Technical Analysis – 8 May 2026

United States | Singapore | Hong Kong | Earnings

NetApp, Inc. (NTAP US)

• Shares closed above the 5dEMA with rising volume. 
• RSI is near overbought levels but MACD is still constructive. 
• Long – Entry 109, Target 125, Stop 101 

IonQ, Inc. (IONQ US) 

• Shares closed on the 5dEMA with elevated volume.  
• Both RSI and MACD are constructive. 
• Long – Entry 46, Target 60, Stop 39 

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Trendlines Group Ltd. (TTGL SP) 

• Shares closed above the 5dEMA with rising volume. 
• Both RSI and MACD are constructive. 
• Buy – Entry 0.06, Target 0.08, Stop 0.05 

Ley Choon Group Holdings Ltd. (LEY SP) 

• Shares closed above the 5dEMA. 
• Both RSI and MACD are constructive. 
• Buy – Entry 0.100, Target 0.130, Stop 0.085 

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China Energy Engineering Corp. Ltd. (3996 HK)  

• Shares closed at a one-month high above the 20dEMA with rising volume. 
• RSI is constructive and MACD turned positive. 
• Long – Entry 1.32, Target 1.42, Stop 1.27

China State Construction International Holdings Ltd (3311 HK) 

• Shares closed at a one-month high above the 100dEMA with rising volume.  
• Both RSI and MACD are constructive. 
• Long – Entry 9.3, Target 10.0, Stop 9.0 

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Datadog, Inc. (DDOG) 

• 1Q26 Revenue: $1.01B, +32.5% YoY, beat estimates by $50.06M 

• 1Q26 Non-GAAP EPS: $0.60, beat estimates by $0.09 

• FY26 Guidance: Raised FY26 revenue guidance to $4.30B to $4.34B from $4.06B to $4.10B, and raised adjusted EPS guidance to $2.36 to $2.44. 

• Comment: This was a very strong quarter. Revenue exceeded $1B for the first time, operating cash flow reached $335M, free cash flow reached $289M, and large-customer growth remained healthy, with about 4,550 customers generating more than $100K of ARR, up from about 3,770 a year ago. The result indicates demand remains strong across observability, security, and AI-related workloads. The key positive is that the guidance raise was large and appears supported by real demand rather than only cost control. Management highlighted strong cloud security demand and AI-related traction, including sizable new contracts with major AI research divisions. The stock reacted very strongly, rising roughly 31% to 36%, which reflects a market that was positioned too cautiously into the print. The principal variables to monitor are durability of cloud security growth, continued AI-driven expansion, large-customer additions, and whether consumption trends remain strong enough to support another leg of estimate revisions. 2Q26 recommended trading range: $150 to $250. Positive Outlook. 

Datadog, Inc.（DDOG) 

• 26财年第一季度营收：10.1亿美元，同比增长32.5%，超出预期5006万美元 

• 26财年第一季度非公认会计准则每股收益：0.60美元，超出预期0.09美元 

• 26财年全年指引：上调全年营收至43.0亿–43.4亿美元（原为40.6亿–41.0亿美元）；上调调整后EPS至2.36–2.44美元 

• 短评：本季度表现极为强劲。营收首次突破10亿美元大关，经营活动现金流达3.35亿美元，自由现金流2.89亿美元；高价值客户持续扩张——ARR超10万美元的客户达4550家（去年同期约3770家），显示大型企业采用依然健康。财报印证公司在可观测性、安全及AI相关工作负载三大领域需求同步旺盛。核心亮点在于大幅上调的全年指引由真实需求驱动，而非仅靠成本管控：管理层特别强调云安全需求强劲，并已与多家头部AI研究机构签署重要新合约，AI相关产品牵引力显著。市场反应极为积极，股价盘后大涨31%–36%，反映此前预期过于保守。后续关键变量包括：（1）云安全业务增长能否持续；（2）AI驱动的平台扩展是否深化；（3）高价值客户净增节奏；（4）平台消费趋势是否足以支撑新一轮盈利预测上调。26财年第二季度建议交易区间：150美元至250美元。积极前景。 
   

McDonald’s Corporation (MCD) 

• 1Q26 Revenue: $6.52B, -9.4% YoY, beat estimates by $50M 

• 1Q26 Non-GAAP EPS: $2.83, beat estimates by $0.09. 

