AI Capex Cycle Splits Winners From Margin Casualties As Earnings Season Grinds On
GE Vernova upgraded on serial guidance raises and Woodward flagged on aerospace-power demand, while Super Micro's turbulent margins and a looming Cerebras print test the trade's quality tier
The latest earnings tranche sharpens a widening divide within the artificial-intelligence complex: electrical and power-infrastructure suppliers are compounding upward guidance revisions, while hardware assemblers continue to convert revenue growth into unreliable gross margin. GE Vernova drew a rating upgrade on rising guidance and a brighter 2028 outlook, Woodward was highlighted as a beneficiary of simultaneous aerospace and power booms, and Super Micro delivered a good quarter undermined by the same margin volatility that has dogged it for a year.
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