Alphabet, in its own words: "In June 2026, we issued a combination of Class A stock and Class C stock and mandatory convertible preferred stock for aggregate net proceeds of $49.6 billion, to be used for general corporate purposes, including capital expenditures to scale AI infrastructure and global compute." Add $31.1B of notes in Q1, $20.3B in Q2, and an at-the-market program of up to $40B — over $100B of new capital in six months, while Q2 capex alone ran $44.9B. Cash pile now $242.5B, up from $126.8B in March.
GOOGL 10-Q · 2026-07-23Headline net income $112.1B. The filing: "OI&E of $98.0 billion for the three months ended June 30, 2026 included net gains on equity securities of $99.0 billion, primarily related to unrealized gains in our equity securities portfolio from SpaceX and a private company." Unrealized, illiquid, reversible. The durable signal underneath: "an increase in Google Cloud revenues of $11.1 billion, or 82%" and Cloud operating income up $6.0B y/y. Both real. Neither is $99B.
GOOGL 10-Q · 2026-07-23"Long-term debt was $83.66 billion as of June 30, 2026" — versus $28.8B at the end of 2024 — against "$90.26 billion" of cash and securities, with $349.31B of non-cancelable contractual commitments, roughly 4× last year's revenue. Q2 capex $31.08B; Reality Labs "reduced our overall operating profit by approximately $8.65 billion" in H1. Operating income fell 8% to $18.78B — a 31% margin, from 43% a year ago — while 3.60B people used the apps daily in June.
META 10-Q · 2026-07-30"Revenue for fiscal year 2026 was $215.9 billion, up 65% from a year ago", with Data Center networking up 142% on the NVLink ramp. China is the asterisk: a $4.5B H20 inventory charge already taken, and "USG officials expressed an expectation that the USG will receive 15% or more of the revenue generated from licensed sales of our products, but the USG did not publish a regulation codifying such requirement." A revenue share with no regulation behind it is a negotiation, not a rule.
NVDA 10-K FY2026 · 2026 filingsArista, this fiscal year: "approximately 48% from Cloud and AI Titans, 32% from Enterprise and 20% from AI and Specialty Providers." Zero funded debt and ~$12.4B in cash make the balance sheet a fortress — but the revenue base remains one hyperscaler networking decision away from a very different year.
ANET 10-Q Q1'26 · FY25 10-K| Metric | Baseline 07-02 | Current 07-30 | Δ |
|---|---|---|---|
| GOOGL cash & ST securities | $126.8B (Q1'26) | $242.5B | +$115.7B |
| META long-term debt | $28.8B (Dec'24) | $83.66B | +$54.9B |
| META non-cancelable commitments | not quantified | $349.31B | new |
The July 2 pack stated none of the four names had conducted offerings requiring use-of-proceeds disclosure. The July 30 corpus corrects it: equity + MCPS "$49.6 billion", notes $31.1B and $20.3B, ATM up to $40B — all GOOGL, all disclosed after our baseline cutoff.
Baseline read had META's debt hidden in a trimmed filing. Current corpus prints it: "$84.00 billion aggregate principal amount of Notes outstanding, which mature from 2027 through 2066." Forty-year paper funding four-year GPUs.
"The New Mexico Attorney General has indicated that they intend to seek up to $62.85 billion in penalties in this case." Baseline saw only the EU enforcement action. The U.S. state-level claim is 3.3× Q2 operating income.
Agreements to supply multiple gigawatts of TPU hardware to external customers, revenue mostly recognized in 2027. A second AI-compute merchant just entered the market — the baseline had no visibility into this line of business existing.
Arista's Q2 filing was not in this week's corpus. Per house rules, unread is never presented as undisclosed. It tops the re-run list.
This issue was produced by re-running our July 2 question set against 28 filings with corpus cutoff July 30, then machine-diffing the two reports. New this week: a deterministic quote audit — every verbatim quote in the underlying research is string-matched against the corpus as sent. This run: 30 verified verbatim, 4 partial, 7 rejected. Only verified-verbatim quotes appear in this issue. Rejected quotes are flagged in the working papers, not published.