👉 Micron Earned $37.7 Billion in One Quarter

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Accenture reported a strong quarter as demand for large-scale enterprise transformations helped revenue exceed management’s guidance. New bookings reached $22.2 billion, up 4% YoY, including 37 client bookings worth more than $100.0 million each.

Consulting revenue increased 6% to $9.3 billion, while Managed Services grew 7% to $9.4 billion. Growth was broad across the business, with all three geographic markets growing 7% in local currency. Communications, Media & Technology was the strongest industry group, increasing 10% in U.S. dollars, followed by Health & Public Service at 8%.

AI continued to become more deeply embedded across Accenture’s work. Nearly 100 additional clients began their first advanced AI projects during the quarter, bringing the fiscal-year total above 400. Management also noted that revenue from its emerging AI and data partners more than doubled during fiscal 2026 while bookings more than tripled, reinforcing its view that AI is creating larger transformation opportunities rather than simply reducing demand for consulting services.

The 40% jump in GAAP operating income and profits does overstate the underlying improvement because last year’s quarter included $615.3 million of business-optimization costs, primarily related to severance. Excluding those costs, prior-year operating income was $2.67 billion and net income was $1.94 billion, making the underlying profit growth considerably more modest.

Looking ahead, management expects first-quarter revenue between $18.95 billion and $19.60 billion, representing 2% to 6% growth in local currency. For fiscal 2027, Accenture expects revenue growth between 3% and 6%, an operating margin between 15.9% and 16.1%, and diluted EPS between $14.39 and $14.81.

No position.

Micron reported a historic quarter as surging AI infrastructure demand and an very tight memory market drove its sixth consecutive quarterly revenue record. Revenue reached $54.23 billion while gross margin expanded to 86.8%, compared to 44.7% last year, producing an enormous increase in operating income and profits.

DRAM revenue reached a record $39.8 billion, increasing 343% YoY and representing 73% of total revenue, while NAND revenue surged 526% to a record $14.1 billion. Data center SSD revenue alone approached $10.0 billion, more than 10x last year's level, as AI infrastructure deployments rapidly increased demand for high-performance storage alongside compute.

Growth was broad across every business unit. Core Data Center revenue increased more than 11x YoY to $18.0 billion, Cloud Memory reached $16.3 billion, Mobile and Client generated $13.1 billion, and Automotive and Embedded revenue climbed to $6.82 billion. HBM revenue also grew faster than Micron's overall business as the company continued ramping shipments across a growing number of customers.

Management emphasized that memory supply remains structurally constrained even as AI-related demand continues accelerating. More than 75% of Micron's fiscal 2027 shipments are already committed, while management expects both DRAM and NAND markets to remain supply constrained through 2028. Micron has also completed agreements for the vast majority of its 2027 HBM bit supply at significantly higher prices and is working with NVIDIA on a custom HBM4E product for its next-generation GPUs and NVLink Fusion platforms.

Looking ahead, management expects first-quarter revenue of approximately $61.5 billion alongside a gross margin of roughly 86% and diluted EPS of $37.84. Management expects fiscal 2027 to establish another year of record financial performance as AI demand continues to outpace available memory supply.

Long Micron.

Nike reported a mixed quarter as continued momentum across its performance portfolio was outweighed by weakness across Sportswear, Jordan Brand and Greater China. Revenue declined 4% YoY to $11.21 billion, while gross margin improved 60 basis points to 42.8% as lower warehousing and logistics costs helped offset the weaker top line.

Nike Brand Wholesale revenue declined just 1% to $6.8 billion, while Nike Direct revenue fell 8% to $4.1 billion as Digital declined 13% and company-owned stores fell 5%. Geographically, North America revenue increased 2% to $5.13 billion, while EMEA declined 5% and Greater China fell 22% on a reported basis, or 26% in constant currency.

Performance remained the clearest bright spot. Nike Performance revenue grew high-single digits, with Running growing double digits alongside continued share gains, Global Football posting strong double-digit growth across all four geographies, and Basketball growing double digits in North America. Conversely, Sportswear — nearly half of company revenue — declined low-double digits, while Jordan Brand revenue fell mid-teens as Nike deliberately reduced product supply. Dunk revenue alone declined nearly 50%, creating roughly a $200.0 million headwind.

Management emphasized that restoring scarcity and premium positioning is more important than protecting near-term revenue. Nike is cutting the frequency and volume of Jordan Retro releases, reducing lower-quality digital distribution in China and reorganizing Sportswear around more distinct consumer groups. The company also introduced Pace, an operating-model transformation expected to generate approximately $2.5 billion in cumulative savings through fiscal 2031 by simplifying the organization, modernizing the supply chain and moving resources closer to individual markets.

Looking ahead, management expects fiscal 2027 revenue to decline in the high-single-digit range and adjusted EPS between $1.15 and $1.35. Nike expects its deliberate Sportswear, Jordan and China resets to continue pressuring results through the remainder of fiscal 2027 and into fiscal 2028, with management specifically warning that Greater China revenue could deteriorate further before the business begins recovering.

No position.

“It feels that there’s quite a concentrated bet right now on two companies being able to generate enough revenues to support all the financing that’s happened.”