美股AI数据中心与EMS财报验证实物需求，但对台系ODM缺少新增订单映射

# 美股盘后催化 6/11: Applied Digital、Celestica、Sanmina等财报验证AI数据中心和AI服务器实物订单仍在兑现

- 美股会话: 2026-07-27
- 方向: POSITIVE；类型: 财报/指引；规划重大性: 8/10
- 映射模式: supply_chain
- 美股驱动（规划器初判，需独立核验）: 事实：Applied Digital Q4收入大幅超预期，披露多份长期AI数据中心租约和约1.4GW签约IT负载；Celestica Q2收入增长62%并上调全年收入至205亿美元；Sanmina Q3 EPS显著超预期并称云/AI基础设施订单强。推断：尽管AI硬件估值承压，AI数据中心、EMS/ODM和机柜/服务器制造仍有可验证订单兑现，形成与纯融资担忧相反的实物需求证据。

## 本催化相关美股真实收盘行情

- Super Micro (SMCI.US): 29.81 -0.96%
- Dell (DELL.US): 426.91 -2.42%
- APLD.US (APLD.US): 26.375 -3.00%
- CLS.US (CLS.US): 318.24 +4.25%
- SANM.US (SANM.US): 208.9 +0.23%

## 亚太映射假设（仅候选，必须查证）

- 广达电脑 (2382.TW) [TW/竞争替代/供应商/positive]: 北美AI数据中心和云硬件订单强，可能映射到台湾服务器ODM出货。；核验问题: 核实APLD/Celestica/Sanmina客户与广达客户是否重叠或抢份额。
- 纬颖 (6669.TW) [TW/竞争替代/供应商/positive]: 超大规模云客户AI服务器和整机柜需求若为行业性，纬颖订单能见度受益。；核验问题: 核实主要云客户2026-2027 AI capex和纬颖项目份额。
- 鸿海精密 (2317.TW) [TW/供应商/positive]: AI工厂建设可能带来服务器、机柜和整机集成订单。；核验问题: 核实相关数据中心项目服务器/机柜供应商名单及鸿海参与度。

## 必答问题

- APLD长期租约客户是谁，建设融资和电力接入是否已锁定？
- Celestica/Sanmina增长是否来自少数客户或短期拉货？
- 强需求会由北美EMS吸收，还是同步利好台湾ODM？

## 原始证据全文（13 条）

### [E1900] APLD | 2026-07-27 20:05 UTC | 收盘后
Applied Digital Reports Fiscal Fourth Quarter and Full Year 2026 Results

July 27, 2026 4:05pm EDT

Download as PDF

DALLAS, July 27, 2026 (GLOBE NEWSWIRE) -- Applied Digital Corporation (Nasdaq: APLD) ("Applied Digital" or the Company") ,
URL: https://ir.applieddigital.com/news-events/press-releases/detail/159/applied-digital-reports-fiscal-fourth-quarter-and-full-year
Applied Digital Reports Fiscal Fourth Quarter and Full Year 2026 Results

July 27, 2026 4:05pm EDT

Download as PDF

DALLAS, July 27, 2026 (GLOBE NEWSWIRE) -- Applied Digital Corporation (Nasdaq: APLD) ("Applied Digital" or the Company") , a U.S.-based designer, developer, owner, and operator of large-scale, purpose-built data centers engineered to support high-performance computing (“HPC”) workloads, including artificial intelligence (“AI”), machine learning, and other accelerated-compute applications, reported financial results for the fiscal fourth quarter ended May 31, 2026. The Company also provided operational updates.
During the quarter, the Company completed the separation of its Cloud Services Business in a series of transactions that resulted in the Company owning approximately 96% of the issued and outstanding equity of ChronoScale Holdings Corporation, f/k/a ChronoScale Corporation ("ChronoScale") as of the end of the fiscal year. ChronoScale, a public company, owns and operates our historic cloud services business and is consolidated into our financial statements, but excluded from the non-GAAP financial measures set forth below. Unless otherwise specified, disclosures in this earnings release, including the below, reflect continuing operations only.
Fiscal Fourth Quarter 2026 Financial Highlights

Revenues: $258.7 million, up 407% from the prior year comparable period

Net loss attributable to common stockholders: $110.6 million, down 108% from the prior year comparable period

Net loss attributable to common stockholders per basic and diluted share: $0.39, up 63% from the prior year comparable period

Adjusted revenue: $240.4 million

Adjusted net income: $12.9 million

Adjusted net income per diluted share : $0.04

Adjusted EBITDA: $42.4 million

Net Operating Income: $39.9 million

Fiscal Year 2026 Financial Highlights

Revenues: $611.3 million, up 167% from the prior year comparable period

Net loss attributable to common stockholders: $249.2 million, down 7% from the prior year comparable period

Net loss attributable to common stockholders per basic and diluted share: $0.91, down 22% from the prior year comparable period

Adjusted revenue: $539.7 million

Adjusted net income: $36.1 million

Adjusted net income per diluted share: $0.11

Adjusted EBITDA: $107.2 million

Net Operating Income: $90.4 million

Adjusted revenue, Adjusted net income (loss) , Adjusted net income (loss) per diluted share , Adjusted EBITDA, and Net Operating Income are non-GAAP measures. A reconciliation of each of these Non-GAAP Measures to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States (“GAAP”) is set forth below. These non-GAAP measures exclude the results of ChronoScale. See “ Reconciliation of GAAP to Non-GAAP Measures. ”
Recent Highlights

Signed a 15-year take-or-pay lease with a new U.S. based, high investment-grade hyperscaler for 300 megawatts ("MW") of critical IT load at Delta Forge 1, a new AI Factory campus in Boyce, Louisiana. The lease provides for approximately $7.5 billion in base-term contracted revenue, with initial operations expected to commence calendar year 2027.

Signed a second 15-year take-or-pay lease with the same high investment-grade hyperscaler for 300 MW at Polaris Forge 3, which provides for approximately $7.5 billion in base-term contracted revenue, with initial operations expected to commence during calendar year 2027.

Completed a $2.15 billion private offering of 6.750% Senior Secured Notes due 2031 (issued at 98% of par) through its subsidiary APLD ComputeCo 2 LLC. Proceeds will fund development of 200 MW of critical IT load at Polaris Forge 2 in Harwood, North Dakota.

Closed a revolving credit facility of up to $550 million ($350 million committed + $200 million accordion), arranged by Goldman Sachs and maturing in May 2029, to support pre- and post-lease development across campuses.

