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$RDDT -18% Reddit beat Q3 revenue and earnings estimates, but Q4 guidance and user numbers came in below expectations. Daily active users were 130.3M versus 133.4M expected. Reddit also plans to require users to log in to access most of its platform, beginning with tests in select markets outside the U.S. in Q4. The change comes as traffic from search continues to weaken. During October, search traffic dropped by more than 1 million referrals per week on average. If that pace continues, management says total daily active users could fall by a low-double-digit percentage in Q4 from the current roughly 130M base. CEO Steve Huffman believes Google’s expansion of AI Overviews and AI Mode is the main driver, with lower rankings for Reddit’s translated content also contributing internationally. “People still want Reddit. It's just Google is not sending them to Reddit the way they used to.” The decline has primarily affected logged-out and web traffic. Logged-in and app daily users still grew sequentially, and those audiences account for more than 80% of Reddit’s monetization. Advertising revenue grew 54% to $847M, with pricing contributing more to growth than impressions as Reddit improved advertiser performance. The login requirement is intended to turn more visitors into regular users, improve personalization and ad targeting, and make Reddit’s content harder to scrape. Some limited logged-out access will remain, with the tests determining where to place the login prompts. Huffman acknowledged the trade-off: “We will likely be trading reach for engagement.”

Reddit $RDDT CEO: “Google is crawling us as hard as ever.” “The reality is the AI mode does not drive traffic. Not for us and not to anybody as far as I know.” “It used to be a traffic driver. Now it's not.” “People still want Reddit. It's just Google is not sending them to Reddit the way they used to.” CEO Huffman says Reddit isn’t counting on Google’s traffic returning: “We don't control Google. We only control Reddit.” “Google is teaching people that if you want to come to Reddit, you need to come to Reddit.”

Amazon $AMZN plans to begin selling its Trainium AI chips outside AWS in late 2027. CEO Andy Jassy says the company expects to build “a very significant business selling chips externally.” He says external sales generate revenue immediately, while using those chips inside AWS generates more total revenue and free cash flow over five to six years of use.

$INTC CFO on 2027 free cash flow: “I don't think that this will be a year in which we see positive cash flow.” Intel expects CapEx to increase significantly from $20B in 2026 as it ramps Intel 3 and 18A while preparing 14A for production in 2028. Zinsner says Intel is targeting at least 20% returns on its investments in these process nodes.

Amazon $AMZN says its Leo satellite internet service remains on track to launch by the end of 2026. Expects to begin capitalizing certain production and launch costs in Q1 2027, later than previously anticipated. As a result, most Leo-related costs will continue to be recorded as expenses in Q4. Note: Amazon also agreed to acquire satellite operator Globalstar for approximately $11.5B earlier this year as it expands its satellite internet ambitions.

Amazon $AMZN CEO Andy Jassy on inference: “Enterprises are still very early in using inference at scale, and yet inference already accounts for well over half of AWS's AI revenue and growing.” AWS says AI revenue is growing at a triple-digit percentage rate YoY.

$AMZN CEO on robotics: “We've over a million robots now in our fulfillment network.” “...a lot of the jobs that we've that are more repetitive that we have humans doing will be done by robots.” Exploring using robots for the final 100 yards of deliveries to customers' doors.

Amazon $AMZN blames an earlier Prime Day for its Q3 advertising revenue miss. Ad revenue grew 12% YoY to $19.64B, below the $20.82B expected. Amazon says the earlier Prime Day pulled advertising spending into Q2, creating an 850bps sequential drag on Q3 growth.

Intel $INTC on the PC slowdown: CEO Lip-Bu Tan: “The pace of the PC correction has accelerated over the last two months.” CFO Dave Zinsner: “For 2027, we're planning for the PC unit TAM to decline roughly 10%.” Intel also expects industry PC units to fall approximately 12% in 2026, with second-half units down more than 20%. Its own client revenue is expected to decline more than 20% sequentially in Q4.

Intel $INTC CFO Dave Zinsner on server CPU demand: “We expect the industry to remain supply constrained throughout 2027 and into 2028.” “We now expect industry server CPU units to grow more than 30% in both 2026 and 2027.” “Growth would be higher in both years if additional industry supply were available.”

Intel $INTC CEO Lip-Bu Tan estimates the server CPU market could grow as much as 5x over the next five years, from approximately $40B today to more than $200B, largely driven by agentic AI workloads.

Amazon $AMZN CEO Andy Jassy on whether external AI shopping agents are meaningfully impacting Amazon Ads: “The answer is no.” “Few customers are doing much shopping this way yet, as the experience is still not great, nor more convenient than coming to a retailer directly to research or one-click order there.” Jassy expects Alexa for Shopping to become the primary shopping agent customers use on Amazon. Over 400M customers used its AI shopping assistant in the past 12 months. Customer interactions increased 570% YoY. U.S. customers using Alexa for Shopping spend 50% more per order than those who don't.

Amazon $AMZN CEO Andy Jassy says Prime Video now has a revenue run rate in the tens of billions of dollars and is profitable on its own.

Amazon $AMZN CEO Andy Jassy on Bedrock: Fortune 500 customer spending increased nearly 7x YoY. Total token volume grew nearly 17x YoY. Jassy says Bedrock is now the fastest-growing multibillion-dollar service in AWS history.

$AMZN CEO says the company still expects about $220B in cash CapEx for 2026, with spending expected to increase "meaningfully more" in 2027. "Customers are consuming new capacity almost as quickly as Amazon installs it."

Amazon $AMZN CEO Andy Jassy on AWS investments and long-term returns: “...have even more conviction than we already had that the investment we're making in AWS will yield a much larger revenue and free cash flow generating business than we would have imagined a couple years ago, with strong return on invested capital.” Jassy says AWS's flywheel is strengthening as existing cloud customers drive AI inference demand, which in turn fuels more core AWS usage. “This is a different model than primarily hosting GPUs or renting short-term data center capacity.” He expects AWS revenue to grow more than 40% in both 2027 and 2028.

Intel $INTC CEO Lip-Bu Tan on Nova Lake: “Nova Lake, our first Intel 18A-P client product, is tracking ahead of schedule.” Intel expects Nova Lake to have twice as many design wins as Panther Lake at launch. More details are coming at CES in January.

$INTC CEO outlined three headwinds limiting its ability to meet strong server CPU demand: 1. Intel 3 yields and cycle times are improving, but more work is needed. 2. Industry-wide shortages of advanced organic substrates for EMIB packaging are constraining output. 3. An accident at its Israel factory caused an extended shutdown, which will impact Q4 server shipments.

Sandisk $SNDK CFO says 95% of its long-term NAND agreements are with investment-grade companies that generated about $130B in operating cash flow. Expects more agreements as its pipeline continues to grow.

Sandisk $SNDK expects data centers to account for over 55% of NAND bit demand in 2027, up from 50% today. It sees data-center bit demand growing ~40% next year, after more than doubling in 2026, driven by AI infrastructure spending.