Micron’s quarter was the latest datapoint that we are still early in the AI buildout, my sense is still in the second inning. Shares of MU traded up about 15% the day following earnings as August guidance came in materially ahead of Street expectations. Revenue in the May quarter grew about 370% y/y, and August guidance implies 340-350% y/y growth versus the Street at 285% underscoring the company is defying the law of large numbers. AI investors can rest well at night knowing Micron signed 16 strategic customer agreements (SCAs) in May, up from one last quarter, seven of which were large 5 year deals. This is important given it singles Micron customers believe the AI buildout has years to run.

Two Apple updates announced today have implications for FY27 estimates: Tim Cook mentioned to the Wall Street Journal that some product price increases are coming because of higher memory costs, and Bloomberg’s Mark Gurman reported Apple will stagger next year’s iPhone launch between the fall and following spring. My take is the pricing change is the bigger news, likely resulting in gross margins in FY27 around the 49.2% just reported in March. The Street is currently at 48% for FY27.

The elephant in the room going into this year’s WWDC was: Does Apple have the chops to build a compelling personalized AI? While the demo of the new Siri AI lived up to the hopes of personalized AI, the vague details around timing (US, Europe and China will be staged) sent shares down 4.9% intraday, underscoring that they still have measurable work to do to crack the AI code. Next stop: a beta late this year, which lands the timing of a full version at best in spring 2027. The good news is, since no competitor can offer compelling personalized AI today, Apple likely has two-plus years to get it right.

Monday is the most important WWDC in its 43-year history. Investors have given the company almost two years to get the new Siri right, a feature that is code-named for AI competence. The waiting is over, and now it’s time for Apple to convince investors that future products will be infused with compelling AI features that only Apple can pull off. If they do that, the AI narrative on AAPL will flip from follower to leader, and shares should undergo a measurable rerating. If they fail, investors can sleep well at night knowing that the personalized AI revolution has not begun, and while investors may not wait around, Apple’s loyal base will.

Google Search has been under threat ever since AI chatbots changed how people discover information late in 2022. That matters because Search drives about 55% of the company's revenue. At Google's I/O 2026 developer conference this week, it was clear that Google has solved for the chatbot headwind. The company is increasingly turning Search into an AI-native action layer, with agents, commerce rails, and subscriptions. All that means that Search can continue to grow at 10% plus for the next few years (compared to 19% in March, and around 11% on average over the past three years).

Nvidia’s April quarter was another reminder that the AI infrastructure trade is still in the second inning. While shares trading down 1.7% in trading the following day, hides the bigger point. Nvidia’s core revenue growth accelerated to 109% y/y in April from 89% in December, adjusting for China, and July guidance implies about 95% growth before what will likely be another beat. The harder question is not whether Nvidia’s business is exceptional, it is whether the stock can keep outperforming given the law of large numbers.

The U.S. approval for Nvidia to sell H200 GPUs into China creates a call option for an incremental 3-5% of revenue in CY26 and CY27. At the high end, I believe China could add 10% to CY27 estimates. I caution that, even though China can drive some upside, the unpredictable nature of future China revenue likely means NVDA won't get credit for that upside. In the end, Nvidia doesn't need China because growth has accelerated without China. In the April quarter that will be reported this Wednesday, May 20, the Street is expecting revenue growth of 79%. Removing the China revenue from April of last year to get an apples-to-apples growth rate, sales are expected to be up 100% y/y, up from 89% growth reported in the recent January quarter, adjusting for China.