<Intro>

Please before diving in, read this disclaimer.

Welcome to the FCC Weekly Data Wrap Up

A note before we start: we have a new addition to the portfolio. More about it below. Also since it’s first edition, the portfolio is up +429%. No cherry picking, everything is public through our Excel dashboard.

The Night the Thesis Arrived — Ama-lphabet

— Presented by Crystal.

Tuesday, April 29, 2026.

After market close, two earnings reports.

One night.

Google

• $109.9 billion in revenue, up 22%.

• Cloud up 63% to $20 billion, crossing the $20B quarterly threshold for the first time.

• Backlog nearly doubled quarter over quarter to $460 billion.

• EPS of $5.11, beating consensus by 94%.

• Net income of $62.6 billion.

• Gemini Enterprise paid users growing 40% quarter over quarter.

• Waymo crossed 500,000 fully autonomous rides per week across 11 U.S. cities. Search queries at an all-time high.

Amazon

• $181.5 billion in revenue, up 17%.

• AWS up 28%, the fastest growth in 15 quarters.

• Chips business above $20 billion annual run rate, growing triple digits.

• Bedrock processed more tokens in Q1 2026 than in all prior years combined.

• Customer spend on Bedrock up 170% quarter over quarter.

• Advertising at $70B+ TTM. EPS of $2.78 versus consensus of $1.64, a 70% beat.

Two companies. $291 billion in combined quarterly revenue. Both beating every estimate that mattered for us. Both proving that AI infrastructure spending is converting to revenue at rates the market didn’t model.

Then Tuesday happened.

Google Cloud growing at 63%. AWS reaccelerating to 28%. Bedrock token volumes exploding. And if we are totally honest, the infrastructure thesis is accelerating faster than our own models predicted…

But hey, we called it, the title is explicit. We called it in February. Read the article and make you own mind.

Today

And today, we add a tenth company to the portfolio. One that applies the same data-compounding logic to the physical world, to fleets, equipment, job sites, and the 40% of global GDP that still runs on paper and guesswork. Meet our new addition: more asymmetric, more room for growth, more early, not a large cap.

If you want to understand why Google Cloud’s $460B backlog changes the scoring conversation, what Amazon’s Bedrock numbers reveal about the inference economy, and why this company just earned a spot in the FCC portfolio, read on.

The rest of this edition is for paid subscribers.

Let’s go.

Read more

<Intro>

Please before diving in, read this disclaimer.

Welcome to the FCC Weekly Data Wrap Up

The First Earnings Print Just Proved the Thesis. The Market Didn’t Care.

— Presented by Crystal.

Earnings season is here, and IBM just delivered the verdict we were waiting for.

• Revenue: $15.92 billion, up 9% year over year. Beat by $300 million.

• EPS: $1.91, beating consensus of $1.81 by 6%.

• Software revenue up 11%. Z17 mainframe hardware up 51%, the fastest mainframe cycle in 20 years.

• Free cash flow: $2.2 billion.

• Dividend raised.

And the board maintained its full-year guidance of more than 5% constant-currency growth and $1 billion in incremental free cash flow.

The market’s response? Down 7%.

The reason? IBM called it “prudent” to maintain guidance rather than raise it.

In a market addicted to beats and raises, prudence is punished.

ServiceNow, which reported the same night, dropped 17.8% despite solid results.

Palantir fell 7.2% in sympathy.

Thursday was the worst single session for enterprise software stocks since the Mythos crash two weeks ago.

By the way, we spotted opportunities in the chaos.

This is the kind of moment we live for at FCC. The thesis delivered. The Z17 cycle is accelerating. Software revenue growth confirms the Red Hat, watsonx and Confluent thesis. The FedRAMP deployment we covered three weeks ago is converting. And the market sold it because management refused to change a guidance number in April.

Meanwhile, Palantir quietly revealed the most important data flywheel expansion in its portfolio: the IRS has been paying Palantir $130 million since 2018 to build a financial crime investigation platform that now ingests tax returns, bank statements, crypto wallet data, FinCEN records, and connections across dozens of federal databases. This is Category 1 in its purest form, and almost nobody noticed because the stock was falling.

Two companies delivered real signal this week. Google reports Tuesday. Amazon reports the same day. That will be the next test.

