Episode summary
Amazon, Intel, Sandisk Report Earnings on Heels of Disappointing Alphabet Report | Bloomberg...
Bloomberg Businessweek Daily
· · Hosts: Carol Massar, Tim Stenovec · Guests: Anurag Rana, Jake Silverman, Kunjan Sobhani, Liz Ann Sonders, Mike Townsend
Summary
Amazon, Intel, and SanDisk all reported earnings against a backdrop of a sharp post-Alphabet selloff in large-cap tech, and the tone was cautious. Amazon’s results were mixed: AWS growth held up, but investors were disappointed by the lack of a bigger upside surprise and by heavier spending, with the company pointing to about $220 billion in 2026 capital expenditures and a cash flow drag tied to infrastructure buildout. One tech analyst argued that Amazon’s long-term cloud growth story remains intact, but the market is increasingly focused on whether the AI and data-center spending cycle can deliver returns.
Intel’s update was much worse received. The company’s revenue forecast missed estimates, its PC business remains weak, and an analyst said supply constraints and a weaker mix are hurting margins even as Intel invests for a data-center and foundry future. The host and guests stressed that investors are becoming less patient with companies that miss expectations, especially when peers are still delivering strong beats and raises.
SanDisk’s guidance was a bit better than expected, but investors wanted more evidence of durable long-term demand and better contract economics. Later in the show, Liz Ann Sonders argued that the market is in a more selective, less forgiving phase, while Mike Townsend said the midterm backdrop points to political uncertainty fading after Tuesday, with markets typically liking the election outcome itself less than the end of uncertainty.
Key takeaways
- Amazon’s AWS growth held up, but a guest said investors wanted a bigger beat and are now weighing the tradeoff between growth and about $220 billion of 2026 capex.
- An analyst said Intel’s problem is not just weak PC demand; supply constraints and a poorer product mix are pressuring gross margins too.
- SanDisk’s outlook was slightly ahead of estimates, but Jake Silverman said investors care more about long-term contract duration, deposits, and minimum pricing than the quarter’s headline guide.
- Liz Ann Sonders said the market is becoming more discerning, with misses getting punished and profitability increasingly separating winners from losers.
- Mike Townsend said election uncertainty often lifts after midterms, and he expects Democrats to win the House by a double-digit margin.
Notable quotes
“Still down about 6.2%here in the aftermarket and we're taking a look again some of the headlines when it comes to Amazon”
“the massiveness is on the 4Q guide is just pretty surprising”
“I think investors do need to be patient which and they have been patient”
“the PC market to decline into the second half of 2027”
How the episode opens
Bloomberg Audio Studios. Podcasts, radio, news. — This is Bloomberg Businessweek Daily. Reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus global business, finance, and tech news as it happens. The Bloomberg Businessweek Daily podcast with Carol Massar and Tim Stenovec.
We had to just kind of recap what we've been seeing because right now Amazon not as down as much as it was earlier. Still down about 6.2%here in the aftermarket and we're taking a look again some of the headlines when it comes to Amazon. Still sees a year cash cap backs about $220 billion.
Sees fourth quarter net sales 240 billion to 247 billion. Street estimate was for 244.52 billion. And then again some look at the third quarter backward AWS of course Amazon Web Services net sales XFX currency up 39%.
The estimate was for a gain of up about 38%. But again investors not totally loving what they got from the company.
Not totally loving what they got from Intel either. Shares of her Intel down more than 20%right now. This after its revenue forecast missed analyst estimates.
It was hurt by sputtering demand for PC processors and supply chain problems with its lucrative data center components. I want to bring in Kunjan Sabani, senior semiconductor analyst for Bloomberg Intelligence. Kunjan, this stock was up 150%going into today's print but still a 20%haircut is a big haircut no matter which way you look at it.
What's your take on this print?
Yeah, I mean look the massiveness is on the 4Q guide is just pretty surprising. We all knew that the PC market is not looking that strong, but the results that came in uh are again surprising.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- earnings
- capital spending
- semiconductor demand
- e-commerce slowdown
- holiday sales outlook
Companies and tickers mentioned
- AMZN
- INTC
- GOOGL
- GOOG
- Amazon
- Intel
- Sandisk
- Alphabet
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
More from Bloomberg Businessweek Daily
-
Bloomberg Businessweek Weekend - November 13th, 2026 | Bloomberg Businessweek -
Inside Jensen Huang’s Final Hours as Nvidia CEO | Bloomberg Businessweek -
Jensen Huang's Exit Kicks Off Nvidia Strategy Reset | Bloomberg Businessweek -
Special Episode: Bobby Jain on Why He Chose Millennium Again | Bloomberg Businessweek -
Bloomberg Businessweek Daily Podcast: Jensen’s Nvidia Departure -
Take-Two Releasing Long-Awaited Grand Theft Auto VI Next Week | Bloomberg Businessweek
Bloomberg Businessweek Daily, this episode and its artwork belong to Bloomberg. Octagon is not affiliated with the show; this page is an independent summary.