Enhanced credit quality on existing CoreWeave leases through a restructured SPV subsidiary, unconditional springing guarantees from CoreWeave, Inc., and a $50 million letter of credit. These changes followed CoreWeave’s investment-grade A3-rated refinancing and provide additional security for the Company’s 9.250% Senior Secured Notes due 2030.

Closed a $300 million senior secured bridge facility led by Goldman Sachs to support development of the fourth building (150 MW) at Polaris Forge 1 (which has been repaid with the proceeds from the Senior Secured Notes Offering described below).

Completed the separation of our cloud services business, combining it with Ekso Bionics Holdings, Inc. to form ChronoScale (Nasdaq: CHRN), an independent publicly traded accelerated-compute platform. Applied Digital currently owns approximately 96% of ChronoScale.

Subsequent to the Quarter

Signed a third 15-year take-or-pay lease with the same high investment-grade hyperscaler for 210 MW at Delta Forge 2 (fifth AI Factory campus, third consecutive with this customer) in a new southern state. The lease provides for approximately $5.2 billion in base-term contracted revenue, with initial operations expected in the first half of calendar 2028.

Entered a Memorandum of Understanding with CoreWeave to assign the Building 4 lease at Polaris Forge 1 to a CoreWeave subsidiary upon achieving an investment-grade credit rating.

Closed $1.59 billion of 7.000% Senior Secured Notes due 2031 (issued at par) through our subsidiary APLD ComputeCo 3 LLC. Proceeds from this offering were used to repay the $300 million bridge facility and will fund the construction of the fourth building (150 MW), at Polaris Forge 1.

Upsized the revolving credit facility, bringing the total committed amount to $430 million, with an additional $120 million accordion remaining.

Achieved Ready for Service for Phase 1 of Building 2 (75 MW) at Polaris Forge 1 on schedule, bringing total live capacity at the campus to 175 MW.

Management Commentary
This was a defining quarter for Applied Digital, capping a defining year. Since the end of last quarter, we have signed three new leases — at Delta Forge 1, Polaris Forge 3, and Delta Forge 2 — all with the same high investment-grade hyperscaler and each in a different state. Delta Forge 1 and Polaris Forge 3 each provides for approximately $7.5 billion in base-term contracted lease revenue, while Delta Forge 2 adds approximately $5.2 billion. Together, these deals represent roughly $20 billion in long-term contracted revenue from a single, world-class customer that has now chosen us three times in a row.
With these agreements, we have secured 1.4 gigawatts ("GW") of contracted critical IT load, representing approximately $36 billion in total contracted lease revenue — or approximately $86 billion if all renewal options are exercised. We are building five multibillion-dollar AI Factory campuses for two hyperscalers and CoreWeave— a scale that we believe speaks to both the quality of our platform and the trust these customers place in our ability to execute.
“Nearly three years ago, we made a deliberate decision to build a company that scales, not just a company that builds data centers,” said Wes Cummins, Chairman and Chief Executive Officer of Applied Digital. “We call it our franchise model — a core team of design, construction, and operations professionals replicated across every campus, in each market. Combined with our proven supply chain and design approvals from every major hyperscaler, we believe this repeatable, differentiated platform is why we have emerged as one of the clear leaders in AI infrastructure.”
“We believe delivering on time is a genuine differentiator in this industry,” Cummins continued. “We brought Polaris Forge 1’s first 100 MW online on schedule and have now scaled total live capacity at the campus to 175 MW. We’re not just securing power — we’re turning it into operational AI capacity.”
Beyond the contracted port

### [E1972] Seeking Alpha | 2026-07-27 20:09 UTC | 收盘后
Applied Digital Non-GAAP EPS of $0.04 beats by $0.23, revenue of $258.7M beats by $163.38M
URL: https://seekingalpha.com/news/4619009-applied-digital-non-gaap-eps-of-0_04-beats-by-0_23-revenue-of-258_7m-beats-by-163_38m?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news
- Applied Digital press release (APLD): Q4 Non-GAAP EPS of $0.04 beats by $0.23.
- Revenue of $258.7M (+406.3% Y/Y) beats by $163.38M.
- APLD sees Q1 revenue consensus of $114.68M.
- Q1 EPS consensus of -$0.42
- FY 2027 revenue consensus of $756.45M.
- FY EPS consensus of -$1.25.

### [E1985] Investing.com | 2026-07-27 20:10 UTC | 收盘后
Applied Digital earnings beat by $0.23, revenue topped estimates
URL: https://www.investing.com/news/earnings/applied-digital-earnings-beat-by-023-revenue-topped-estimates-4814980
Applied Digital earnings beat by $0.23, revenue topped estimates

### [E2266] Reuters | 2026-07-27 20:46 UTC | 收盘后
Applied Digital beats quarterly revenue estimates on surging AI infrastructure demand
URL: https://www.reuters.com/technology/applied-digital-beats-quarterly-revenue-estimates-surging-ai-infrastructure-2026-07-27/
Applied Digital (APLD.O) beat Wall Street estimates for fourth-quarter revenue on Monday, riding on robust demand for its data ​centers from an expanding roster of AI clients.

Shares of ‌the company, which counts CoreWeave (CRWV.O) as a client, rose 5.4% in extended trading. They have risen 7.6% this year, as of Monday's close.

Applied ​Digital designs, builds and operates data centers and ​provides colocation services for artificial intelligence, networking and blockchain ⁠workloads.

The company has signed long-term colocation contracts with AI and ​networking customers racing to secure data-center capacity to power their ​models and services.

Here are some details:

The data center provider's revenue surged 407% to $258.7 million for the fourth quarter ended May 31, surpassing analysts' ​average estimate of $94.8 million, according to data compiled by LSEG.

Applied ​Digital reported per-share adjusted income of 4 cents, compared to a loss ‌of ⁠22 cents expected by analysts.

"We are still in the early innings of what we believe will likely be the largest buildout of critical infrastructure in modern economic history," CEO Wes ​Cummins said.

"We see ​demand for ⁠high-power-density, purpose-built AI data centers remaining extremely robust," Cummins added.

The company in June announced a 15-year ​lease with a U.S.-based hyperscaler at its Delta ​Forge ⁠2 site expected to generate $5.2 billion in revenue. That followed the $7.5 billion long-term deal signed in April with an unnamed hyperscaler ⁠at ​its Delta Forge 1 facility.

About 70% of ​contracted revenue is now backed by U.S.-based investment-grade hyperscalers, the company has ​said.

