Doug's Daily Diary — Wednesday, September 2, 2026

Making My Case on Somewhat Illusory Hyperscaler Earnings

AI-related investment gains increasingly flatter hyperscaler earnings, with “other income” rising to 54% of pretax income. Excluding other income, the adjusted profit margins are closer to 20%.

Source: @felixavp, @bcaresearch pic.twitter.com/6pKvZgLKf7
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AI-related investment gains increasingly flatter hyperscaler earnings, with “other income” rising to 54% of pretax income. Excluding other income, the adjusted profit margins are closer to 20%. Source: @felixavp, @bcaresearch

9:23 AM · Sep 2, 2026

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Position: None

BY Doug Kass · Sep 2, 2026, 5:45 AM EDT

Oscillator Becomes More Oversold

Making My Case on Somewhat Illusory Hyperscaler Earnings