><span data-contrast=\"auto\">ZYN<\/span><span data-contrast=\"auto\">\u51fa\u8d27\u91cf\u4ec5\u589e\u957f\u7ea6<\/span><span data-contrast=\"auto\">2%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">29<\/span><span data-contrast=\"auto\">\u4ebf\u888b\uff0c\u589e\u901f\u663e\u8457\u653e\u7f13\uff0c\u8feb\u4f7f\u516c\u53f8\u52a0\u5927\u8425\u9500\u6295\u5165\u3001\u62d3\u5c55\u5206\u9500\u6e20\u9053\u5e76\u63a8\u51fa\u65b0\u54c1\uff0c\u77ed\u671f\u5185\u53ef\u80fd\u538b\u5236\u7f8e\u56fd\u4e1a\u52a1\u5229\u6da6\u7387\u3002\u5c3d\u7ba1\u957f\u671f\u6765\u770b\uff0c<\/span><span data-contrast=\"auto\">ZYN<\/span><span data-contrast=\"auto\">\u4ea7\u54c1\u7ebf\u6269\u5c55\u53ca<\/span><span data-contrast=\"auto\">FDA<\/span><span data-contrast=\"auto\">\u6388\u4e88\u7684\u201c\u51cf\u5bb3\u201d\u8425\u9500\u6388\u6743\u4ecd\u5177\u6218\u7565\u4ef7\u503c\uff0c\u4f46\u6267\u884c\u6210\u6548\u9700\u89c2\u5bdf\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u4e0a\u6da8<\/span><span data-contrast=\"auto\">3.3%<\/span><span data-contrast=\"auto\">\uff08\u76d8\u4e2d\u4e00\u5ea6\u6da8\u8fd1<\/span><span data-contrast=\"auto\">5%<\/span><span data-contrast=\"auto\">\uff09\uff0c\u53cd\u6620\u6295\u8d44\u8005\u5bf9\u6838\u5fc3\u56fd\u9645\u4e1a\u52a1\u7a33\u5065\u6027\u548c\u8f6c\u578b\u8fdb\u5c55\u7684\u8ba4\u53ef\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1\uff09ZYN<\/span><span data-contrast=\"auto\">\u5728\u7f8e\u56fd\u5e02\u573a\u7684\u4efd\u989d\u80fd\u5426\u7a33\u4f4f\u6216\u63d0\u5347\uff1b\uff08<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">\uff09\u65e5\u672c\u7b49\u5173\u952e\u5e02\u573a<\/span><span data-contrast=\"auto\">IQOS<\/span><span data-contrast=\"auto\">\u5728\u63d0\u4ef7\u540e\u7684\u7528\u6237\u7559\u5b58\u4e0e\u589e\u957f\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u4f20\u7edf\u5377\u70df\u9500\u91cf\u662f\u5426\u7ee7\u7eed\u5c55\u73b0\u97e7\u6027\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u53bb\u6760\u6746\u8fdb\u7a0b\u662f\u5426\u6309\u8ba1\u5212\u63a8\u8fdb\uff0c\u652f\u6491\u672a\u6765\u6062\u590d\u56de\u8d2d\u3002<\/span><span data-contrast=\"auto\">PMI<\/span><span data-contrast=\"auto\">\u6b63\u5904\u4e8e\u4ece\u4f20\u7edf\u70df\u8349\u5411\u65e0\u70df\u672a\u6765\u7684\u6218\u7565\u8f6c\u578b\u671f\uff0c\u57fa\u672c\u9762\u7a33\u56fa\u3001\u73b0\u91d1\u6d41\u5f3a\u52b2\u3001\u80a1\u606f\u53ef\u9760\u3002\u4f46\u77ed\u671f\u53d7\u6c47\u7387\u4e0e\u7f8e\u56fd\u65b0\u4e1a\u52a1\u7ade\u4e89\u62d6\u7d2f\uff0c\u4f30\u503c\u4e0a\u884c\u7a7a\u95f4\u53d7\u9650\u3002<\/span><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">170<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">220<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span>&nbsp;<br><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"auto\">Tesla, Inc. (TSLA)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"16\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$28.24B<\/span><span data-contrast=\"auto\">,&nbsp;+25.6% YoY,&nbsp;miss&nbsp;estimates by $1.75B<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"17\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;Non-GAAP&nbsp;EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$0.33,&nbsp;miss&nbsp;estimates by $0.21<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"18\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26&nbsp;Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;Management expects FY26 capital expenditure to exceed $25B and to continue increasing over the next two to three years as it expands AI compute, robotaxi infrastructure,&nbsp;Cybercab, Tesla Semi and Optimus capacity.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"19\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:&nbsp;<\/span><\/b><span data-contrast=\"auto\">The quarter showed a clear divergence between volume and profitability. Record deliveries and strong energy-storage deployments lifted revenue above expectations, but lower vehicle pricing, reduced regulatory-credit revenue and&nbsp;substantially higher&nbsp;R&amp;D spending compressed earnings. Automotive gross margin was 16.3%, below expectations of approximately 18.0%. The principal concern is cash conversion. Capital expenditure reached $5.8B and free cash flow turned negative by $1.1B, despite the strong delivery quarter. Tesla is effectively using cash generated by its automotive and energy businesses to fund a multi-year AI,&nbsp;autonomy&nbsp;and robotics buildout whose commercial returns&nbsp;remain&nbsp;difficult to forecast. Shares fell approximately 4.1% after hours. The key variables are automotive-margin stabilization, robotaxi monetisation, FSD subscription growth, energy-storage&nbsp;profitability&nbsp;and the duration of elevated capital expenditure.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26&nbsp;recommended trading range: $320&nbsp;to $415.&nbsp;Neutral&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">\u7279\u65af\u62c9\u516c\u53f8\uff08TSLA<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><span style=\"font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, &quot;Noto Sans&quot;, sans-serif, &quot;Apple Color Emoji&quot;, &quot;Segoe UI Emoji&quot;, &quot;Segoe UI Symbol&quot;, &quot;Noto Color Emoji&quot;; font-size: 1rem;\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"16\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">282.4<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">25.6%<\/span><span data-contrast=\"auto\">\uff0c\u4f4e\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">17.