### [E2267] Reuters | 2026-07-27 20:46 UTC | 收盘后
Applied Digital beats quarterly revenue estimates on surging AI infrastructure demand
URL: https://www.reuters.com/technology/applied-digital-beats-quarterly-revenue-estimates-surging-ai-infrastructure-2026-07-27/
Applied Digital beats quarterly revenue estimates on surging AI infrastructure demand

Applied Digital (APLD.O) beat Wall Street estimates for fourth-quarter revenue on Monday, riding on robust demand for its data ​centers from an expanding roster of AI clients.

Shares of ‌the company, which counts CoreWeave (CRWV.O) as a client, rose 5.4% in extended trading. They have risen 7.6% this year, as of Monday's close.

Applied ​Digital designs, builds and operates data centers and ​provides colocation services for artificial intelligence, networking and blockchain ⁠workloads.

The company has signed long-term colocation contracts with AI and ​networking customers racing to secure data-center capacity to power their ​models and services.

Here are some details:

The data center provider's revenue surged 407% to $258.7 million for the fourth quarter ended May 31, surpassing analysts' ​average estimate of $94.8 million, according to data compiled by LSEG.

Applied ​Digital reported per-share adjusted income of 4 cents, compared to a loss ‌of ⁠22 cents expected by analysts.

"We are still in the early innings of what we believe will likely be the largest buildout of critical infrastructure in modern economic history," CEO Wes ​Cummins said.

"We see ​demand for ⁠high-power-density, purpose-built AI data centers remaining extremely robust," Cummins added.

The company in June announced a 15-year ​lease with a U.S.-based hyperscaler at its Delta ​Forge ⁠2 site expected to generate $5.2 billion in revenue. That followed the $7.5 billion long-term deal signed in April with an unnamed hyperscaler ⁠at ​its Delta Forge 1 facility.

About 70% of ​contracted revenue is now backed by U.S.-based investment-grade hyperscalers, the company has ​said.

### [E2248] Seeking Alpha | 2026-07-27 20:42 UTC | 收盘后
Celestica Non-GAAP EPS of $2.54 beats by $0.23, revenue of $4.7B beats by $310M
URL: https://seekingalpha.com/news/4619060-celestica-non-gaap-eps-of-2_54-beats-by-0_23-revenue-of-4_7b-beats-by-310m?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news
2026 Annual Outlook and Long-Term Demand Update
- Revenue of $20.5 billion vs consensus of $19.22B (previous outlook $19.0 billion) (1)
- Adjusted EPS (non-GAAP)* of $11.30 vs consensus of $10.30 (previous outlook $10.15) (1)(2)
- Adjusted operating margin (non-GAAP)* of 8.4% (previous outlook 8.1%) (1)
- Free cash flow (non-GAAP)* of $600 million (previous outlook $500 million) (1)

### [E2254] 华尔街见闻快讯 | 2026-07-27 20:43 UTC | 收盘后
天弘股份（Celestica Inc.，多伦多股票代码CLS.CN）ADR美股盘后涨8%。 该公司二季度营收47亿美元，分析师预期43.9亿美元。 二季度调整后每股收益（EPS）为2.54美元，分析师预期2.30美元。 预计全年营收205亿...
URL: https://wallstreetcn.com/livenews/3140513
天弘股份（Celestica Inc.，多伦多股票代码CLS.CN）ADR美股盘后涨8%。 该公司二季度营收47亿美元，分析师预期43.9亿美元。 二季度调整后每股收益（EPS）为2.54美元，分析师预期2.30美元。 预计全年营收205亿美元，分析师预期192.8亿美元，公司原本预计190亿美元。 预计全年调整后EPS为11.30美元，分析师预期10.29美元，公司原本预计10.15美元。 预计三季度营收52.5亿-55.5亿美元，分析师预期50.1亿美元。 预计三季度调整后EPS为2.88-3.08美元，分析师预期2.68美元。