If you want to understand why IBM’s Z17 cycle is the most underpriced infrastructure story in the portfolio, and what the IRS contract reveals about Palantir’s data compounding beyond defense, read on below.

The rest of this edition is for paid subscribers.

Read more

<Intro>

Please before diving in, read this disclaimer.

Welcome to the FCC Weekly Data Wrap Up

Performance of the portfolio: +391% since January 2024.

The Mythos Aftershock, and What It Actually Proves

— Presented by Crystal.

The software sector lost another week. The iShares Expanded Tech-Software Sector ETF is now down 26.4% for the year. Palantir fell to $129. CrowdStrike, Zscaler, Okta, Cloudflare all dropped between 5% and 9% on Thursday alone.

Michael Burry doubled down publicly, calling Palantir worth less than $50 a share.

The catalyst, again, is Anthropic.

After unveiling Claude Mythos on April 7, the company disclosed that the model is so powerful in software engineering tasks that it chose not to release it publicly. Access was restricted to roughly 40 major technology companies including Microsoft and Google. That restriction, paradoxically, scared the market more than an open release would have. The message investors heard: frontier AI is advancing so fast that even its creators consider it dangerous to deploy broadly. If that is true, what is the moat of any software company whose product can be replicated by an LLM?

That question hit Palantir hardest because Burry framed it in the most uncomfortable way possible: Anthropic’s ARR went from $9B to $30B in four months. Palantir’s revenue grew 70% last quarter. He argued the value is accruing to the model providers, not the orchestration layer.

And the market, for this week at least, agreed.

We don’t.

Here is why. And here is what is actually happening at Google, which quietly had its best positioning week of the year while nobody was watching.

If you want to understand why the Mythos panic is a market structure event, not a thesis event, and what Google’s classified Gemini deal means for earnings Tuesday, read on below.

The rest of this edition is for paid subscribers.

Read more

Welcome to the FCC Weekly Data Wrap Up

Every Sunday, we track what actually changed across our portfolio and what it does to each company’s Future Cognitive Capital score. One real signal can move a thesis. Most “news” is noise. Our job is to separate the two, then update the scoreboard.

A note before we start:

The Week the AI Competition Got Real

Presented by .

This week was ugly for defense AI, quiet for the hyperscalers, and very, very loud for agentic commerce! (We are always on the best timing). Three things matter:

• Anthropic unveiled Claude Mythos and accelerated from $9B ARR to $30B ARR in four months, spooking Palantir investors.

• Shopify’s agentic commerce strategy got fresh validation and this change everything for global e-commerce.

• The market did what markets do when they don’t know what to price, it sold everything AI.

If you want to understand why the drawdown is a thesis test, not a thesis failure, and why our new company earned its slot this week, read on.

The rest of this edition is for paid subscribers.

Read more

Please before diving in, read this disclaimer.

Welcome to the FCC Weekly Data Wrap Up

Every Sunday, We track what actually changed across our portfolio and what it does to each company’s Future Cognitive Capital score. One real signal can move a thesis. Most “news” is noise. Our job here is to separate the two, then update the scoreboard.

IBM Just Walked Through the Door We Said Was Coming

— Presented by Crystal.

After two consecutive weeks dominated by Palantir headlines and geopolitical shocks, this edition is quieter. Markets closed early for Good Friday. Oil stayed elevated. Tech continued to bleed. The S&P 500 drifted lower for another week.

And in the middle of that silence, IBM did exactly what our thesis predicted: it planted its sovereign AI stack inside the U.S. federal government.

On April 1, IBM announced that 11 of its AI and automation software solutions, including the core watsonx portfolio, received FedRAMP authorization. Deployed exclusively on AWS GovCloud. Available to every federal agency in the country. That is a four-fold increase in IBM’s FedRAMP portfolio in a single year.

If you’ve been reading our IBM analysis from the beginning, you’ll remember the thesis: IBM doesn’t chase scale. It chases enterprise autonomy. It doesn’t want to be Amazon or Google. It wants to be the trusted infrastructure for organisations that cannot, by law or by risk tolerance, export their data and AI workloads to a hyperscaler’s own control plane.

The FedRAMP announcement is the first proof that this thesis converts to revenue. Sovereign Core was the product vision. FedRAMP is the door. Watsonx on GovCloud is the foot through it.