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"17\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">0.33<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">0.21<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"18\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8d44\u672c\u5f00\u652f\u5c06\u8d85\u8fc7<\/span><span data-contrast=\"auto\">250<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u5e76\u8ba1\u5212\u5728\u672a\u6765\u4e24\u5230\u4e09\u5e74\u6301\u7eed\u589e\u52a0\uff0c\u91cd\u70b9\u6295\u5411<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u7b97\u529b\u3001<\/span><span data-contrast=\"auto\">Robotaxi<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u3001<\/span><span data-contrast=\"auto\">Cybercab\u3001Semi<\/span><span data-contrast=\"auto\">\u7535\u52a8\u5361\u8f66\u53ca<\/span><span data-contrast=\"auto\">Optimus<\/span><span data-contrast=\"auto\">\u4eba\u5f62\u673a\u5668\u4eba\u4ea7\u80fd\u5efa\u8bbe<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"19\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u5448\u73b0\u201c\u9500\u91cf\u521b\u65b0\u9ad8\uff0c\u76c8\u5229\u627f\u538b\u201d\u7684\u663e\u8457\u5206\u5316\u3002\u5c3d\u7ba1\u5b9e\u73b0\u521b\u7eaa\u5f55\u7684\u6c7d\u8f66\u4ea4\u4ed8\u91cf\u548c\u5f3a\u52b2\u7684\u50a8\u80fd\u90e8\u7f72\uff08<\/span><span data-contrast=\"auto\">Megapack<\/span><span data-contrast=\"auto\">\u9700\u6c42\u65fa\u76db\uff09\uff0c\u4f46\u5355\u8f66\u552e\u4ef7\u4e0b\u8c03\u3001\u76d1\u7ba1\u79ef\u5206\u6536\u5165\u51cf\u5c11\u53ca\u7814\u53d1\u652f\u51fa\u6fc0\u589e\u5171\u540c\u6324\u538b\u5229\u6da6\u3002\u6c7d\u8f66\u4e1a\u52a1\u6bdb\u5229\u7387\u4ec5\u4e3a<\/span><span data-contrast=\"auto\">16.3%<\/span><span data-contrast=\"auto\">\uff0c\u660e\u663e\u4f4e\u4e8e\u5e02\u573a\u9884\u671f\u7684\u7ea6<\/span><span data-contrast=\"auto\">18.0%<\/span><span data-contrast=\"auto\">\uff0c\u53cd\u6620\u4ef7\u683c\u6218\u5bf9\u76c8\u5229\u80fd\u529b\u7684\u6301\u7eed\u51b2\u51fb\u3002\u66f4\u503c\u5f97\u8b66\u60d5\u7684\u662f\u73b0\u91d1\u6d41\u6076\u5316\uff1a<\/span><span data-contrast=\"auto\">Q2<\/span><span data-contrast=\"auto\">\u8d44\u672c\u5f00\u652f\u9ad8\u8fbe<\/span><span data-contrast=\"auto\">58<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u5bfc\u81f4\u81ea\u7531\u73b0\u91d1\u6d41\u4e3a\u8d1f<\/span><span data-contrast=\"auto\">11<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u2014\u2014\u8fd9\u662f\u8fd1\u5e74\u6765\u7f55\u89c1\u7684\u8d1f\u503c\uff0c\u5373\u4fbf\u5728\u4ea4\u4ed8\u65fa\u5b63\u4ea6\u672a\u80fd\u8f6c\u6b63\u3002\u7279\u65af\u62c9\u6b63\u5c06\u6c7d\u8f66\u4e0e\u80fd\u6e90\u4e1a\u52a1\u4ea7\u751f\u7684\u73b0\u91d1\uff0c\u5927\u89c4\u6a21\u518d\u6295\u8d44\u4e8e<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u3001\u81ea\u52a8\u9a7e\u9a76\u548c\u673a\u5668\u4eba\u7b49\u957f\u671f\u9879\u76ee\uff0c\u4f46\u8fd9\u4e9b\u9886\u57df\u7684\u5546\u4e1a\u5316\u8def\u5f84\u4e0e\u56de\u62a5\u5468\u671f\u4ecd\u9ad8\u5ea6\u4e0d\u786e\u5b9a\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u76d8\u540e\u4e0b\u8dcc\u7ea6<\/span><span data-contrast=\"auto\">4.1%<\/span><span data-contrast=\"auto\">\uff0c\u53cd\u6620\u6295\u8d44\u8005\u5bf9\u201c\u589e\u957f\u9760\u70e7\u94b1\u3001\u76c8\u5229\u96be\u5151\u73b0\u201d\u6a21\u5f0f\u7684\u62c5\u5fe7\u52a0\u5267\u3002\u5e02\u573a\u5f00\u59cb\u8d28\u7591\uff1a\u5728\u7ade\u4e89\u52a0\u5267\u3001\u9700\u6c42\u8fb9\u9645\u653e\u7f13\u7684\u80cc\u666f\u4e0b\uff0c\u5982\u6b64\u9ad8\u5f3a\u5ea6\u7684\u8d44\u672c\u652f\u51fa\u662f\u5426\u53ef\u6301\u7eed\uff1f\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u6c7d\u8f66\u6bdb\u5229\u7387\u80fd\u5426\u4f01\u7a33\u56de\u5347\uff08\u5c24\u5176<\/span><span data-contrast=\"auto\">FSD<\/span><span data-contrast=\"auto\">\u8ba2\u9605\u63d0\u5347<\/span><span data-contrast=\"auto\">ASP\uff09\uff1b\uff082<\/span><span data-contrast=\"auto\">\uff09\u5b8c\u5168\u81ea\u52a8\u9a7e\u9a76\uff08<\/span><span data-contrast=\"auto\">FSD\uff09\uff1b\uff083\uff09Robotaxi<\/span><span data-contrast=\"auto\">\u6216<\/span><span data-contrast=\"auto\">Cybercab<\/span><span data-contrast=\"auto\">\u80fd\u5426\u5728<\/span><span data-contrast=\"auto\">2027<\/span><span data-contrast=\"auto\">\u5e74\u524d\u5b9e\u73b0\u6709\u610f\u4e49\u7684\u6536\u5165\u8d21\u732e\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u50a8\u80fd\u4e1a\u52a1\u80fd\u5426\u4ece\u89c4\u6a21\u6548\u5e94\u4e2d\u5b9e\u73b0\u66f4\u9ad8\u5229\u6da6\u7387\uff1b\uff08<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">\uff09\u8d44\u672c\u5f00\u652f\u9ad8\u5cf0\u4f55\u65f6\u89c1\u9876\u3002\u7279\u65af\u62c9\u4ecd\u5177\u5907\u6280\u672f\u9886\u5148\u4f18\u52bf\u4e0e\u54c1\u724c\u62a4\u57ce\u6cb3\uff0c\u4f46\u5f53\u524d\u4f30\u503c\u5df2\u9690\u542b\u6781\u9ad8\u589e\u957f\u9884\u671f\u3002\u82e5<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u4e0e\u673a\u5668\u4eba\u53d9\u4e8b\u65e0\u6cd5\u5728<\/span><span data-contrast=\"auto\">12\u201318<\/span><span data-contrast=\"auto\">\u4e2a\u6708\u5185\u8f6c\u5316\u4e3a\u53ef\u9a8c\u8bc1\u7684\u6536\u5165\u6216\u76c8\u5229\u62d0\u70b9\uff0c\u80a1\u4ef7\u6216\u9762\u4e34\u8fdb\u4e00\u6b65\u538b\u529b\u3002<\/span><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">320<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">415<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Alphabet Inc. (GOOG)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"20\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$119.8B<\/span><span data-contrast=\"auto\">,&nbsp;+24.2% YoY,&nbsp;beat&nbsp;estimates by $2.82B<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"21\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 GAAP&nbsp;EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$9.11, beat estimates by $6.22<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"22\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY<\/span><\/b><b><span data-contrast=\"auto\">26 Guidance:&nbsp;<\/span><\/b><span data-contrast=\"auto\">FY26 capital-expenditure guidance was raised to $195B\u2013$205B from $180B\u2013$190B, with management continuing to expect another significant increase in 2027 as AI infrastructure demand exceeds available capacity.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"23\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividend\/Share Buybacks:&nbsp;<\/span><\/b><span data-contrast=\"auto\">Declared a quarterly common dividend of $0.22 per share. Alphabet conducted no share repurchases during 2Q26, compared with $13.24B a year ago, while raising $49.6B through equity issuance to fund AI infrastructure and other corporate purposes.