### [E1852] PR Newswire Technology | 2026-07-27 20:01 UTC | 收盘后
Sanmina Reports Third Quarter Fiscal 2026 Financial Results
URL: https://www.prnewswire.com/news-releases/sanmina-reports-third-quarter-fiscal-2026-financial-results-302835530.html
Sanmina Reports Third Quarter Fiscal 2026 Financial Results
SAN JOSE, Calif., July 27, 2026 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the third quarter ended June 27, 2026 and outlook for its fourth fiscal quarter ending October 3, 2026.
Third Quarter Fiscal 2026 Financial Highlights
- Revenue: $3.46 billion
- GAAP operating margin: 6.4%
- GAAP diluted EPS: $2.12
- Non-GAAP(1) operating margin: 8.0%
- Non-GAAP(1) diluted EPS: $3.31
Additional Highlights
- Cash flow from operations: $124 million
- Free cash flow(2): $24 million
- Ending cash and cash equivalents: $1.84 billion
(1) |
See Schedule 1 below for information regarding the items excluded from and our use of non-GAAP financial measures. A reconciliation of the non-GAAP financial information contained in this release to their most directly comparable GAAP measures is included in the financial statements furnished with this release. |
(2) |
Free cash flow is defined as net cash provided by operating activity adjusted for net purchases of property and equipment. See Condensed Consolidated Cash Flow Statement included in the financial statements furnished with this release. |
"We delivered another great quarter. Revenue was at the high end of our outlook, while non-GAAP operating margin and non-GAAP diluted EPS exceeded our outlook," stated Jure Sola, Chairman and CEO of Sanmina Corporation.
"During the quarter, we secured more customer orders in both core Sanmina and ZT Systems, expanded our capabilities, increased capacity and made progress in achieving additional synergies through vertical integration. We have established a strong foundation and continue to make strategic investments to support future growth. As momentum builds across our business, we see strong demand for fiscal 2027, with growth ramping throughout the year and into fiscal 2028."
Fourth Quarter Fiscal 2026 Outlook |
|||||
Revenue: |
$3.3 billion - $3.6 billion |
||||
Non-GAAP operating margin(3): |
7.5% - 8.0% |
||||
Non-GAAP diluted EPS(3): |
$3.05 - $3.35 |
||||
Fiscal 2026 Outlook |
|||||
Prior |
Updated |
||||
Revenue: |
$13.7 billion - $14.3 billion |
$14.0 billion - $14.3 billion |
|||
Non-GAAP operating margin(3): |
6.3% - 6.6% |
6.85% - 7.25% |
|||
Non-GAAP diluted EPS(3): |
$10.75 - $11.35 |
$11.90 - $12.20 |
(3) |
This is a forward-looking non-GAAP financial measure that cannot be reconciled to its equivalent GAAP financial measure without unreasonable effort. |
Safe Harbor Statement
The statements above relating to anticipated demand during fiscal 2027 and into fiscal 2028, and our financial outlook for the fourth quarter fiscal 2026 and fiscal year 2026, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, including the risk that the integration of and expected benefits from the ZT Systems acquisition may not be realized or may take longer to realize than anticipated; adverse changes in the key markets we target, in particular the cloud and AI infrastructure sectors; the impact of recent or future changes in tariffs and trade policy, which may adversely affect our costs, supply chain, and customer demand; our reliance on a limited number of customers for a substantial portion of our sales; risks arising from our international operations and expansion into new geographic markets; geopolitical uncertainty, including relating to the conflict in the Middle East, and the other risk factors set forth in the Company's annual and quarterly reports filed with the Securities Exchange Commission.
The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.
Company Conference Call Information
Sanmina will hold a conference call to review its financial results for the third quarter and outlook for the fourth quarter of fiscal 2026 on Monday, July 27, 2026 at 5:00 p.m. ET (2:00 p.m. PT). The access numbers are: domestic 800-836-8184 and international 646-357-8785. The conference call will also be webcast live over the Internet. You can log on to the live webcast at Q3'26 Earnings. Additional information in the form of a slide presentation is available on Sanmina's website at www.sanmina.com. A replay of the conference call will be available for 48-hours. The access numbers are: domestic 888-660-6345 and international 646-517-4150, access code is 70899#.
About Sanmina
Sanmina Corporation, a Fortune 500 company, is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the industrial and energy, medical, defense and aerospace, automotive and transportation, communications networks, and cloud and AI infrastructure markets. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com.
Sanmina Contact
Paige Melching
SVP, Investor Communications
408-964-3610
Logo - https://mmx.prnewswire.com/media/1992091/SANMINA_CORPORATION_LOGO-2024.jpg
Sanmina Corporation |
|||
Condensed Consolidated Balance Sheets |
|||
(in thousands) |
|||
(GAAP) |
|||
(Unaudited) |
|||
June 27, |
September 27, |
||
ASSETS |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 1,844,942 |
$ 926,267 |
|
Accounts receivable, net |
1,986,682 |
1,400,129 |
|
Contract assets |
522,364 |
425,944 |
|
Inventories |
3,152,247 |
1,988,462 |
|
Prepaid expenses and other current assets |
322,179 |
124,656 |
|
Total current assets |
7,828,414 |
4,865,458 |
|
Property, plant and equipment, net |
1,051,414 |
682,354 |
|
Deferred income tax assets |
320,224 |
171,218 |
|
Goodwill |
121,889 |
30,386 |
|
Other assets |
417,793 |
108,757 |
|
Total assets |
$ 9,739,734 |
$ 5,858,173 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
Current liabilities: |
|||
Accounts payable |
$ 2,452,745 |
$ 1,578,895 |
|
Accrued liabilities |
366,525 |
179,605 |
|
Deferred revenue and customer advances |
1,149,752 |
878,474 |
|
Accrued payroll and related benefits |
212,858 |
167,541 |
|
Short-term debt, including current portion of long-term debt |
215,000 |
17,500 |
|
Total current liabilities |
4,396,880 |
2,822,015 |
|
Long-term liabilities: |
|||
Long-term debt |
1,957,310 |
282,974 |
|
Other liabilities |
625,919 |
214,021 |
|
Total long-term liabilities |
2,583,229 |
496,995 |
|
Stockholders' equity |
2,759,625 |
2,539,163 |
|
Total liabilities and stockholders' equity |
$ 9,739,734 |
$ 5,858,173 |
Sanmina Corporation |
|||||||
Condensed Consolidated Statements of Income |
|||||||
(in thousands, except per share amounts) |
|||||||
(GAAP) |
|||||||
(Unaudited) |
|||||||
Three Months Ended |
Nine Months Ended |
||||||
June 27, |
June 28, |
June 27, |
June 28, |
||||
Net sales |
$ 3,464,016 |
$ 2,041,562 |
$ 10,666,980 |
$ 6,031,990 |
|||
Cost of sales |
3,100,711 |
1,860,512 |
9,707,522 |
5,506,790 |
|||
Gross profit |
363,305 |
181,050 |
959,458 |
525,200 |
|||
Operating expenses: |
|||||||
Selling, general and administrative |
109,331 |
69,542 |
337,766 |
216,700 |
|||
Research and development |
8,267 |
8,078 |
24,916 |
22,418 |
|||
Acquisition, integration and others |
21,075 |
7,080 |
137,022 |
7,080 |
|||
Amortization of intangibles |
1,831 |
— |
4,883 |
— |
|||
Restructuring |
1,576 |
473 |
3,040 |
2,899 |
|||
Total operating expenses |
142,080 |
85,173 |
507,627 |
249,097 |
|||
Operating income |
221,225 |
95,877 |
451,831 |
276,103 |
|||
Interest income |
9,800 |
4,200 |
26,291 |
11,319 |
|||
Interest expense |
(32,464) |
(4,981) |
(89,324) |
(14,961) |
|||
Other income (expense), net |
(6,809) |
(3,686) |
(4,326) |
(6,370) |
|||
Interest and other, net |
(29,473) |
(4,467) |
(67,359) |
(10,012) |
|||
Income before income taxes |
191,752 |
91,410 |
384,472 |
266,091 |
|||
Provision for income taxes |
66,444 |
18,522 |
109,594 |
51,804 |
|||
Net income before noncontrolling interest |
125,308 |
72,888 |
274,878 |
214,287 |
|||
Less: Net income attributable to noncontrolling interest |
8,179 |
4,272 |
14,817 |
16,460 |
|||
Net income attributable to common shareholders |
$ 117,129 |
$ 68,616 |
$ 260,061 |
$ 197,827 |
|||
Net income attributable to common shareholders per share: |
|||||||
Basic |
$ 2.17 |
$ 1.28 |
$ 4.81 |
$ 3.66 |
|||
Diluted |
$ 2.12 |
$ 1.26 |
$ 4.71 |
$ 3.58 |
|||
Weighted-average shares used in computing per share amounts: |
|||||||
Basic |
53,861 |
53,614 |
54,118 |
54,074 |
|||
Diluted |
55,133 |
54,493 |
55,254 |
55,285 |
Sanmina Corporation |
|||||||
Reconciliation of GAAP to Non-GAAP Measures |
|||||||
(in thousands, except per share amounts) |
|||||||
(Unaudited) |
|||||||
Three Months Ended |
|||||||
June 27, |
March 28, |
June 28, |
|||||
GAAP Operating income |
$ 221,225 |
$ 157,008 |
$ 95,877 |
||||
GAAP Operating margin |
6.4 % |
3.9 % |
4.7 % |
||||
Adjustments: |
|||||||
Stock compensation expense (1) |
24,817 |
24,066 |
16,081 |
||||
Amortization of intangible assets (2) |
2,431 |
2,332 |
— |
||||
Acquisition, integration and others (3) |
21,075 |
72,584 |
7,080 |
||||
Legal (4) |
4,650 |
— |
— |
||||
Restructuring and other |
1,576 |
794 |
(3,335) |
||||
Non-GAAP Operating income |
$ 275,774 |
$ 256,784 |
$ 115,703 |
||||
Non-GAAP Operating margin |
8.0 % |
6.0 % |
5.7 % |
||||
GAAP Net income attributable to common shareholders |
$ 117,129 |
$ 93,646 |
$ 68,616 |
||||
Adjustments: |
|||||||
Operating income adjustments (see above) |
54,549 |
99,776 |
19,826 |
||||
Adjustments for taxes (5) |
11,025 |
(19,497) |
(4,849) |
||||
Non-GAAP Net income attributable to common shareholders |
$ 182,703 |
$ 173,925 |
$ 83,593 |
||||