• FY26 Guidance: It reaffirmed capex of $3.7B to $3.9B and plans to open about 2,600 restaurants globally in 2026. 

• Comment: This was a solid quarter. Global comparable sales rose 3.8%, U.S. comparable sales rose 3.9%, and systemwide sales exceeded $34B, supported by value offerings, menu innovation, and stronger customer spending. Net income rose 6% to $1.98B. The main issue is forward consumer risk rather than current execution. Management flagged pressure from higher gas, beef, and energy costs, especially for lower-income consumers and franchisees, while April same-store sales softened against a tougher comparison. That likely explains why the company held its broader outlook rather than raising it after a beat. The stock reaction was constructive but measured. The principal variables to monitor are whether value-led traffic can hold up into May and June, whether franchise margin pressure worsens if commodity costs stay elevated, and whether newer menu and beverage initiatives can sustain comps without heavier discounting. 2Q26 recommended trading range: $250 to $300. Neutral Outlook. 

麦当劳公司（MCD) 

• 26财年第一季度营收：65.2亿美元，同比下降9.4%，超出预期5000万美元 

• 26财年第一季度非公认会计准则每股收益：2.83美元，超出预期0.09美元 

• 26财年全年指引：重申资本支出37亿–39亿美元；计划2026年全球新开约2600家餐厅 

• 短评：本季度表现稳健。全球同店销售额增长3.8%，美国同店增长3.9%，系统总销售额超340亿美元，受益于高性价比套餐、菜单创新及顾客消费力支撑；净利润同比增长6%至19.8亿美元。当前挑战不在运营执行，而在前瞻性消费风险：管理层指出，汽油、牛肉及能源成本上涨正对低收入消费者及加盟商构成压力；且4月同店销售增速环比放缓（因去年同期基数较高）。这解释了为何公司在业绩超预期后仍仅重申而非上调全年展望。财报发布后股价反应积极但克制。后续关键变量包括：（1）以价值驱动的客流能否在5–6月维持；（2）若大宗商品价格持续高企，加盟商利润率压力是否会加剧；（3）新推出的菜单与饮品能否在不过度依赖折扣的前提下持续支撑同店销售增长。26财年第二季度建议交易区间：250美元至300美元。中性前景。 

IREN Limited (IREN) 

• 3Q26 Revenue: $144.8M, -21.6% YoY, miss estimates by $74.49M 

• 3Q26 Net Income: -$247.8M 

• 4Q26 Guidance: No explicit guidance provided 

• Comment: This was a weak reported quarter on the numbers, with revenue missing badly and losses coming in much deeper than expected. That said, the market looked through the earnings miss because the strategic developments were much more important for the equity story. The Nvidia partnership materially strengthens IREN’s credibility as an AI infrastructure platform, and the Ingenostrum acquisition adds 490MW of secured grid-connected power, taking total portfolio capacity to 5GW. The key debate is now less about near-term reported earnings and more about execution. Investors appear willing to tolerate weak transitional financials if IREN can convert power access, campus buildout, and Nvidia alignment into contracted AI revenue at scale. The stock reaction reflected that, with shares initially surging despite the earnings miss. The principal variables to monitor are conversion of the Nvidia partnership into revenue-bearing deployments, execution at Sweetwater, funding needs for expansion, and how quickly AI cloud economics begin to outweigh the legacy volatility of the bitcoin-linked business model. 4Q26 recommended trading range: $40 to $80. Neutral Outlook. 