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"24\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:&nbsp;<\/span><\/b><span data-contrast=\"auto\">The underlying operating quarter was strong. Search revenue increased 17%, YouTube advertising rose 13%, and Cloud operating income more than tripled to $8.81B. Consolidated operating income increased 30%, with operating margin expanding 200 bps to 34%,&nbsp;demonstrating&nbsp;that AI monetisation is supporting both growth and operating leverage. The central concern is capital intensity. Quarterly capex doubled to $44.92B and free cash flow turned negative at $5.86B, while the latest spending increase implies that capacity expansion will remain ahead of cash generation. The equity issuance and suspension of buybacks also&nbsp;represent&nbsp;a meaningful change from Alphabet\u2019s&nbsp;previous&nbsp;capital-return profile. Shares initially declined approximately 3% after hours following the higher capex guidance. The principal variables are Cloud growth sustainability, returns on AI infrastructure, Gemini competitiveness, Search&nbsp;monetisation&nbsp;and the recovery of free cash flow.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $320&nbsp;to $400.&nbsp;Positive&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Alphabet&nbsp;Inc.\uff08GOOG<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"20\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">1198<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">24.2%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">28.2<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"21\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">9.11<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u5927\u5e45\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">6.22<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"22\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u8d44\u672c\u5f00\u652f\u6307\u5f15\u4e0a\u8c03\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5168\u5e74\u8d44\u672c\u652f\u51fa\u63d0\u5347\u81f3<\/span><span data-contrast=\"auto\">1950<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">2050<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff08\u539f\u4e3a<\/span><span data-contrast=\"auto\">1800<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">1900<\/span><span data-contrast=\"auto\">\u4ebf\uff09\uff0c\u5e76\u9884\u8ba1<\/span><span data-contrast=\"auto\">2027<\/span><span data-contrast=\"auto\">\u5e74\u5c06\u7ee7\u7eed\u663e\u8457\u589e\u52a0\uff0c\u4e3b\u56e0<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u9700\u6c42\u8fdc\u8d85\u73b0\u6709\u4ea7\u80fd<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"23\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5ba3\u5e03\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a1<\/span><span data-contrast=\"auto\">0.22<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff1b<\/span><span data-contrast=\"auto\">Q2<\/span><span data-contrast=\"auto\">\u672a\u8fdb\u884c\u80a1\u7968\u56de\u8d2d\uff08\u53bb\u5e74\u540c\u671f\u56de\u8d2d<\/span><span data-contrast=\"auto\">132.4<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff09\uff1b\u901a\u8fc7\u80a1\u6743\u878d\u8d44\u52df\u96c6<\/span><span data-contrast=\"auto\">496<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u7528\u4e8e<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u5efa\u53ca\u5176\u4ed6\u4f01\u4e1a\u7528\u9014<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"24\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u6838\u5fc3\u8fd0\u8425\u8868\u73b0\u6781\u4e3a\u5f3a\u52b2\u3002\u641c\u7d22\u5e7f\u544a\u6536\u5165\u589e\u957f<\/span><span data-contrast=\"auto\">17%\uff0cYouTube<\/span><span data-contrast=\"auto\">\u5e7f\u544a\u589e\u957f<\/span><span data-contrast=\"auto\">13%<\/span><span data-contrast=\"auto\">\uff0c\u4e91\u4e1a\u52a1\u8425\u4e1a\u5229\u6da6\u540c\u6bd4\u6fc0\u589e\u903e\u4e09\u500d\u81f3<\/span><span data-contrast=\"auto\">88.1<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u63a8\u52a8\u6574\u4f53\u8425\u4e1a\u5229\u6da6\u589e\u957f<\/span><span data-contrast=\"auto\">30%<\/span><span data-contrast=\"auto\">\uff0c\u8425\u4e1a\u5229\u6da6\u7387\u6269\u5927<\/span><span data-contrast=\"auto\">200<\/span><span data-contrast=\"auto\">\u4e2a\u57fa\u70b9\u81f3<\/span><span data-contrast=\"auto\">34%<\/span><span data-contrast=\"auto\">\u3002\u8fd9\u6e05\u6670\u8868\u660e\uff0c<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u4e0d\u4ec5\u9a71\u52a8\u589e\u957f\uff0c\u66f4\u6b63\u5728\u8f6c\u5316\u4e3a\u771f\u5b9e\u7684\u8fd0\u8425\u6760\u6746\u548c\u76c8\u5229\u80fd\u529b\u2014\u2014\u5c24\u5176\u5728\u4e91\u4e0e\u641c\u7d22\u4e2d\u901a\u8fc7<\/span><span data-contrast=\"auto\">Gemini<\/span><span data-contrast=\"auto\">\u6a21\u578b\u63d0\u5347\u5e7f\u544a\u4e0e\u670d\u52a1\u6548\u7387\u3002\u7136\u800c\uff0c\u5e02\u573a\u7126\u70b9\u8fc5\u901f\u8f6c\u5411\u8d44\u672c\u5f3a\u5ea6\u98ce\u9669\uff1a<\/span><span data-contrast=\"auto\">Q2<\/span><span data-contrast=\"auto\">\u8d44\u672c\u5f00\u652f\u9ad8\u8fbe<\/span><span data-contrast=\"auto\">449.2<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff08\u540c\u6bd4\u7ffb\u500d\uff09\uff0c\u5bfc\u81f4\u81ea\u7531\u73b0\u91d1\u6d41\u4e3a\u8d1f<\/span><span data-contrast=\"auto\">58.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff1b\u516c\u53f8\u7f55\u89c1\u5730\u6682\u505c\u56de\u8d2d\u5e76\u5927\u89c4\u6a21\u53d1\u884c\u65b0\u80a1\u878d\u8d44\uff0c\u6807\u5fd7\u5176\u8d44\u672c\u914d\u7f6e\u7b56\u7565\u4ece<\/span><span data-contrast=\"auto\">\u201c<\/span><span data-contrast=\"auto\">\u80a1\u4e1c\u56de\u62a5<\/span><span data-contrast=\"auto\">\u201d<\/span><span data-contrast=\"auto\">\u8f6c\u5411<\/span><span data-contrast=\"auto\">\u201c<\/span><span data-contrast=\"auto\">\u6218\u7565\u6295\u8d44\u4f18\u5148<\/span><span data-contrast=\"auto\">\u201d<\/span><span data-contrast=\"auto\">\uff1b\u7ba1\u7406\u5c42\u660e\u786e\u8868\u793a\uff0c\u672a\u6765\u6570\u5e74\u4ecd\u5c06<\/span><span data-contrast=\"auto\">\u201c<\/span><span data-contrast=\"auto\">\u5148\u5efa\u4ea7\u80fd\u3001\u540e\u6536\u73b0\u91d1<\/span><span data-contrast=\"auto\">\u201d<\/span><span data-contrast=\"auto\">\uff0c\u610f\u5473\u7740\u81ea\u7531\u73b0\u91d1\u6d41\u53ef\u80fd\u6301\u7eed\u627f\u538b\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u76d8\u540e\u4e00\u5ea6\u4e0b\u8dcc\u7ea6<\/span><span data-contrast=\"auto\">3%<\/span><span