One company has real news this week. The rest of the portfolio had nothing material to report, and that is the honest signal.

If you want to understand why IBM’s FedRAMP play changes the sovereign AI scoring conversation, read on below.

The rest of this edition is for paid subscribers.

Read more

Please before diving in, read this disclaimer.

Every Sunday, We track what actually changed across our portfolio and what it does to each company’s Future Cognitive Capital score. One real signal can move a thesis. Most “news” is noise. Our job here is to separate the two, then update the scoreboard.

When Drones Hit the Cloud

— Presented by Crystal.

We spend most of our time writing about data as an abstract asset. This week, data became concrete. And concrete got bombed.

On Monday, Amazon Web Services confirmed that its Bahrain region was disrupted for the second time this month following drone activity linked to the Iran conflict. This comes after three AWS facilities across the UAE and Bahrain were struck by Iranian drones earlier in March, the first confirmed kinetic military attack on a major hyperscale cloud provider’s infrastructure in history. Banking apps went dark. Payment gateways failed. Enterprise services across the Gulf went offline.

Meanwhile, on the same day, Palantir’s Maven Smart System was processing targeting data for Operation Epic Fury, running on the same type of infrastructure that was being hit. The very AI system that generates 1,000 targeting recommendations per hour was feeding battlefield intelligence through cloud pipelines that adversaries were actively trying to destroy.

And then, on Tuesday, the Wall Street Journal reported that Palantir and Anduril are co-developing the software layer for Golden Dome, Trump’s $185 billion antimissile shield. The “nervous system” of a space-based defense network designed to link satellites, radars, interceptors, and directed-energy weapons into one AI-coordinated system.

In one week, our portfolio lived the full spectrum of the cognitive infrastructure thesis: from physical vulnerability (Amazon’s data centres under fire) to sovereign dominance (Palantir becoming the operating system of American defense). The message is simple: data infrastructure is now strategic infrastructure. And the market is only beginning to price that in.

Three companies have news worth discussing this week. For the rest, silence is the accurate signal.

If you want to understand why Golden Dome might be the single largest AI contract in history and what it means for our Palantir position, read on below.

The rest of this edition is for paid subscribers.

Read more

Please before diving in, read this disclaimer.

Welcome to the FCC Weekly Data Wrap Up

Every Sunday, We track what actually changed across our portfolio and what it does to each company’s Future Cognitive Capital score. One real signal can move a thesis. Most “news” is noise. Our job here is to separate the two, then update the scoreboard.

To truly understand how we think:

This Week’s Free Signal

On Friday, a Pentagon memo surfaced and it changes the game.

Deputy Defense Secretary Steve Feinberg formally designated Palantir’s Maven Smart System as a program of record for the United States Department of Defense. Don’t be fooled, it’s not a pilot but the Pentagon telling the world: this is our brain now, fund it permanently.

Meanwhile, across the hallway at the Pentagon, Google’s Gemini-powered Agent Designer went live on GenAI.mil, 1.2 million DoD employees already using it, 40 million prompts run, 4 million documents uploaded. Eight pre-built AI agents are now live for tasks ranging from budget creation to checking proposed actions against the national defense strategy.

And earlier this month, AWS struck a deal with OpenAI to sell its models through GovCloud and classified regions, planting its flag directly on Anthropic’s turf.

If you read this newsletter, you knew this was coming since December. The government is not experimenting with AI anymore: it is literally choosing its stack (it didn’t choose Anthropic apparently). And the companies in our portfolio are on both sides of that decision: the ones building the weapons, and the ones selling the ammunition.

This is exactly what the FCC thesis predicted since month: data-driven infrastructure becomes sovereign infrastructure, and sovereign infrastructure becomes non-negotiable.

Let’s look at what moved.

🔒 The rest of this edition is for paid subscribers. If what you've read above changed how you think about even one company, imagine what the full breakdown does week after week. This is how we've delivered an average of +320% since January 2024. Join the 8-company deep dive below.

Read more

Please before diving in, read this disclaimer.

Hello, this is Crystal. Welcome to this week’s Data Wrap Up.

A week that looked, on the surface, like routine infrastructure updates. Under the surface: one of the most consequential realignments in cloud AI history, a platform company that finally stopped pretending it isn’t building an operating system for local commerce, a defense tech compounder showing that software moats compound faster than anyone expected, and two travel + retail names making their AI bets concrete and irreversible.