IREN Limited（IREN) 

• 26财年第三季度营收：1.448亿美元，同比下降21.6%，大幅低于预期7449万美元 

• 26财年第三季度净亏损：2.478亿美元 

• 26财年第四季度指引：未提供明确财务指引 

• 短评：本季度财报数字表现疲弱，营收显著不及预期，亏损远超市场预测。然而，市场选择忽略短期财务缺口，聚焦更具战略意义的进展：与英伟达（Nvidia）的合作大幅提升了IREN作为AI基础设施平台的可信度；收购Ingenostrum新增490兆瓦已并网电力容量，使公司总项目组合达5吉瓦。当前投资逻辑已从“近期盈利表现”转向“执行兑现能力”——投资者愿意容忍转型期的财务弱势，前提是IREN能将电网接入权、数据中心园区建设及英伟达生态协同转化为规模化、有合约保障的AI相关收入。财报发布后股价一度飙升，正反映这一叙事主导市场情绪。后续关键变量包括：（1）英伟达合作能否快速落地为创收项目；（2）Sweetwater园区建设与客户导入进度；（3）扩张所需资金的融资能力与成本；（4）AI云计算经济性何时全面超越原有比特币挖矿业务带来的波动性。26财年第四季度建议交易区间：40美元至80美元。中性前景。 

CoreWeave, Inc. (CRWV) 

• 1Q26 Revenue: $2.08B, +127% YoY, beat estimates by $110M. 

• 1Q26 GAAP EPS: -$1.40, miss estimates by $0.20 

• 2Q26 Guidance: 2Q26 revenue guided to $2.45B to $2.60B. FY26 revenue guidance was reaffirmed at $12B to $13B.  

• FY26 Guidance: FY26 capex guidance was raised to $31B to $35B from $30B to $35B. 

• Comment: This was a strong top-line quarter, but the market focused on cost intensity and guidance quality. Revenue more than doubled, backlog reached $99.4B, and the company added more than 400 megawatts of contracted power in the quarter to exceed 3.5 gigawatts total. That confirms demand remains very strong across AI infrastructure. The main issue is profitability and capital intensity. Operating expenses roughly doubled to $2.22B, capex was $6.8B in the quarter, and full-year capex guidance moved higher as component and supply-chain costs increased. Q2 revenue guidance also came in below market expectations, which likely explains why the stock fell more than 9% after hours despite the revenue beat. The principal variables to monitor are backlog conversion, capex discipline, funding costs, and whether operating leverage improves as the revenue base scales. The demand setup remains very strong, but near-term earnings quality is still not clean enough for a more constructive stance. 2Q26 recommended trading range: $90 to $130. Neutral Outlook. 

CoreWeave, Inc.（CRWV) 

• 26财年第一季度营收：20.8亿美元，同比增长127%，超出预期1.1亿美元 

• 26财年第一季度公认会计准则每股亏损：1.40美元，低于预期0.20美元（亏损扩大） 

• 26财年第二季度指引：营收24.5亿–26.0亿美元 

• 26财年全年指引：重申全年营收120亿–130亿美元；上调资本支出至310亿–350亿美元（原为300亿–350亿美元） 

• 短评：本季度顶层收入表现强劲，AI基础设施需求持续高热：营收同比翻倍以上，积压订单达994亿美元，单季新增签约电力超400兆瓦，总容量突破3.5吉瓦。然而，市场焦点不在增长，而在盈利质量与资本强度：运营支出同比翻倍至22.2亿美元，单季资本开支高达68亿美元；全年CapEx指引上调，反映组件与供应链成本上升。更关键的是，Q2营收指引低于市场预期，尽管当季收入超预期，仍引发对短期兑现节奏的担忧，导致股价盘后大跌逾9%。当前格局呈现“高需求、高投入、低利润”特征。后续关键变量包括：（1）994亿美元 backlog 能否高效转化为收入；（2）资本开支纪律能否在扩张中维持；（3）融资成本与债务结构可持续性；（4）随着收入基数扩大，运营杠杆是否实质性改善。尽管需求前景极强，但近端盈利路径尚不清晰，不足以支撑更积极立场。26财年第二季度建议交易区间：90美元至130美元。中性前景。 

Applied Optoelectronics, Inc. (AAOI) 

• 1Q26 Revenue: $151.1M, +51.3% YoY, miss estimates by $3.71M. 

• 1Q26 Non-GAAP EPS: -$0.07, miss estimates by $0.02 

• 2Q26 Guidance: 2Q26 revenue guided to $170M to $190M and non GAAP EPS to $0.11 to $0.21.  