data-contrast=\"auto\">\uff0c\u53cd\u6620\u6295\u8d44\u8005\u5bf9\u201c\u76c8\u5229\u5f3a\u4f46\u70e7\u94b1\u66f4\u5feb\u201d\u7684\u77db\u76fe\u5fc3\u6001\u3002\u5c3d\u7ba1\u57fa\u672c\u9762\u5065\u5eb7\uff0c\u4f46<\/span><span data-contrast=\"auto\">Alphabet<\/span><span data-contrast=\"auto\">\u6b63\u8fdb\u5165\u4e00\u4e2a\u9ad8\u6295\u5165\u3001\u9ad8\u4e0d\u786e\u5b9a\u6027\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u6269\u5f20\u9636\u6bb5\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u4e91\u4e1a\u52a1\u80fd\u5426\u7ef4\u6301\u9ad8\u589e\u957f\u4e0e\u5229\u6da6\u7387\u53cc\u5347\uff1b\uff08<\/span><span data-contrast=\"auto\">2\uff09AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u6295\u8d44\u7684\u56de\u62a5\u5468\u671f\u4e0e<\/span><span data-contrast=\"auto\">ROIC<\/span><span data-contrast=\"auto\">\u6c34\u5e73\uff1b\uff08<\/span><span data-contrast=\"auto\">3\uff09Gemini<\/span><span data-contrast=\"auto\">\u5728\u641c\u7d22\u3001\u529e\u516c\u53ca\u5f00\u53d1\u8005\u751f\u6001\u4e2d\u7684\u7ade\u4e89\u529b\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u641c\u7d22\u5e7f\u544a\u5728<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u6574\u5408\u4e0b\u7684\u957f\u671f\u53d8\u73b0\u6548\u7387\uff1b\uff08<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">\uff09\u81ea\u7531\u73b0\u91d1\u6d41\u4f55\u65f6\u6062\u590d\u6b63\u503c\u5e76\u652f\u6491\u91cd\u542f\u56de\u8d2d\u3002<\/span><span data-contrast=\"auto\">Alphabet<\/span><span data-contrast=\"auto\">\u4ecd\u662f\u5168\u7403<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u6d6a\u6f6e\u4e2d\u6700\u786e\u5b9a\u7684\u53d7\u76ca\u8005\u4e4b\u4e00\uff0c\u62e5\u6709\u5f3a\u5927\u73b0\u91d1\u6d41\u57fa\u7840\u4e0e\u6280\u672f\u62a4\u57ce\u6cb3\u3002\u4f46\u77ed\u671f\u4f30\u503c\u9700\u6d88\u5316\u66f4\u9ad8\u7684\u8d44\u672c\u652f\u51fa\u4e0e\u66f4\u4f4e\u7684\u8d44\u672c\u8fd4\u8fd8\u3002\u82e5<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u5546\u4e1a\u5316\u8fdb\u5c55\u987a\u5229\uff0c\u5f53\u524d\u6295\u5165\u5c06\u5960\u5b9a\u957f\u671f\u9886\u5bfc\u5730\u4f4d\u3002<\/span><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">320<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">400<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f<\/span><\/b><b><span data-contrast=\"auto\">\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">ServiceNow Inc. (NOW)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"25\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$3.98B<\/span><span data-contrast=\"auto\">,&nbsp;+23.6% YoY, beat estimates by $50M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"26\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;Non-GAAP&nbsp;EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$0.90, beat estimates by $0.04<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"27\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26&nbsp;Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;Expect&nbsp;subscription&nbsp;revenue of $3.975B&nbsp;to $3.980B&nbsp;came in below the average estimate of about $4B.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"28\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;Expects&nbsp;subscription revenue of $15.760B&nbsp;to $15.780B, up from its earlier projection of $15.735B&nbsp;to $15.775B.&nbsp;<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"29\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:&nbsp;<\/span><\/b><span data-contrast=\"auto\">ServiceNow delivered a strong second quarter, with subscription revenue rising to US$3.88bn and adjusted EPS reaching US$0.90, both ahead of expectations, driven by growing adoption of its AI-powered workflow automation platform. The company\u2019s AI offerings surpassed US$1bn in annual contract value, supported by broad uptake across enterprise and public-sector customers, while current remaining performance obligations increased 21% YoY to US$13.2bn, providing strong revenue visibility. Management raised its FY2026 subscription revenue guidance to US$15.76bn-15.78bn, although its third-quarter outlook was slightly below consensus partly because some federal on-premises revenue was recognized earlier than expected. Looking ahead, ServiceNow is well positioned to benefit from rising enterprise demand for AI agents, automated workflows and cross-department productivity tools, supported by its expanding product portfolio and acquisitions such as&nbsp;Moveworks&nbsp;and Armis; however, investors will continue to monitor whether greater spending on AI infrastructure affects software budgets and whether near-term sales momentum remains strong enough to offset concerns over increasing competition from newer AI platforms.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26&nbsp;recommended trading range: $90&nbsp;to $110.&nbsp;Neutral&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">ServiceNow\u516c\u53f8\uff08NOW<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><span style=\"font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, &quot;Noto Sans&quot;, sans-serif, &quot;Apple Color Emoji&quot;, &quot;Segoe UI Emoji&quot;, &quot;Segoe UI Symbol&quot;, &quot;Noto Color Emoji&quot;; font-size: 1rem;\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"25\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">39.8<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">23.6%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">5000<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"26\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">0.90<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.04<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"27\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u8ba2\u9605\u6536\u5165\u4e3a<\/span><span data-contrast=\"auto\">39.75<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">39.80<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u7565\u4f4e\u4e8e\u7ea6<\/span><span data-contrast=\"auto\">40<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u7684\u5e02\u573a\u5e73\u5747\u9884\u671f\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"28\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u8ba2\u9605\u6536\u5165\u4e3a<\/span><span