Let’s go right to it.

Read more

Hello this is , welcome to this data wrap up of the week.

Coming this week:

A thesis of us on why why think microsoft will loose the race.

We found the company that will disrupt the Bloomberg Terminal. Yep.

Stay tuned!

Welcome to the FCC Weekly Data Wrap Up

Every Sunday, We track what actually changed across our portfolio and what it does to each company’s Future Cognitive Capital score. One real signal can move a thesis. Most “news” is noise. Our job here is to separate the two, then update the scoreboard.

If you are still not subscribed, consider the following:

• A monthly file of a data cognitive compounder that will compound in data before that it compound in numbers (=edge).

• Ai As An Investment: dense articles on the Ai value chain.

• Data wrap up, that gives you once a week the news you need on our thesis. No noise and gossip twitter bullshit, real piece of news.

• Educational article to make you sharp on subjects of the future and opportunities we identified.

Yes, this is big value, and value that compound.

Let’s go right to it.

Read more

Please before diving in, read this disclaimer.

Welcome to the FCC Weekly Data Wrap Up

Every Sunday, We track what actually changed across our portfolio and what it does to each company’s Future Cognitive Capital score. One real signal can move a thesis. Most “news” is noise. Our job here is to separate the two, then update the scoreboard.

Read more

Please before diving in, read this disclaimer.

Welcome to the FCC Weekly Data Wrap Up

Every Sunday, We track what actually changed across our portfolio and what it does to each company’s Future Cognitive Capital score. One real signal can move a thesis. Most “news” is noise. Our job here is to separate the two, then update the scoreboard.

To understand bet…

Read more

Please before diving in, read this disclaimer.

Welcome to the FCC Weekly Data Wrap Up

Every Sunday, I track what actually changed across our portfolio and what it does to each company’s Future Cognitive Capital score. One real signal can move a thesis. Most “news” is noise. My job here is to separate the two, then update the scoreboard.

To understand how we think:

Since added to the portfolio, here are our performances:

Company #1: +59.51% (from +59.49% last week) ▲

Company #2: +41.91% (from +46.29% last week) ▼

Company #3: +126.40% (from +130.19% last week) ▲

Company #4: +135.34% (from +136.70% last week) ▲

Company #5: -5.68% (from -1.42% last week) — still need time. ▼

Company #6: +12.37% (from 11.11% last week) ▲

Company #7: +7.96% (from +11.99% last week). ▼

Performance of the portfolio: +377.82% since January 2024.

Let data compound and money follow.

This week witnessed critical inflection points across the portfolio, with mega-infrastructure players consolidating sovereign data architecture while vertical orchestrators signaled foundational AI pivots. Weak signals emerged around regulatory fragmentation (EU sovereignty requirements) and civil liberties resistance to law enforcement AI—both material to 20-year moats.

➤ What happens here is disciplined, repeatable work. Every week, one data-driven update on holdings. Signals, deltas, what changed, what did not. No noise. Just movement, structure, and consequences.

➤ Once a month, a deep file on a single company. Academic-grade. Slow thinking, primary sources, systems mapped end to end. Not your average pitch. A reference document you can come back to six months later and still use as so.

➤ You also get access to AAAI, our most modern course on AI as an investment. A clear mental model of how intelligence becomes infrastructure, where bottlenecks form, and where capital compounds over time.

➤ Since January 2024, the FCC strategy is up nearly 400%. That result comes from process, not bravado. From understanding systems before narratives catch up.

Future Cognitive Capital is not a feed.

It is a working framework for long-term investors.

Do you want to be part of it?

Let’s go.

Read more

Please before diving in, read this disclaimer.

Welcome to the FCC Weekly Data Wrap Up

Every Sunday, I track what actually changed across our portfolio and what it does to each company’s Future Cognitive Capital score. One real signal can move a thesis. Most “news” is noise. My job here is to separate the two, then update the scoreboard.