• Comment: The quarter was operationally strong even though the bottom line missed slightly. Revenue reached a fourth straight quarterly record at $151.1M, up 13% sequentially and 51% YoY, with data center revenue rising 154% YoY to $81.4M. Non-GAAP gross margin was 29.2%, within management’s guided range, which suggests execution remains solid as higher-speed datacenter products ramp. The main issue is that profitability is not yet fully inflecting. The EPS miss and post-earnings stock weakness indicate the market wanted cleaner earnings conversion, not just strong top-line growth. At the same time, the 2Q26 guide implies another meaningful step up in revenue and a return to profitability, which supports the view that demand remains strong across AI-related optical spending. The principal variables to monitor are 200G/400G and 800G mix progression, margin expansion as volume scales, and whether the guided 2Q return to profit is sustained into 2H26. 1Q27 recommended trading range: $100 to $200. Neutral Outlook. 

Applied Optoelectronics, Inc.（AAOI) 

• 26财年第一季度营收：1.511亿美元，同比增长51.3%，略低于预期371万美元 

• 26财年第一季度非公认会计准则每股亏损：0.07美元，低于预期0.02美元（亏损略超预期） 

• 26财年第二季度指引：营收1.7亿–1.9亿美元，非GAAP每股收益0.11–0.21美元 

• 短评：本季度运营表现强劲，尽管盈利小幅不及预期。营收连续第四个季度创历史新高，达1.511亿美元（环比+13%，同比+51%），其中数据中心业务收入同比激增154%至8140万美元，反映AI驱动的高速光模块需求持续爆发。非GAAP毛利率为29.2%，处于管理层指引区间内，显示在200G/400G及800G产品加速上量过程中，执行依然稳健。然而，盈利能力尚未实现明确拐点：EPS微幅失守叠加盘后股价走弱，表明市场期待更清晰的盈利转化，而非仅顶层增长。值得留意的是，Q2指引隐含营收再上台阶并重返盈利，支持“AI相关光学支出需求强劲”的核心逻辑。后续关键变量包括：（1）200G/400G与800G产品组合升级节奏；（2）出货量扩大能否带动毛利率进一步扩张；（3）Q2实现的盈利是否能在2026年下半年持续巩固。27财年第一季度建议交易区间：100美元至200美元。中性前景。 

Coinbase Global Inc. (COIN) 

• 1Q26 Revenue: $1.41B, -30.5% YoY, miss estimates by $70M. 

• 1Q26 GAAP EPS: -$1.49, miss estimates by $1.36 

• 2Q26 Guidance: Expect S&S revenue of $565-645M and transaction revenue of ~$215 million QTD.  

• Comment: Coinbase reported a weak quarter, recording a second consecutive loss as softer crypto prices, lower risk appetite and Middle East-driven market volatility reduced trading activity. Total revenue fell to US$1.43bn from US$2.03bn a year earlier, while transaction revenue dropped around 40% to US$756mn and subscription and services revenue declined 13.5% to US$583.5mn. The company posted a net loss of US$394.1mn, or US$1.49 per share, versus a profit of US$65.6mn a year earlier, missing expectations for a profit. Management noted that total crypto market capitalization and trading volume both fell more than 20% QoQ, while Coinbase also cut around 700 jobs, or 14% of its workforce, to reduce costs and reposition for the next cycle. Looking ahead, Coinbase remains highly dependent on crypto market activity, but potential regulatory clarity from the Clarity Act and a leaner cost base could support a recovery if trading volumes rebound; however, until crypto sentiment improves, earnings are likely to remain volatile. 2Q26 recommended trading range: $160 to $200. Neutral Outlook. 