data-contrast=\"auto\">157.60<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">157.80<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e\u6b64\u524d\u9884\u6d4b\u7684<\/span><span data-contrast=\"auto\">157.35<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">157.75<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"29\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u4e1a\u7ee9\u8868\u73b0\u5f3a\u52b2\uff0c\u5728<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u9a71\u52a8\u7684\u5de5\u4f5c\u6d41\u81ea\u52a8\u5316\u5e73\u53f0\u91c7\u7528\u7387\u4e0d\u65ad\u589e\u957f\u7684\u63a8\u52a8\u4e0b\uff0c\u8ba2\u9605\u6536\u5165\u589e\u81f3<\/span><span data-contrast=\"auto\">38.8<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u8fbe<\/span><span data-contrast=\"auto\">0.90<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u53cc\u53cc\u8d85\u51fa\u9884\u671f\u3002\u8be5\u516c\u53f8\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u4ea7\u54c1\u5e74\u5ea6\u5408\u540c\u4ef7\u503c\u5df2\u7a81\u7834<\/span><span data-contrast=\"auto\">10<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u5f97\u76ca\u4e8e\u4f01\u4e1a\u7ea7\u548c\u516c\u5171\u90e8\u95e8\u5ba2\u6237\u7684\u5e7f\u6cdb\u91c7\u7528\uff1b\u540c\u65f6\uff0c\u5f53\u524d\u5269\u4f59\u5c65\u7ea6\u4e49\u52a1\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">21%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">132<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u63d0\u4f9b\u4e86\u5f3a\u52b2\u7684\u6536\u5165\u53ef\u89c1\u6027\u3002\u7ba1\u7406\u5c42\u5c06<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u8ba2\u9605\u6536\u5165\u6307\u5f15\u4e0a\u8c03\u81f3<\/span><span data-contrast=\"auto\">157.6<\/span><span data-contrast=\"auto\">\u4ebf<\/span><span data-contrast=\"auto\">-157.8<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u5c3d\u7ba1\u5176\u7b2c\u4e09\u5b63\u5ea6\u5c55\u671b\u7565\u4f4e\u4e8e\u5e02\u573a\u5171\u8bc6\uff0c\u90e8\u5206\u539f\u56e0\u662f\u4e00\u4e9b\u8054\u90a6\u672c\u5730\u90e8\u7f72\u6536\u5165\u6bd4\u9884\u671f\u66f4\u65e9\u786e\u8ba4\u3002\u5c55\u671b\u672a\u6765\uff0c<\/span><span data-contrast=\"auto\">ServiceNow<\/span><span data-contrast=\"auto\">\u6709\u671b\u53d7\u76ca\u4e8e\u4f01\u4e1a\u5bf9<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u4ee3\u7406\u3001\u81ea\u52a8\u5316\u5de5\u4f5c\u6d41\u548c\u8de8\u90e8\u95e8\u751f\u4ea7\u529b\u5de5\u5177\u9700\u6c42\u7684\u4e0a\u5347\uff0c\u8fd9\u5f97\u76ca\u4e8e\u5176\u4e0d\u65ad\u6269\u5927\u7684\u4ea7\u54c1\u7ec4\u5408\u4ee5\u53ca\u5bf9<\/span><span data-contrast=\"auto\">Moveworks<\/span><span data-contrast=\"auto\">\u548c<\/span><span data-contrast=\"auto\">Armis<\/span><span data-contrast=\"auto\">\u7b49\u516c\u53f8\u7684\u6536\u8d2d\uff1b\u7136\u800c\uff0c\u6295\u8d44\u8005\u5c06\u7ee7\u7eed\u5173\u6ce8\u5bf9<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u7684\u66f4\u5927\u652f\u51fa\u662f\u5426\u4f1a\u5f71\u54cd\u8f6f\u4ef6\u9884\u7b97\uff0c\u4ee5\u53ca\u8fd1\u671f\u7684\u9500\u552e\u52bf\u5934\u662f\u5426\u8db3\u591f\u5f3a\u52b2\uff0c\u4ee5\u62b5\u6d88\u6765\u81ea\u65b0\u5174<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u5e73\u53f0\u7ade\u4e89\u52a0\u5267\u7684\u62c5\u5fe7\u3002<\/span><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">90<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">110<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><b><span data-contrast=\"auto\">\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">IBM Common Stock. (IBM)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"30\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$17.2B<\/span><span data-contrast=\"auto\">,&nbsp;+1.2% YoY,&nbsp;miss&nbsp;estimates by $60M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"31\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;Non-GAAP&nbsp;EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$2.93,&nbsp;in-line with&nbsp;estimates<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"32\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;Lowered&nbsp;revenue growth&nbsp;to&nbsp;between 4%-5%, down from its&nbsp;previous&nbsp;expectations of more than 5%&nbsp;growth. The midpoint of the forecast is below analysts&#8217; average estimate of a 4.8%&nbsp;rise to $70.77B&nbsp;in revenue.&nbsp;<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"33\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:&nbsp;<\/span><\/b><span data-contrast=\"auto\">IBM reported a weaker-than-expected second quarter, with revenue rising just 1% YoY to US$17.16bn and adjusted EPS of US$2.93, both below consensus, as customers redirected capital spending toward AI-focused data-centre infrastructure and delayed several large mainframe and software-related deals. Infrastructure revenue fell 7% to US$3.84bn as IBM Z mainframe revenue declined 42%, while software revenue grew 5% to US$7.76bn but also missed expectations. Management lowered its FY2026 revenue growth outlook to 4%-5% from above 5%, although it emphasized that demand has largely been deferred rather than lost, with around one-third of delayed deals already closing in the third quarter and no evidence of customers structurally moving away from mainframes. Looking ahead, IBM\u2019s recovery will depend on converting its delayed deal pipeline, sustaining growth in software and AI-related offerings, and demonstrating that near-term AI hardware spending is complementary to, rather than a substitute for, its broader hybrid cloud and mainframe ecosystem; however, continued weakness in large enterprise capital expenditure and execution slippage remain key near-term risks.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26&nbsp;recommended trading range: $180&nbsp;to $250.