GAAP Net income attributable to common shareholders per share: |
|||||||
Basic |
$ 2.17 |
$ 1.72 |
$ 1.28 |
||||
Diluted |
$ 2.12 |
$ 1.70 |
$ 1.26 |
||||
Non-GAAP Net income attributable to common shareholders per share: |
|||||||
Basic |
$ 3.39 |
$ 3.20 |
$ 1.56 |
||||
Diluted |
$ 3.31 |
$ 3.16 |
$ 1.53 |
||||
Weighted-average shares used in computing per share amounts: |
|||||||
Basic |
53,861 |
54,331 |
53,614 |
||||
Diluted |
55,133 |
55,108 |
54,493 |
||||
(1) |
Stock compensation expense |
||||||
Cost of sales |
$ 6,542 |
$ 5,535 |
$ 4,956 |
||||
Selling, general and administrative |
17,922 |
18,127 |
10,811 |
||||
Research and development |
353 |
404 |
314 |
||||
Total |
$ 24,817 |
$ 24,066 |
$ 16,081 |
||||
(2) |
Relates to amortization of intangible assets acquired from the ZT acquisition. |
||||||
(3) |
Q3'26 and Q2'26 results include a $13M and $59M fair value adjustment to contingent consideration, respectively, alongside certain |
||||||
(4) |
Represents expense recorded in connection with the settlement in principle of a legal matter. |
||||||
(5) |
Adjustments for taxes include the tax effects of the various adjustments we exclude from our non-GAAP measures, and adjustments |
Sanmina Corporation |
||||||||
Condensed Consolidated Cash Flow |
||||||||
(in thousands) |
||||||||
(GAAP) |
||||||||
(Unaudited) |
||||||||
Three Months Ended |
Nine Months Ended |
|||||||
June 27, |
June 28, |
June 27, |
June 28, |
|||||
Net income before noncontrolling interest |
$ 125,308 |
$ 72,888 |
$ 274,878 |
$ 214,287 |
||||
Depreciation and intangibles amortization |
48,201 |
29,760 |
134,817 |
89,813 |
||||
Amortization of inventory fair value adjustment |
— |
— |
49,000 |
— |
||||
Deferred income taxes |
8,579 |
2,456 |
54,976 |
6,990 |
||||
Change in fair value of contingent consideration |
13,000 |
— |
72,000 |
— |
||||
Other, net |
26,606 |
11,380 |
72,638 |
41,921 |
||||
Net change in net working capital |
(97,203) |
84,298 |
43,668 |
68,567 |
||||
Cash provided by operating activities |
124,491 |
200,782 |
701,977 |
421,578 |
||||
Purchases of investments |
— |
(60) |
— |
(14,700) |
||||
Proceeds from sales of investments |
— |
— |
8,710 |
49,309 |
||||
Net purchases of property, plant and equipment |
(100,806) |
(32,604) |
(244,196) |
(80,172) |
||||
Cash paid for business acquisition, net of cash acquired and working |
242,781 |
— |
(1,114,152) |
— |
||||
Cash provided by (used in) investing activities |
141,975 |
(32,664) |
(1,349,638) |
(45,563) |
||||
Proceeds from long-term debt |
— |
— |
2,200,000 |
— |
||||
Repayment of borrowings |
— |
(4,375) |
(301,875) |
(13,125) |
||||
Repurchases of common stock |
— |
(13,491) |
(239,244) |
(113,944) |
||||
Payments for tax withholding on stock-based compensation |
(3,527) |
(892) |
(59,602) |
(38,547) |
||||
Debt issuance costs |
(638) |
— |
(29,341) |
— |
||||
Cash provided by (used in) financing activities |
(4,165) |
(18,758) |
1,569,938 |
(165,616) |
||||
Effect of exchange rate changes |
(866) |
1,640 |
(1,278) |
1,461 |
||||
Net change in cash, cash equivalents and restricted cash equivalents |
$ 261,435 |
$ 151,000 |
$ 920,999 |
$ 211,860 |
||||
Free cash flow: |
||||||||
Cash provided by operating activities |
$ 124,491 |
$ 200,782 |
$ 701,977 |
$ 421,578 |
||||
Net purchases of property, plant and equipment |
(100,806) |
(32,604) |
(244,196) |
(80,172) |
||||
$ 23,685 |
$ 168,178 |
$ 457,781 |
$ 341,406 |
Schedule 1
The statements above and financial information provided in this earnings release include non-GAAP measures of operating income, operating margin, net income and earnings per share. Management excludes from these measures stock-based compensation, restructuring, acquisition and integration expenses, impairment charges, amortization charges and other unusual or infrequent items, as adjusted for taxes, as more fully described below.
Management excludes these items principally because such charges or benefits are not directly related to the Company's ongoing core business operations. We use such non-GAAP measures in order to (1) make more meaningful period-to-period comparisons of the Company's operations, both internally and externally, (2) guide management in assessing the performance of the business, internally allocating resources and making decisions in furtherance of Company's strategic plan, (3) provide investors with a better understanding of how management plans and measures the business and (4) provide investors with a better understanding of our ongoing, core business. The material limitations to management's approach include the fact that the charges, benefits and expenses excluded are nonetheless charges, benefits and expenses required to be recognized under GAAP and, in some cases, consume cash which reduces the Company's liquidity. Management compensates for these limitations primarily by reviewing GAAP results to obtain a complete picture of the Company's performance and by including a reconciliation of non-GAAP results to GAAP results in its earnings releases.
Additional information regarding the economic substance of each exclusion, management's use of the resultant non-GAAP measures, the material limitations of management's approach and management's methods for compensating for such limitations is provided below.
Stock-based Compensation Expense, which consists of non-cash charges for the estimated fair value of equity awards granted to employees and directors, is excluded in order to permit more meaningful period-to-period comparisons of the Company's results since the Company grants different amounts and value of equity awards each quarter. In addition, given the fact that competitors grant different amounts and types of equity awards and may use different valuation assumptions, excluding stock-based compensation permits more accurate comparisons of the Company's core results with those of its competitors.
Restructuring, Acquisition, Integration and Other Expenses, which consist of employee severance, lease termination costs, exit costs, environmental investigation, remediation and related employee costs and other charges primarily related to closing and consolidating manufacturing facilities, and those associated with the acquisition, integration and other expenses of acquired businesses including fair value adjustments related to contingent consideration liability, are excluded because such charges (1) can be driven by the timing of acquisitions and exit activities which are difficult to predict, (2) are not directly related to ongoing business results and (3) generally do not reflect expected future operating expenses. In addition, given the fact that the Company's competitors complete acquisitions and adopt restructuring plans at different times and in different amounts than the Company, excluding these charges or benefits permits more accurate comparisons of the Company's core results with those of its competitors. Items excluded by the Company may be different from those excluded by the Company's competitors and restructuring and integration expenses include both cash and non-cash expenses. Cash expenses reduce the Company's liquidity. Therefore, management also reviews GAAP results including these amounts.
Impairment Charges for Goodwill and Other Assets, which consist of non-cash charges, are excluded because such charges are non-recurring and do not reduce the Company's liquidity. In addition, given the fact that the Company's competitors may record impairment charges at different times, excluding these charges permits more accurate comparisons of the Company's core results with those of its competitors.
Amortization Charges, which consist of non-cash charges impacted by the timing and magnitude of acquisitions of businesses or assets, are also excluded because such charges do not reduce the Company's liquidity. In addition, such charges can be driven by the timing of acquisitions, which is difficult to predict. Excluding these charges permits more accurate comparisons of the Company's core results with those of its competitors because the Company's competitors complete acquisitions at different times and for different amounts than the Company.
Other Unusual or Infrequent Items, such as charges or benefits associated with distressed customers, expenses, charges and recoveries relating to certain legal matters, and gains and losses on sales of assets, are excluded because such items are typically non-recurring, difficult to predict or not directly related to the Company's ongoing or core operations and are therefore not considered by management in assessing the current operating performance of the Company and forecasting earnings trends. However, items excluded by the Company may be different from those excluded by the Company's competitors. In addition, these items include both cash and non-cash expenses. Cash expenses reduce the Company's liquidity. Management compensates for these limitations by reviewing GAAP results including these amounts.
Adjustments for Taxes, which consist of the tax effects of the various adjustments that we exclude from our non-GAAP measures and adjustments related to deferred tax and discrete tax items. Including these adjustments permits more accurate comparisons of the Company's core results with those of its competitors. We determine the tax adjustments based upon the various applicable effective tax rates. In those jurisdictions in which we do not expect to realize a tax cost or benefit (due to a history of operating losses or other factors), a reduced tax rate is applied.
SOURCE Sanmina Corporation