To understand how we think:

Since added to the portfolio, here are our performances:

Company #1: + 59.49% (from +64.97% last week) ▼

Company #2: +46.29% (from +47.31% last week) ▼

Company #3: +130.19% (from +120.25% last week) ▲

Company #4: +136.70% (from +135.85%last week) ▲

Company #5: -1.42% (from -1.60% last week) — still need time. ▲

Company #6: +11.11% (from 18.43% last week) ▼

Company #7: +11.99% (from +11.23% last week). ▲

Performance of the portfolio: +394.36% since January 2024.

Let data compound and money follow.

This week marked a critical inflection point in the data-driven competitive landscape. Alphabet reached $4 trillion valuation following Apple’s endorsement of Gemini (a validation of vertical AI integration), Amazon deployed European Sovereign Cloud (fragmenting data architecture into compliance-segmented regions), and Airbnb appointed a world-class AI executive (signaling foundational shift from feature-driven to intelligence-driven strategy).

Future Cognitive Capital

➤ What happens here is disciplined, repeatable work. Every week, one data-driven update on holdings. Signals, deltas, what changed, what did not. No noise. Just movement, structure, and consequences.

➤ Once a month, a deep file on a single company. Academic-grade. Slow thinking, primary sources, systems mapped end to end. Not your average pitch. A reference document you can come back to six months later and still use as so.

➤ You also get access to AAAI, our most modern course on AI as an investment. A clear mental model of how intelligence becomes infrastructure, where bottlenecks form, and where capital compounds over time.

➤ Since January 2024, the FCC strategy is up nearly 400%. That result comes from process, not bravado. From understanding systems before narratives catch up.

Future Cognitive Capital is not a feed.

It is a working framework for long-term investors.

Do you want to be part of it?

Let’s go.

Read more

Please before diving in, read this disclaimer.

Welcome to the FCC Weekly Data Wrap Up

Every Sunday, I track what actually changed across our portfolio and what it does to each company’s Future Cognitive Capital score. One real signal can move a thesis. Most “news” is noise. My job here is to separate the two, then update the scoreboard.

To understand how we think:

Since added to the portfolio, here are our performances:

Company #1: +64.97% (from +51.07% last week) ▲

Company #2: +47.31% (from +42.10% last week) ▲

Company #3: +120.25% (from +116.85% last week) ▲

Company #4: +135.85% (from +125.94% last week) ▲

Company #5: -1.60% (from -5.99% last week) — still need time. ▲

Company #6: + 18.43% (from +13.10% last week) ▲

Company #7: +11.23% (from -0.79% last week). ▲

Performance of the portfolio: +396.15% since January 2024.

Let data compound and money follow.

Read more

Please before diving in, read this disclaimer.

Welcome to the FCC Weekly Data Wrap Up

Every Sunday, I track what actually changed across our portfolio and what it does to each company’s Future Cognitive Capital score. One real signal can move a thesis. Most “news” is noise. My job here is to separate the two, then update the scoreboard.

To understand how we think:

This week: it was not calm. We had 3 score changes out of 7 companies, driven by infrastructure commitments, agentic rollouts, and one major data-stack move. The portfolio thesis strengthens, but in different ways depending on the name.

• Next deep dive is planned around January 15.

Since added to the portfolio, here are our performances:

Company #1: +51.07% (from +55.09% last week) ▼

Company #2: +42.10% (from +40.10% last week) ▲

Company #3: +116.85% (from +114.88% last week) ▲

Company #4: +125.94% (from +125.68% last week) ▲

Company #5: -5.99% (from -1.60% last week) — still need time I guess. ▼

Company #6: +13.10% (from +16.34% last week) ▲

Company #7: -0.79% (no comparaison, just added on December 31st). =

Performance: +343.50% since January 2024.

Let data compound and money follow.

Let’s go.

This week marked critical inflection points across the portfolio. Three mega-platforms announced full-stack infrastructure consolidations, while operational platforms embedded agentic intelligence into revenue-generating workflows. Regulatory tailwinds emerged in Europe, creating a window for data monetization expansion through 2026–2027.

The portfolio's data-driven thesis strengthens materially.

If you want the part that actually matters, go paid.

FCC is built for people who want the framework: Data Compounders, Behavioral Architecture, Feedback Loops, Full-Stack Control. The stuff that actually explains why a company compounds for a decade.

This method brought us nearly +350% return since January 2024.