&nbsp;Neutral&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">IBM\u516c\u53f8\uff08IBM<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"30\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">172.0<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">1.2%<\/span><span data-contrast=\"auto\">\uff0c\u4f4e\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">6000<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"31\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">2.93<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u7b26\u5408\u9884\u671f<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"32\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5c06\u8425\u6536\u589e\u901f\u9884\u671f\u4e0b\u8c03\u81f3<\/span><span data-contrast=\"auto\">4%-5%<\/span><span data-contrast=\"auto\">\uff0c\u4f4e\u4e8e\u6b64\u524d\u8d85\u8fc7<\/span><span data-contrast=\"auto\">5%<\/span><span data-contrast=\"auto\">\u7684\u589e\u957f\u9884\u671f\u3002\u8be5\u9884\u6d4b\u4e2d\u503c\u4f4e\u4e8e\u5206\u6790\u5e08\u5e73\u5747\u9884\u671f\u7684<\/span><span data-contrast=\"auto\">4.8%<\/span><span data-contrast=\"auto\">\u589e\u957f\uff08\u5373<\/span><span data-contrast=\"auto\">707.7<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u8425\u6536\uff09\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"33\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">IBM<\/span><span data-contrast=\"auto\">\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u8868\u73b0\u4e0d\u53ca\u9884\u671f\uff0c\u8425\u6536\u540c\u6bd4\u4ec5\u589e\u957f<\/span><span data-contrast=\"auto\">1%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">171.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a<\/span><span data-contrast=\"auto\">2.93<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u53cc\u53cc\u4f4e\u4e8e\u5e02\u573a\u5171\u8bc6\uff0c\u539f\u56e0\u662f\u5ba2\u6237\u5c06\u8d44\u672c\u652f\u51fa\u8f6c\u5411\u4ee5<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u4e3a\u4e2d\u5fc3\u7684\u6570\u636e\u4e2d\u5fc3\u57fa\u7840\u8bbe\u65bd\uff0c\u5e76\u63a8\u8fdf\u4e86\u6570\u7b14\u5927\u578b\u673a\u548c\u76f8\u5173\u8f6f\u4ef6\u4ea4\u6613\u3002\u57fa\u7840\u8bbe\u65bd\u8425\u6536\u4e0b\u964d<\/span><span data-contrast=\"auto\">7%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">38.4<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d<\/span><span data-contrast=\"auto\">IBM Z<\/span><span data-contrast=\"auto\">\u5927\u578b\u673a\u8425\u6536\u5927\u5e45\u4e0b\u6ed1<\/span><span data-contrast=\"auto\">42%<\/span><span data-contrast=\"auto\">\uff1b\u8f6f\u4ef6\u8425\u6536\u589e\u957f<\/span><span data-contrast=\"auto\">5%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">77.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u4f46\u4e5f\u672a\u8fbe\u9884\u671f\u3002\u7ba1\u7406\u5c42\u5c06<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u8425\u6536\u589e\u957f\u9884\u671f\u4ece<\/span><span data-contrast=\"auto\">5%<\/span><span data-contrast=\"auto\">\u4ee5\u4e0a\u4e0b\u8c03\u81f3<\/span><span data-contrast=\"auto\">4%-5%<\/span><span data-contrast=\"auto\">\uff0c\u5c3d\u7ba1\u5176\u5f3a\u8c03\u9700\u6c42\u4e3b\u8981\u662f\u88ab\u63a8\u8fdf\u800c\u975e\u6d41\u5931\uff0c\u7ea6\u4e09\u5206\u4e4b\u4e00\u7684\u5ef6\u671f\u4ea4\u6613\u5df2\u5728\u7b2c\u4e09\u5b63\u5ea6\u5b8c\u6210\uff0c\u4e14\u6ca1\u6709\u8bc1\u636e\u8868\u660e\u5ba2\u6237\u6b63\u5728\u7ed3\u6784\u6027\u5730\u8fdc\u79bb\u5927\u578b\u673a\u3002\u5c55\u671b\u672a\u6765\uff0c<\/span><span data-contrast=\"auto\">IBM<\/span><span data-contrast=\"auto\">\u7684\u590d\u82cf\u5c06\u53d6\u51b3\u4e8e\u80fd\u5426\u8f6c\u5316\u5176\u5ef6\u671f\u7684\u4ea4\u6613\u50a8\u5907\u3001\u7ef4\u6301\u8f6f\u4ef6\u548c<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u76f8\u5173\u4ea7\u54c1\u7684\u589e\u957f\uff0c\u5e76\u8bc1\u660e\u8fd1\u671f\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u786c\u4ef6\u652f\u51fa\u662f\u5bf9\u5176\u66f4\u5e7f\u6cdb\u7684\u6df7\u5408\u4e91\u548c\u5927\u578b\u673a\u751f\u6001\u7cfb\u7edf\u7684\u8865\u5145\uff0c\u800c\u975e\u66ff\u4ee3\uff1b\u7136\u800c\uff0c\u5927\u578b\u4f01\u4e1a\u8d44\u672c\u652f\u51fa\u7684\u6301\u7eed\u75b2\u8f6f\u548c\u6267\u884c\u5c42\u9762\u7684\u5ef6\u8bef\u4ecd\u662f\u8fd1\u671f\u7684\u5173\u952e\u98ce\u9669\u3002<\/span><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">180<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">250<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><b><span data-contrast=\"auto\">\u3002<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Texas Instruments Inc. (TXN)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"34\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$5.46B<\/span><span data-contrast=\"auto\">,&nbsp;+22.7% YoY, beat estimates by $220M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"35\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 GAAP&nbsp;EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$2.14, beat estimates by $0.20<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"36\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;Expect&nbsp;revenue to be between $5.65B&nbsp;and $6.15B, ahead of the estimate of $5.61B.&nbsp;<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"37\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:&nbsp;<\/span><\/b><span data-contrast=\"auto\">Texas Instruments reported a strong second quarter, with revenue rising 23% YoY to US$5.46bn, exceeding consensus estimates of US$5.25bn, driven by broad-based strength across its industrial, automotive and data centre end markets. The company also issued third-quarter revenue guidance of US$5.65-6.15bn, above Wall Street expectations, reflecting improving demand for its&nbsp;analog&nbsp;semiconductor portfolio. While&nbsp;it&nbsp;does not manufacture high-performance AI accelerators, it continues to&nbsp;benefit&nbsp;from accelerating AI infrastructure investment through increased demand for&nbsp;analog&nbsp;chips that enable power management and signal conversion, alongside an ongoing recovery in industrial and automotive applications.&nbsp;Texas Instruments is well-positioned to&nbsp;benefit&nbsp;from continued investment in AI infrastructure, the recovery in industrial and automotive markets, and the growing adoption of edge AI applications, all of which are expected to support sustained demand for&nbsp;analog&nbsp;semiconductors. Its broad product portfolio and exposure to long-duration industrial and automotive customers should provide resilient growth as semiconductor demand normalises. However, near-term performance&nbsp;remains&nbsp;dependent on the pace of the cyclical recovery across key end markets and broader macroeconomic conditions that could influence customer inventory replenishment and capital spending.