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- An Early November Earnings Window Could Reprice Four Corners of Tech
An Early November Earnings Window Could Reprice Four Corners of Tech
Three tech names most desks haven't circled yet. Setups worth a look before the next print.
The next six weeks bring print after print from names levered to AI power demand, data center connectivity, post-spinoff software mix shifts, and the biometric identity buildout at airports.
Each one has a specific line item that will tell you whether the thesis is still working. Here is what to watch, and where the risk actually sits.
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Robotaxis
Lucid and Bolt Put 25,000 Robotaxis on Europe’s Roadmap
Lucid Group (NASDAQ: LCID) is working with European mobility company Bolt to deploy at least 25,000 fully autonomous vehicles across major European cities. Bolt plans to own and operate the vehicles as part of a larger push toward 100,000 autonomous cars by 2035.
The agreement moves robotaxis beyond the small testing fleets currently operating in selected locations. Lucid and Bolt are preparing for a commercial network that can carry passengers across multiple markets instead of remaining inside a limited demonstration zone.
Three Companies Build the System
The vehicles will use Lucid’s upcoming midsize electric platform alongside NVIDIA’s Hyperion autonomous-driving technology. Bolt will manage the fleet, transportation network, local infrastructure, and relationships with European cities and regulators.
Each company brings a different part of the system. Lucid supplies the electric vehicle, NVIDIA provides the computing platform, and Bolt connects the finished robotaxis with passengers through its existing mobility service.
Lucid Finds Another Market
The planned vehicles will support Level 4 automation, allowing them to drive without human control inside approved operating areas. Europe’s stricter safety and regulatory requirements will still determine where and when each service can begin.
Lucid already has a separate agreement involving at least 35,000 robotaxis for Uber and autonomous-driving company Nuro.
Adding Bolt gives its future midsize platform another large customer and pushes Lucid deeper into commercial autonomous transportation.
Data Centers
Marvell Expands the Optical Links Connecting AI Data Centers
Marvell Technology (NASDAQ: MRVL) and GlobalFoundries (NASDAQ: GFS) are expanding their manufacturing agreement for chips used in high-speed optical data center connections. The multiyear deal increases GlobalFoundries’ silicon-germanium production capacity.
These semiconductors support Marvell’s optical connectivity products, which move information between processors, servers, and networking equipment.
Faster computing becomes far less useful when data cannot travel through the system quickly enough to keep those processors working.
Optical Links Replace Copper
Traditional copper connections face growing limits as data centers become larger and more demanding. Optical technology can move information over longer distances at higher speeds while using less power than conventional electrical links.
Marvell develops the components and connectivity systems that manage this movement across racks and data center campuses. GlobalFoundries provides the specialized manufacturing needed to produce those chips at greater volume.
Infrastructure Expands Around AI
Most attention inside an AI data center goes toward GPUs and other computing processors. The networking and optical equipment surrounding those processors is becoming another major part of the infrastructure buildout.
Expanding capacity gives Marvell more manufacturing support as demand for faster connections continues to climb. It also places GlobalFoundries deeper inside the data center supply chain without requiring the company to compete directly in advanced AI processors.
Free Will (Sponsored)
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Software
Snap Pushes Its AR Glasses Beyond Social Media
Snap Inc. (NYSE: SNAP) is bringing new enterprise capabilities to its SPECS augmented-reality glasses through partnerships with Salesforce, NVIDIA, and Amazon Web Services. The glasses can place instructions, business information, and digital tools directly inside a worker’s field of view.
Snap is targeting jobs performed inside factories, stores, and outdoor service locations instead of limiting the device to entertainment. Workers can access information while keeping their hands available for repairs, inspections, customer service, and other physical tasks.
Enterprise Software Enters the View
Salesforce is bringing Agentforce to SPECS, allowing employees to identify objects, open support cases, retrieve information, and update workflows through the glasses.
AWS is connecting its Amazon Quick workplace assistant so employees can ask questions about inventory, products, and company information.
NVIDIA’s XR AI technology adds visual understanding, allowing the system to recognize a worker’s surroundings and provide guidance in real time. Other partners are building remote-support tools, spatial workstations, and access to documents and 3D models.
Snap Searches for a Bigger Market
Snap is also developing the device-management and security controls required to deploy SPECS across larger organizations. Those capabilities will help companies manage access, protect information, and control fleets of glasses from a central system.
The enterprise strategy gives Snap a way to compete outside traditional social media and consumer hardware. SPECS is becoming a wearable computing platform that connects workplace software with the physical tasks happening directly in front of an employee.
Which tech monopoly ends first? |
Recent Tech Movers
MACOM Technology Solutions (NASDAQ: MTSI)
Riding the AI Connectivity Buildout
MACOM makes the RF, microwave, and analog chips that go into the front end of AI data center networking gear and 5G infrastructure. The stock has been one of the better-performing semi names into September. Here's why the setup keeps working.