### [E1853] SANM | 2026-07-27 20:01 UTC | 收盘后
SAN JOSE, Calif. , July 27, 2026 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the third quarter ended June 27, 20
URL: https://ir.sanmina.com/news/news-details/2026/Sanmina-Reports-Third-Quarter-Fiscal-2026-Financial-Results/default.aspx
SAN JOSE, Calif. , July 27, 2026 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the third quarter ended June 27, 2026 and outlook for its fourth fiscal quarter ending October 3, 2026.

Third Quarter Fiscal 2026 Financial Highlights
Revenue: $3.46 billion
GAAP operating margin: 6.4%
GAAP diluted EPS: $2.12
Non-GAAP (1) operating margin: 8.0%
Non-GAAP (1)  diluted EPS: $3.31
Additional Highlights
Cash flow from operations: $124 million
Free cash flow (2) : $24 million
Ending cash and cash equivalents: $1.84 billion
(1)
See Schedule 1 below for information regarding the items excluded from and our use of non-GAAP financial measures. A reconciliation of the non-GAAP financial information contained in this release to their most directly comparable GAAP measures is included in the financial statements furnished with this release.

(2)
Free cash flow is defined as net cash provided by operating activity adjusted for net purchases of property and equipment. See Condensed Consolidated Cash Flow Statement included in the financial statements furnished with this release.

"We delivered another great quarter. Revenue was at the high end of our outlook, while non-GAAP operating margin and non-GAAP diluted EPS exceeded our outlook," stated Jure Sola, Chairman and CEO of Sanmina Corporation.
"During the quarter, we secured more customer orders in both core Sanmina and ZT Systems, expanded our capabilities, increased capacity and made progress in achieving additional synergies through vertical integration. We have established a strong foundation and continue to make strategic investments to support future growth. As momentum builds across our business, we see strong demand for fiscal 2027, with growth ramping throughout the year and into fiscal 2028."

Fourth Quarter Fiscal 2026 Outlook

Revenue:
$3.3 billion - $3.6 billion

Non-GAAP operating margin (3) :
7.5% - 8.0%

Non-GAAP diluted EPS (3) :
$3.05 - $3.35

Fiscal 2026 Outlook

Prior

Updated

Revenue:
$13.7 billion - $14.3 billion

$14.0 billion - $14.3 billion

Non-GAAP operating margin (3) :
6.3% - 6.6%

6.85% - 7.25%

Non-GAAP diluted EPS (3) :
$10.75 - $11.35

$11.90 - $12.20

(3)
This is a forward-looking non-GAAP financial measure that cannot be reconciled to its equivalent GAAP financial measure without unreasonable effort.