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $260 to $300.&nbsp;Neutral&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">\u5fb7\u5dde\u4eea\u5668\uff08TXN<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"34\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">54.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">22.7%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">2.2<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"35\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">2.14<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.20<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"36\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u8425\u6536\u5728<\/span><span data-contrast=\"auto\">56.5<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">61.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u9ad8\u4e8e<\/span><span data-contrast=\"auto\">56.1<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u7684\u9884\u671f<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"37\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5fb7\u5dde\u4eea\u5668\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u8868\u73b0\u5f3a\u52b2\uff0c\u5728\u5de5\u4e1a\u3001\u6c7d\u8f66\u548c\u6570\u636e\u4e2d\u5fc3\u7ec8\u7aef\u5e02\u573a\u7684\u5168\u9762\u5f3a\u52b2\u8868\u73b0\u63a8\u52a8\u4e0b\uff0c\u8425\u6536\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">23%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">54.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8d85\u51fa<\/span><span data-contrast=\"auto\">52.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u7684\u5e02\u573a\u5171\u8bc6\u9884\u671f\u3002\u516c\u53f8\u8fd8\u53d1\u5e03\u4e86<\/span><span data-contrast=\"auto\">56.5<\/span><span data-contrast=\"auto\">\u4ebf<\/span><span data-contrast=\"auto\">-61.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u7684\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\u6307\u5f15\uff0c\u9ad8\u4e8e\u534e\u5c14\u8857\u9884\u671f\uff0c\u53cd\u6620\u51fa\u5bf9\u5176\u6a21\u62df\u534a\u5bfc\u4f53\u4ea7\u54c1\u7ec4\u5408\u7684\u9700\u6c42\u6b63\u5728\u6539\u5584\u3002\u5c3d\u7ba1\u8be5\u516c\u53f8\u4e0d\u5236\u9020\u9ad8\u6027\u80fd<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u52a0\u901f\u5668\uff0c\u4f46\u5b83\u7ee7\u7eed\u901a\u8fc7\u7535\u6e90\u7ba1\u7406\u548c\u4fe1\u53f7\u8f6c\u6362\u6a21\u62df\u82af\u7247\u9700\u6c42\u7684\u589e\u52a0\uff0c\u4ee5\u53ca\u5de5\u4e1a\u548c\u6c7d\u8f66\u5e94\u7528\u7684\u6301\u7eed\u590d\u82cf\uff0c\u4ece\u52a0\u901f\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u6295\u8d44\u4e2d\u53d7\u76ca\u3002\u5c55\u671b\u672a\u6765\uff0c\u5fb7\u5dde\u4eea\u5668\u6709\u671b\u4ece<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u7684\u6301\u7eed\u6295\u8d44\u3001\u5de5\u4e1a\u548c\u6c7d\u8f66\u5e02\u573a\u7684\u590d\u82cf\u4ee5\u53ca\u8fb9\u7f18<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u5e94\u7528\u666e\u53ca\u7387\u7684\u63d0\u5347\u4e2d\u53d7\u76ca\uff0c\u6240\u6709\u8fd9\u4e9b\u56e0\u7d20\u9884\u8ba1\u90fd\u5c06\u652f\u6491\u5bf9\u6a21\u62df\u534a\u5bfc\u4f53\u7684\u6301\u7eed\u9700\u6c42\u3002\u5176\u5e7f\u6cdb\u7684\u4ea7\u54c1\u7ec4\u5408\u4ee5\u53ca\u5bf9\u957f\u5468\u671f\u5de5\u4e1a\u548c\u6c7d\u8f66\u5ba2\u6237\u7684\u8986\u76d6\uff0c\u5c06\u5728\u534a\u5bfc\u4f53\u9700\u6c42\u6b63\u5e38\u5316\u65f6\u63d0\u4f9b\u5177\u97e7\u6027\u7684\u589e\u957f\u3002\u7136\u800c\uff0c\u8fd1\u671f\u4e1a\u7ee9\u4ecd\u53d6\u51b3\u4e8e\u5173\u952e\u7ec8\u7aef\u5e02\u573a\u5468\u671f\u6027\u590d\u82cf\u7684\u6b65\u4f10\uff0c\u4ee5\u53ca\u53ef\u80fd\u5f71\u54cd\u5ba2\u6237\u5e93\u5b58\u8865\u5145\u548c\u8d44\u672c\u652f\u51fa\u7684\u66f4\u5e7f\u6cdb\u7684\u5b8f\u89c2\u7ecf\u6d4e\u72b6\u51b5\u3002<\/span><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">260<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">300<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><b><span data-contrast=\"auto\">\u3002<\/span><\/b><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6ff17fbc e-con e-atomic-element e-flexbox-base e-6ff17fbc-c4ddb64 \" data-id=\"6ff17fbc\" data-element_type=\"e-flexbox\" data-e-type=\"e-flexbox\" data-interaction-id=\"6ff17fbc\" data-e-type=\"e-flexbox\" data-id=\"6ff17fbc\">\n    \t\t\t<p class=\"e-262c95ac-f5069e1 e-paragraph-base\" data-interaction-id=\"262c95ac\" data-e-type=\"widget\" data-id=\"262c95ac\"><a target=\"_self\" href=\"#top\" id=\"e-mq4jsug1-z6kdzol\">^ Back to Top<\/a><\/p>\n\t\t\n<\/div>\n\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>TECHNICAL ANALYSIS SINGAPORE \u00a0|\u00a0 HONG KONG \u00a0|\u00a0 UNITED STATES\u00a0\u00a0|\u00a0\u00a0EARNINGS Singapore KEP SP Keppel Ltd. Shares closed above the 5dEMA.\u00a0 Both RSI and MACD are constructive.\u00a0 Buy \u2013 Entry\u00a011.2, Target\u00a013.0, Stop\u00a010.3\u00a0 JCNC SP Jardine Cycle &amp; Carriage Limited. \u00a0Shares closed above the 5dEMA\u00a0with rising volume.\u00a0 RSI\u00a0is constructive\u00a0and MACD\u00a0is about to turn positive.\u00a0 Buy \u2013 Entry\u00a027.5, Target\u00a031.5, [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[],"class_list":["post-92683","post","type-post","status-publish","format-standard","hentry","category-technical-analysis"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 23 July 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore KEP SP Keppel Ltd. Shares closed above the 5dEMA. Both RSI and MACD are constructive. Buy \u2013 Entry 11.2, Target 13.0, Stop 10.3 JCNC SP Jardine Cycle &amp; Carriage Limited. Shares closed above the 5dEMA with rising volume. RSI is constructive and MACD is about to turn\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Enya Tan\"\/>\n\t<meta name=\"keywords\" content=\"technical analysis\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.kgieworld.sg\/research\/technical-analysis-23-july-2026\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.10\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"KGI Singapore Research \u2022 Singapore&#039;s leading broker offering Futures, FX, Equities and Wealth Management.