Paid members get the full weekly brief, the deep dives on companies I invest in and also the future edition of my guide to invest in AI and not make dumb mistakes: AI as an Investment (long-form theses every ~20 days) and the concept work that underpins the scores. If you want the full operating system click on the next button you see 🔽

See you behind the paywall.

Read more

Please before diving in, read this disclaimer.

Hello welcome to this new edition of updates about the company we have in the portfolio and how it influence their grading on Future Cognitive Capital.

This is really important to keep track of what is going on with these company. Because one sigle signal can change everything.

By the way, here’s the investment thesis if you missed it.

Also, the next FCC file will have not delay. On 30th of December.

Subscribe now

Future Cognitive Capital got hacked!

No, not really. But our content, definitely stolen.

I guess I should be flattered someone is stealing my content, but recently it really started to piss me off.

Anyway, let’s go to the data wrap up of the week.

Since added to the portfolio, here are our performances:

Company #1: +55.09% (from +51.64% last week) ▲

Company #2: +40.10% (from +36.74% last week) ▲

Company #3: +114.88% (from +119.92% last week) ▼

Company #4: +125.68% (from +121.13% last week) ▲

Company #5: -1.60% (from -2.93% last week) — still need time I guess. ▲

Company #6: +16.34% (from +15.03% last week ▲

Performance: +350.50% since January 2024.

Let data compound and money follow.

Let’s go.

Read more

Please before diving in, read this disclaimer.

Hello welcome to this new edition of updates about the company we have in the portfolio and how it influence their grading on Future Cognitive Capital.

To understand

This is really important to keep track of what is going on with these company. Because one sigle signal can change everything.

By the way, here’s the investment thesis if you missed it.

And here’s the Chapter 0 of AAAI.

And here’s the Chapter I of AAAI.

Just a quick piece of information:

• The next file will be realized on the 30 of December, in 9 days.

• The Chapter 1 of AI As An Investment is out!

Now let’s go to the news, really interesting stuff.

Since added to the portfolio, here are our performances:

Company #1: +51.64%

Company #2: +36.74%

Company #3: +119.92%

Company #4: +121.13%

Company #5: -2.93% — still need time I guess.

Company #6: +15.03%

Performance: +341.54% since January 2024.

Let data compound and money follow.

Let’s go.

Read more

Please before diving in, read this disclaimer.

Hello welcome to this new edition of updates about the company we have in the portfolio and how it influence their grading on Future Cognitive Capital.

To understand

This is really important to keep track of what is going on with these company. Because one sigle signal can change everything.

By the way, here’s the investment thesis if you missed it.

And here’s the Chapter 0 of AAAI.

Just a quick piece of information:

• The next file will be realized on the 30 of December.

• The Chapter 1 of AI As An Investment is out tomorrow as announced.

Now let’s go to the news, really interesting stuff.

Don’t forget, you have few days left to benefit from this offer.

Get 20% off forever

Read more

Please go at the end of the of the article to choose the next FCC file!

I’ll Stop Act Like I am Dead Here

Hello everyone, I hope you are doing well.

As part of my strategy for my newsletter :

Hidden Market Gems / Future Cognitive Capital

I have been thinking of a way to deliver more value. So I created a bunch of AI tools and automation to make my prospection better.

This edition is the first of many more to come: A wrap up on the news on company we follow at Future Cognitive Capital; I’ll tell you what this news means, how it change the thesis and the consequence on the current grading, once a week.

Also, I will publish research articles, just for Future Cognitive Capital Subscribers.

Also I finished my complete course ‘AI as Investment Thesis’, there are some micro adjustments to do but the article I have been (not so) teasing for the last couple of week is almost there.

Still thinking of the pricing though (200 pages is not nothing). But of course for FCC subs it will be part of the subscription.

You are not ready I think.

Also, coming my thesis in a nutshell, so you won’t say in a couple of years when the portfolio will reach 500% return, ‘I didn’t know’:

Anyway that was for public announcement.

Let’s go back to our concept; giving you clear informations, and an edge.

By the way, as my thesis driven portfolio is giving incredible return, I am in the process of a global re-allocation from Hidden Market Gems positions to Future Cognitive Capital positions.

Also I added Purple as secondary color. I like it.

As a reminder, there is only 100 seats, and the price will increase in 2026.

Okay,

Let’s go now? Let’s go.

Read more