Coinbase Global 公司 (COIN) 

• 26财年第一季度营收：14.1亿美元，同比-30.5%，比预期少7,000万美元。 

• 26财年第一季度GAAP每股收益：-1.49美元，低于预期1.36美元。 

• 26财年第二季度指引：预计订阅与服务（S&S）营收为5.65亿至6.45亿美元；季度交易收入约2.15亿美元。 

• 短评：Coinbase报告了较弱的一个季度，连续第二个季度出现亏损；原因是加密货币价格走弱、风险偏好降低，以及由中东因素引发的市场波动，令交易活动减少。总营收从一年前的20.3亿美元降至14.3亿美元；交易收入约下降40%至7.56亿美元；订阅与服务收入下滑13.5%至5.835亿美元。公司录得净亏损3.941亿美元，即每股亏损1.49美元；而上一年同期为盈利6550万美元，未能达到“盈利预期”。管理层指出，总加密货币市值与交易量都在环比基础上下降超过20%；同时Coinbase削减约700个岗位（相当于员工人数14%）以降低成本，并为下一轮周期做调整。展望未来，Coinbase仍高度依赖加密市场活跃度；若《Clarity Act》（清晰法案）带来潜在的监管明晰，并且公司成本结构更轻，交易量反弹可能支持复苏。但在加密情绪未改善前，盈利大概率仍将保持波动。26财年第二季度建议交易区间：160美元至200美元。中性前景。 

Rocket Lab Corp. (RKLB) 

• 1Q26 Revenue: $200.3M, +63.4% YoY, beat estimates by $10.89M. 

• 1Q26 GAAP EPS: -$0.07, beat estimates by $0.01 

• 2Q26 Guidance: Expect revenue between $225M and $240M, Interest Income, net $12.5M and adjusted EBITDA loss of between $20M and $26M. 

• Comment: Rocket Lab delivered a record first quarter, with revenue rising 63.5% YoY to US$200.3mn, GAAP gross margin reaching 38.2%, and backlog increasing 20.2% QoQ to US$2.2bn, supported by strong demand across launch services and space systems. The company signed a record number of launch contracts, including 31 new Electron and HASTE contracts, five dedicated Neutron launches, and later its largest launch contract to date covering five Neutron and three Electron missions. Strategic momentum also strengthened through the Mynaric acquisition, the planned Motiv acquisition, and selection to support the Space Based Interceptor program under Golden Dome with Raytheon. For the second quarter, Rocket Lab guided revenue of US$225mn to US$240mn and non-GAAP gross margin of 38% to 40%, though it still expects an adjusted EBITDA loss of US$20mn to US$26mn. Looking ahead, Rocket Lab appears well positioned as demand for launch capacity, hypersonic testing, satellite components, and national security space systems accelerates, but its valuation increasingly depends on successful Neutron execution, continued backlog conversion, and proving that scale can eventually translate into sustained profitability. 2Q26 recommended trading range: $75 to $90. Neutral Outlook. 

Rocket Lab 公司 (RKLB) 

• 26财年第一季度营收：2.003亿美元，同比增长63.4%，超出预期1,089万美元。 

• 26财年第一季度GAAP每股收益：-0.07美元，超出预期0.01美元。 

• 26财年第二季度指引：预计营收在2.25亿至2.40亿美元之间；净利息收入约1,250万美元；调整后EBITDA亏损在2,000万至2,600万美元之间。 

• 短评：Rocket Lab实现了创纪录的第一季度：营收同比增长63.5%至2.003亿美元；GAAP毛利率达到38.2%；同时订单积压环比增长20.2%至22亿美元，主要受益于发射服务与航天系统的强劲需求。公司签下创纪录数量的发射合同，包括31份新的Electron与HASTE合同、5次专属Neutron发射，以及此后还签下其迄今最大的一笔发射合同，覆盖5次Neutron和3次Electron任务。通过Mynaric收购、Motiv收购的计划推进，以及获得Raytheon支持的Golden Dome下“Space Based Interceptor（天基拦截器）”项目的相关选择，公司战略动能也进一步增强。对于第二季度，公司指引营收2.25亿至2.40亿美元、非GAAP毛利率38%至40%，但仍预计调整后EBITDA亏损2,000万至2,600万美元。展望未来，随着发射产能需求、高超音速测试、卫星组件以及国防安全相关航天系统加速增长，Rocket Lab看起来处于较好位置；不过其估值越来越取决于Neutron执行是否成功、订单积压能否持续转化，以及能否证明规模最终能够带来持续盈利。26财年第二季度建议交易区间：75美元至90美元。中性前景。