\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"Technical Analysis: 23 July 2026 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 23 July 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore KEP SP Keppel Ltd. Shares closed above the 5dEMA. Both RSI and MACD are constructive. Buy \u2013 Entry 11.2, Target 13.0, Stop 10.3 JCNC SP Jardine Cycle &amp; Carriage Limited. Shares closed above the 5dEMA with rising volume. RSI is constructive and MACD is about to turn\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.kgieworld.sg\/research\/technical-analysis-23-july-2026\/\" \/>\n\t\t<meta property=\"og:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<meta property=\"og:image:secure_url\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2026-07-23T00:00:49+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2026-07-23T03:35:55+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary\" \/>\n\t\t<meta name=\"twitter:title\" content=\"Technical Analysis: 23 July 2026 \u2022 KGI Singapore Research\" \/>\n\t\t<meta name=\"twitter:description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 23 July 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore KEP SP Keppel Ltd. Shares closed above the 5dEMA. Both RSI and MACD are constructive. Buy \u2013 Entry 11.2, Target 13.0, Stop 10.3 JCNC SP Jardine Cycle &amp; Carriage Limited. Shares closed above the 5dEMA with rising volume. RSI is constructive and MACD is about to turn\" \/>\n\t\t<meta name=\"twitter:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BlogPosting\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-23-july-2026\\\/#blogposting\",\"name\":\"Technical Analysis: 23 July 2026 \\u2022 KGI Singapore Research\",\"headline\":\"Technical Analysis: 23 July 2026\",\"author\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/enya-tankgi-com\\\/#author\"},\"publisher\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#organization\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/Screenshot-2026-07-22-at-10.23.02-PM.png?wsr\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-23-july-2026\\\/#articleImage\"},\"datePublished\":\"2026-07-23T08:00:49+08:00\",\"dateModified\":\"2026-07-23T11:35:55+08:00\",\"inLanguage\":\"en-US\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-23-july-2026\\\/#webpage\"},\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-23-july-2026\\\/#webpage\"},\"articleSection\":\"Technical Analysis\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-23-july-2026\\\/#breadcrumblist\",\"itemListElement\":[{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/technical-analysis\\\/#listItem\",\"name\":\"Technical Analysis\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/technical-analysis\\\/#listItem\",\"position\":2,\"name\":\"Technical Analysis\",\"item\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/technical-analysis\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-23-july-2026\\\/#listItem\",\"name\":\"Technical Analysis: 23 July 2026\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research#listItem\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-23-july-2026\\\/#listItem\",\"position\":3,\"name\":\"Technical Analysis: 23 July 2026\",\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/technical-analysis\\\/#listItem\",\"name\":\"Technical Analysis\"}}]},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#organization\",\"name\":\"KGI Research Singapore\",\"description\":\"Singapore's leading broker offering Futures, FX, Equities and Wealth Management.\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/\",\"telephone\":\"+6562021188\",\"logo\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/wp-content\\\/uploads\\\/2020\\\/11\\\/cropped-Square-logo-PNG.png?wsr\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-23-july-2026\\\/#organizationLogo\",\"width\":512,\"height\":512},\"image\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-23-july-2026\\\/#organizationLogo\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/enya-tankgi-com\\\/#author\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/enya-tankgi-com\\\/\",\"name\":\"Enya Tan\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-23-july-2026\\\/#authorImage\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4f09a39c9a5aa4debb9941c1ec24d69ad141e38f63db32b2779cc8567ab1f843?s=96&d=mm&r=g\",\"width\":96,\"height\":96,\"caption\":\"Enya Tan\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-23-july-2026\\\/#webpage\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-23-july-2026\\\/\",\"name\":\"Technical Analysis: 23 July 2026 \\u2022 KGI Singapore Research\",\"description\":\"TECHNICAL ANALYSIS Technical Analysis: 23 July 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore KEP SP Keppel Ltd. Shares closed above the 5dEMA. Both RSI and MACD are constructive. Buy \\u2013 Entry 11.2, Target 13.0, Stop 10.3 JCNC SP Jardine Cycle & Carriage Limited. Shares closed above the 5dEMA with rising volume. RSI is constructive and MACD is about to turn\",\"inLanguage\":\"en-US\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#website\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-23-july-2026\\\/#breadcrumblist\"},\"author\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/enya-tankgi-com\\\/#author\"},\"creator\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/enya-tankgi-com\\\/#author\"},\"datePublished\":\"2026-07-23T08:00:49+08:00\",\"dateModified\":\"2026-07-23T11:35:55+08:00\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#website\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/\",\"name\":\"KGI Singapore Research\",\"description\":\"Singapore's leading broker offering Futures, FX, Equities and Wealth Management.\",\"inLanguage\":\"en-US\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#organization\"}}]}\n\t\t<\/script>\n\t\t<!-- All in One SEO -->\n\n","aioseo_head_json":{"title":"Technical Analysis: 23 July 2026 \u2022 KGI Singapore Research","description":"TECHNICAL ANALYSIS Technical Analysis: 23 July 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore KEP SP Keppel Ltd. Shares closed above the 5dEMA. Both RSI and MACD are constructive. Buy \u2013 Entry 11.2, Target 13.0, Stop 10.3 JCNC SP Jardine Cycle & Carriage Limited. Shares closed above the 5dEMA with rising volume. 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