Marco hosts Around the Horn for Thursday evening, November 12, 2026 - four brand-universe companies that reported after the close. Reactions as of about 4:54 PM PT (Yahoo chart API), S and P 500 proxy essentially flat after hours. Cisco Systems (CSCO, Tom, Technology): BEAT, guidance RAISED. Non-GAAP EPS $1.40 vs $1.33 consensus; revenue $18.52B vs $18.13B consensus. Revenue +24% year over year, the fastest growth in over 15 years; Networking +43%, product +32%, Americas +28%. Record non-GAAP operating margin 37.8% on operating expenses up only 2%. AI infrastructure revenue expectation from hyperscalers raised to about $9B for fiscal 2027, more than double fiscal 2026; RPO $46.2B, up 8%. Full-year guidance raised to revenue $74.8-75.8B and non-GAAP EPS $5.47-5.53 (from $72.2-73.4B and $5.05-5.11). Returned $3.7B in the quarter ($2.0B buybacks, $1.7B dividends). Reaction: after hours -0.4% (close $102.01, after hours $101.60). Verdict: muted to underdone - the flat tape declines to pay for a thesis that just arrived; opportunity, not warning. Applied Materials (AMAT, Tom, Technology): BEAT, guidance RAISED in substance. Non-GAAP EPS $4.16 vs $4.06 consensus; revenue $10.41B vs $10.30B consensus. Revenue +53% year over year; Semiconductor Systems about +64% to $8.0B; non-GAAP gross margin 50.6% (+250bp), record non-GAAP operating margin 35.3%, EPS +92%. First-quarter fiscal 2027 guidance of about $11.1B revenue and $4.35 non-GAAP EPS, both above consensus; calendar 2027 wafer fab equipment growth called above 30% with Applied expecting to outgrow it. Record quarterly free cash flow $2.6B funded a $2.0B buyback, the largest in more than eight years. Reaction: regular session -3.6% to $380.95 on chip-sector fear, after hours +0.7% to $383.67. Verdict: underdone - the tape priced the sector mood, not the print. Cerebras Systems (CBRS, Tom, Technology): BEAT on Core, guidance RAISED. Core EPS $0.13 vs a consensus loss of $0.13; Core revenue $230.9M vs about $215.8M consensus (+7.0%), beating the company's own $214-216M guide for the third straight quarter. GAAP EPS was a loss of $0.67 and GAAP revenue of $210.8M was about 1.8% light - the gap is non-cash warrant amortization and stock compensation, stated plainly in the episode. Cloud revenue +265% to about two-thirds of the mix; Core gross margin 41%. Remaining performance obligations $26.1B; inference pipeline up more than 10x in the quarter; two new hyperscaler wins; 700 MW of capacity under contract. Full-year Core revenue guidance raised to $940-960M (from $880-890M); fourth-quarter Core revenue guided to $310-330M at 47-49% Core gross margin; management guides to triple revenue in 2027. Reaction: regular session -3.3% to $97.75, after hours +18.4% to $115.70. Verdict: fair in direction, hot in size for one night - still about 70% below the 52-week high; cash conversion is the test. Nu Holdings (NU, Frank, Financials): MET, efficiency outlook RAISED in substance. EPS $0.22, in line with consensus clustered at $0.22-0.23; IFRS revenue $5.82B vs about $5.68B expected (+2.5%); managerial gross revenue a record $6.3B, +37%. Record net income of $1.1B, +31%, at a 32% ROE. Customers 143M after adding 3.7M in the quarter; credit portfolio +33% to $41.6B; deposits +19% to $47.5B at a lower cost of funds; efficiency ratio 19.3%, improved from 20.3% a year earlier, with the full-year outlook improved to 19-19.5% from around 20%. Mexico's first quarter as a bank; Colombia's largest card issuer by cardholders; Nu US live in all 50 states. Watch item: 90-plus day delinquency rose to 7.3% from 6.9%, coverage 234%. Reaction: regular session -4.0% to $11.83, after hours +3.2% to $12.21. Verdict: fair, mildly confirming. Sources: company releases (Cisco Q1 fiscal 2027 release; Applied Materials Q4 fiscal 2026 GlobeNewswire release; Cerebras Q3 2026 GlobeNewswire release; Nu Q3 2026 release), consensus Zacks, MarketBeat and Reuters as cited per name, prices Yahoo Finance. No call transcripts were available at production time; no Q and A color is claimed in any segment.
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