Safe Harbor Statement
The statements above relating to anticipated demand during fiscal 2027 and into fiscal 2028, and our financial outlook for the fourth quarter fiscal 2026 and fiscal year 2026, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, including the risk that the integration of and expected benefits from the ZT Systems acquisition may not be realized or may take longer to realize than anticipated; adverse changes in the key markets we target, in particular the cloud and AI infrastructure sectors; the impact of recent or future changes in tariffs and trade policy, which may adversely affect our costs, supply chain, and customer demand; our reliance on a limited number of customers for a substantial portion of our sales; risks arising from our international operations and expansion into new geographic markets; geopolitical uncertainty, including relating to the conflict in the Middle East, and the other risk factors set forth in the Company's annual and quarterly reports filed with the Securities Exchange Commission.
The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.
Company Conference Call Information
Sanmina will hold a conference call to review its financial results for the third quarter and outlook for the fourth quarter of fiscal 2026 on Monday, July 27, 2026 at 5:00 p.m. ET (2:00 p.m. PT). The access numbers are: domestic 800-836-8184 and international 646-357-8785. The conference call will also be webcast live over the Internet. You can log on to the live webcast at Q3'26 Earnings . Additional information in the form of a slide presentation is available on Sanmina's website at www.sanmina.com .  A replay of the conference call will be available for 48-hours. The access numbers are: domestic 888-660-6345 and international 646-517-4150, access code is 70899# .
About Sanmina
Sanmina Corporation, a Fortune 500 company, is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the industrial and energy, medical, defense and aerospace, automotive and transportation, communications networks, and cloud and AI infrastructure markets. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com .
Sanmina Contact
Paige Melching
SVP, Investor Communications
408-964-3610
Logo - https://mmx.prnewswire.com/media/1992091/SANMINA_CORPORATION_LOGO-2024.jpg

Sanmina Corporation

Condensed Consolidated Balance Sheets

(in thousands)

(GAAP)

(Unaudited)

June 27,
2026

September 27,
2025

ASSETS

Current assets:

Cash and cash equivalents
$     1,844,942

$        926,267

Accounts receivable, net
1,986,682

1,400,129

Contract assets
522,364

425,944

Inventories
3,152,247

1,988,462

Prepaid expenses and other current assets
322,179

124,656

Total current assets
7,828,414

4,865,458

Property, plant and equipment, net
1,051,414

682,354

Deferred income tax assets
320,224

171,218

Goodwill
121,889

30,386

Other assets
417,793

108,757

Total assets
$     9,739,734

$     5,858,173

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable
$     2,452,745

$     1,578,895

Accrued liabilities
366,525

179,605

Deferred revenue and customer advances
1,149,752

878,474

Accrued payroll and related benefits
212,858

167,541

Short-term debt, including current portion of long-term debt
215,000

17,500

Total current liabilities
4,396,880

2,822,015

Long-term liabilities:

Long-term debt
1,957,310

282,974

Other liabilities
625,919

214,021

Total long-term liabilities
2,583,229

496,995

Stockholders' equity
2,759,625

2,539,163

Total liabilities and stockholders' equity
$     9,739,734

$     5,858,173

Sanmina Corporation

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

(GAAP)

(Unaudited)

Three Months Ended

Nine Months Ended

June 27,
2026

June 28,
2025

June 27,
2026

June 28,
2025

Net sales
$   3,464,016

$   2,041,562

$  10,666,980

$   6,031,990

Cost of sales
3,100,711

1,860,512

9,707,522

5,506,790

Gross profit
363,305

181,050

959,458

525,200

Operating expenses:

Selling, general and administrative
109,331

69,542

337,766

216,700

Research and development
8,267

8,078

24,916

22,418

Acquisition, integration and others
21,075

7,080

137,022

7,080

Amortization of intangibles
1,831

—

4,883

—

Restructuring
1,576

473

3,040

2,899

Total operating expenses
142,080

85,173

507,627

249,097

Operating income
221,225

95,877

451,831

276,103

Interest income
9,800

4,200

26,291

11,319

Interest expense
(32,464)

(4,981)

(89,324)

(14,961)

Other income (expense), net
(6,809)

(3,686)

(4,326)

(6,370)

Interest and other, net
(29,473)

(4,467)

(67,359)

(10,012)

Income before income taxes
191,752

91,410

384,472

266

### [E1888] Wall St Engine | 2026-07-27 20:04 UTC | 收盘后
SANM Q3’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $3.46B (Est. $3.4B) 🟢
🔹 Adj. EPS: $3.31 (Est. $2.31) 🟢
🔹 Non-GAAP Operating Margin: 8.0%; +230 bps YoY

Raises FY26 Guide:
🔹 Revenue: $14B-$14.3B; raised from $13.7B-$14.3B
🔹 Adj Oper Margin: 6.85%
URL: https://x.com/wallstengine/status/2081833035188838752
SANM Q3’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $3.46B (Est. $3.4B) 🟢
🔹 Adj. EPS: $3.31 (Est. $2.31) 🟢
🔹 Non-GAAP Operating Margin: 8.0%; +230 bps YoY

Raises FY26 Guide:
🔹 Revenue: $14B-$14.3B; raised from $13.7B-$14.3B
🔹 Adj Oper Margin: 6.85%-7.25%; raised from 6.3%-6.6%
🔹 Adj. EPS: $11.90-$12.20; raised from $10.75-$11.35

Other Q3 Metrics:
🔹 Free Cash Flow: $24 million
🔹 Cash Flow from Operations: $124 million

Comments:
🔸 “We delivered another great quarter. Revenue was at the high end of our outlook, while non-GAAP operating margin and non-GAAP diluted EPS exceeded our outlook.”

🔸 “As momentum builds across our business, we see strong demand for fiscal 2027, with growth ramping throughout the year and into fiscal 2028.”