The company sits deep in the AI networking supply chain: 200G/400G optical drivers, laser diodes for transceivers, RF chips for wireless backhaul.
That business is compounding faster than the broader semi industry, and margins have been expanding as datacom mix grows. You've seen recent quarters accelerate in both revenue and gross margin.
Fortive (NYSE: FTV)
Post-Spinoff Breakout Setup Building
Fortive spun off its precision technology business (Ralliant) in June 2025. What's left is a cleaner, higher-margin industrial software and instrumentation business. Coverage has been thin since the deal closed, which is exactly the kind of setup that creates opportunity for you.
The remaining Fortive owns Fluke, Tektronix, and a growing portfolio of SaaS assets in facility management and asset intelligence.
At September's investor day, management laid out mid-single-digit organic growth and mid-teens EPS growth through the medium term, and you saw the stock react well.
Itron (NASDAQ: ITRI)
Grid Modernization Backlog Keeps Growing
Itron makes the smart meters, sensors, and edge software that utilities are installing to modernize the grid.
As data center power demand surges and utilities scramble to add grid intelligence, notice that Itron's Outcomes segment (software and services) has been growing double digits and running above 20% margins.
Track whether that double-digit growth holds next quarter before you act.
The backlog is at record levels. Management flagged strength in AI-driven data center utility customers on the last call.
The stock has been one of the better-performing industrial tech names this year without much financial media coverage, which is usually a good place for you to be shopping.
Gold Outlook Rising (Sponsored)
Gold is trading above $4,300 an ounce, and J.P. Morgan says prices could climb toward $6,000 by year-end 2026 and potentially $6,300 by the end of 2027.
That outlook is getting the attention of retirement investors looking to diversify beyond stocks and bonds.
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See How to Position Your Retirement Savings for Higher Gold
The Speculative Play to Keep an Eye On
Clear Secure (NYSE: YOU)
A Biometric Network Trying to Turn Itself Into a Software Platform
Every time you walk past the CLEAR pods at an airport, you are looking at the front end of an identity network that took 15 years and a lot of capital to build. The travel piece is the part you already know: 62 CLEAR+ airports and 280 retail locations running TSA PreCheck enrollment as of June 30, with eGates rolling out across the network this year.
It is a subscription business with pricing power, and the numbers show it. Second-quarter revenue was $277.8 million, up 26.6%; total bookings were $295.9 million, up 32.8%; and operating income of $83.0 million worked out to a 29.9% operating margin.
Management guided third-quarter revenue to $284 million to $287 million and raised full-year free cash flow guidance to at least $480 million, roughly 40% growth. Against a market cap near $4 billion, that cash flow line is the whole argument.
What put it on my radar
The platform, not the airport lanes. CLEAR1, the enterprise identity product, posted bookings up about fivefold year over year in the first quarter, and at the end of August, CrowdStrike (NASDAQ: CRWD) agreed to plug CLEAR1's verified human identity into the Falcon platform.
That is the first real signal that a third party will pay to rent this identity graph instead of building one. The second signal is the member gap: 43.5 million total CLEAR members against 8.3 million paying CLEAR+ subscribers.
Every one of those free accounts is already verified, which is the expensive part of onboarding. Shares sit more than 40% below the 52-week high while revenue, bookings and free cash flow all moved the other way, so you are not paying up for the platform option here.
What could blow it up
Paying membership is the slow line. Active CLEAR+ grew 15.2% while total members grew 30%, and the subscription base still funds everything. Pushing price again and churn is the thing that gives.
Travel demand is the second exposure, because a soft leisure season hits new enrollments and renewals in the same quarter. CLEAR1 is early and lumpy, and one partner deal slipping pushes the platform narrative out a year on a name that trades like the story is already working.
Third quarter results land in early November, and the CLEAR+ member line is the number to read first. Speculative sizing only.
Everything Else
📊 Momentum or stability doesn't have to be a choice in nuclear. This list of 7 stocks pairs uranium upside with utility-linked steadiness in one basket.
🥽 Meta is facing fresh scrutiny over smart glasses as French prosecutors and privacy regulators investigate alleged misuse of AI-enabled recording features.
☁️ Amazon called for stricter AI testing and stronger safeguards before advanced models are released, adding its voice to the industry’s growing safety debate.
💾 Solidigm is weighing a new U.S. memory-chip factory as AI-driven demand tightens global NAND supply.
🧠 Micron faces fresh competition from CXMT as the Chinese chipmaker pushes into NAND flash memory for AI servers.
⚖️ Google, OpenAI and Anthropic could get more room to coordinate on AI safety after a Justice Department official said such cooperation does not appear inherently anticompetitive.
That's our coverage for today; thanks for reading! Reply to this email with feedback or any tech stocks you want me to check out.
Best Regards,
—Noah Zelvis
Tech Stock Insider