Overview
- Shares have fallen about 37% from a September peak near $346 to roughly $217, shifting focus from growth narrative to leverage and cash generation.
- Options pricing points to a roughly 10% swing after the report, with consensus expecting about $1.64–$1.65 in EPS on roughly $16.18–$16.19 billion in revenue.
- Analysts largely stay constructive heading in: Citi cut its target to $375 but kept a Buy, Mizuho reiterates Outperform at $400, and RBC maintains Sector Perform at $310.
- Investor scrutiny centers on heavy data-center capex, rising debt, customer concentration and free-cash-flow conversion, with recent FERC rulings cooling the nuclear data-center narrative.
- Coverage cites a very large RPO/backlog measured in the hundreds of billions and reports of expanded AI partnerships, including widely reported but not publicly confirmed OpenAI commitments.