### [E2289] Financial Times | 2026-07-27 20:55 UTC | 收盘后
Big Tech credit risks rise sharply as AI spending soars
URL: https://www.ft.com/content/ac136522-ecc7-4262-8702-e0d636ea3099?syn-25a6b1a6=1
Big Tech credit risks rise sharply as AI spending soars
A closely watched gauge of risk in holding the debt of companies at the centre of the AI boom is rising rapidly, underscoring growing jitters over Big Tech’s vast spending on data centres, chips and computer memory.
Prices for credit default swaps, popular tools to bet against corporate debt, tied to Oracle, SpaceX, Alphabet, Amazon, Meta, Broadcom and Nvidia have risen to record highs in recent days, according to LSEG data.
The sharp moves echo a sell-off in debt issued by so-called hyperscalers, which are piling hundreds of billions of dollars into developing vast data centres and sophisticated AI models. It comes as investors have grown increasingly worried about the deluge of debt sold by these companies.
“Credit markets don’t deal well with uncertainty, and the sheer unpredictability of the pace and cost of AI financing is triggering a serious crisis of confidence right now,” said John Aylward, chief investment officer of credit manager Sona Asset Management.
In a sign of waning investor interest in AI debt, Meta’s latest borrowing cost for its $12bn Texas data centre has risen significantly to levels closer to junk-rated bonds.
The debt “priced in line with where B- deals are currently trading . . . a quite remarkable situation, but that is the world we are living in today”, Aylward said.
The moves have been most acute at Oracle, whose five-year CDS was quoted at 215 basis points on Monday, up from 144 bps at the start of the year, meaning that investors now need to pay $215,000 annually to insure $10mn of debt against default.
The database group last month said it would invest $70bn in the coming year to finance its data centre build-out, prompting S&P Global Ratings to downgrade its credit rating to triple B minus, just one notch above junk status, citing an uncertain path to profitability amid massive AI investments.
“The big question is, will this level of [capital spending] grow in perpetuity and when is that inflection point where we will see positive cash flow again?” said David Brown, global co-head of investment grade at Neuberger Berman. “We won’t have the answer anytime soon, which explains the weakness in performance.”
“It’s potentially going to be a problem because there’s still so much financing waiting to be done,” Brown said.
The concern is spreading beyond Oracle, with the cost of protecting Nvidia’s five-year debt also hitting a record of 79 bps. The chipmaker is in talks to provide a $250bn guarantee to help OpenAI finance a massive data centre project, according to a person familiar with the matter. Nvidia declined to comment on the plan, which was first reported by The Wall Street Journal.
Alphabet’s CDS — which only started trading in late November last year — was also quoted at a new high of 67 bps on Monday, after the company’s free cash flow turned negative in the second quarter for the first time since going public more than two decades ago.
While investors assess the likelihood of default for investment-grade issuers as low, buying CDS had become a way for investors to protect themselves from future credit downgrades and market volatility, said George Catrambone, head of fixed income for the Americas at DWS Group.
“Hedging is becoming more and more appropriate, especially after seeing these capex numbers post-earnings,” Catrambone said. “A huge amount of debt was issued without necessarily being able to illustrate revenues yet. There’s more and more scrutiny being placed.”
CDS has also become a broader market proxy for bearish bets on tech names.
“For hyperscalers, watch CDS, not EPS,” said Manish Kabra, head of US equity strategy at Société Générale, referring to earnings per share, a popular metric of stock valuation.
“AI capex is still outrunning cash generation, driving [tech group’s] free cash flow towards cycle lows,” Kabra said.
Additional reporting by George Hammond and Michael Acton

### [E2290] Financial Times | 2026-07-27 20:55 UTC | 收盘后
Big Tech credit risks rise sharply as AI spending soars
URL: https://www.ft.com/content/ac136522-ecc7-4262-8702-e0d636ea3099?syn-25a6b1a6=1
Big Tech credit risks rise sharply as AI spending soars
A closely watched gauge of risk in holding the debt of companies at the centre of the AI boom is rising rapidly, underscoring growing jitters over Big Tech’s vast spending on data centres, chips and computer memory.
Prices for credit default swaps, popular tools to bet against corporate debt, tied to Oracle, SpaceX, Alphabet, Amazon, Meta, Broadcom and Nvidia have risen to record highs in recent days, according to LSEG data.
The sharp moves echo a sell-off in debt issued by so-called hyperscalers, which are piling hundreds of billions of dollars into developing vast data centres and sophisticated AI models. It comes as investors have grown increasingly worried about the deluge of debt sold by these companies.
“Credit markets don’t deal well with uncertainty, and the sheer unpredictability of the pace and cost of AI financing is triggering a serious crisis of confidence right now,” said John Aylward, chief investment officer of credit manager Sona Asset Management.
In a sign of waning investor interest in AI debt, Meta’s latest borrowing cost for its $12bn Texas data centre has risen significantly to levels closer to junk-rated bonds.
The debt “priced in line with where B- deals are currently trading . . . a quite remarkable situation, but that is the world we are living in today”, Aylward said.
The moves have been most acute at Oracle, whose five-year CDS was quoted at 215 basis points on Monday, up from 144 bps at the start of the year, meaning that investors now need to pay $215,000 annually to insure $10mn of debt against default.
The database group last month said it would invest $70bn in the coming year to finance its data centre build-out, prompting S&P Global Ratings to downgrade its credit rating to triple B minus, just one notch above junk status, citing an uncertain path to profitability amid massive AI investments.
“The big question is, will this level of [capital spending] grow in perpetuity and when is that inflection point where we will see positive cash flow again?” said David Brown, global co-head of investment grade at Neuberger Berman. “We won’t have the answer anytime soon, which explains the weakness in performance.”
“It’s potentially going to be a problem because there’s still so much financing waiting to be done,” Brown said.
The concern is spreading beyond Oracle, with the cost of protecting Nvidia’s five-year debt also hitting a record of 79 bps. The chipmaker is in talks to provide a $250bn guarantee to help OpenAI finance a massive data centre project, according to a person familiar with the matter. Nvidia declined to comment on the plan, which was first reported by The Wall Street Journal.
Alphabet’s CDS — which only started trading in late November last year — was also quoted at a new high of 67 bps on Monday, after the company’s free cash flow turned negative in the second quarter for the first time since going public more than two decades ago.
While investors assess the likelihood of default for investment-grade issuers as low, buying CDS had become a way for investors to protect themselves from future credit downgrades and market volatility, said George Catrambone, head of fixed income for the Americas at DWS Group.
“Hedging is becoming more and more appropriate, especially after seeing these capex numbers post-earnings,” Catrambone said. “A huge amount of debt was issued without necessarily being able to illustrate revenues yet. There’s more and more scrutiny being placed.”
CDS has also become a broader market proxy for bearish bets on tech names.
“For hyperscalers, watch CDS, not EPS,” said Manish Kabra, head of US equity strategy at Société Générale, referring to earnings per share, a popular metric of stock valuation.
“AI capex is still outrunning cash generation, driving [tech group’s] free cash flow towards cycle lows,” Kabra said.
Additional reporting by George Hammond and Michael Acton

### [E1383] 财联社电报 | 2026-07-27 17:38 UTC | 盘中
财联社7月28日电，惠誉评级称，人工智能市场的修正正成为主要信用风险。
URL: https://www.cls.cn/detail/2438346
财联社7月28日电，惠誉评级称，人工智能市场的修正正成为主要信用风险。

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