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Tuesday, October 27, 2026

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Atlas Research NoteOct 27, 2026Ben Bajarin
Cadence Q3 2026: Agents Are Pulling Work Through the Core Tools, and Our Revenue Path Was Too Low
Creative Strategies earnings read | October 27, 2026 | Cadence Design Systems third-quarter 2026 results and conference call, October 26, 2026 Cadence raised its 2026 outlook to 21% revenue growth on a record $8.2 billion backlog, recurring revenue grew 18%, and the company introduced Maestro, its own family of chip design models, to keep control of the interface to the design engineer. Operating view: The quarter is the first clear evidence for the mechanism we laid out in our June report on agentic EDA, where agents create more billable work inside the verification and implementation engines Cadence already owns. Recurring revenue, which excludes hardware, grew 18% from a year earlier against 11% last year, hardware emulation set another record, and management said agentic use is driving more use of the base tools.
Ben BajarinPreview
Creative Strategies ResearchOct 26, 2026Ben Bajarin
How AMD's full-stack approach matches the infrastructure demands of agentic AI
AMD Series · Part 2 of 3 The industry conversation is moving from AI models to AI systems, and what gets measured is moving with it, from a single inference request to a complete workflow that includes reasoning, retrieval, orchestration, tool execution, memory, and security. Agentic AI, in which software agents plan and carry out tasks
Ben BajarinOpen
The Diligence StackOct 23, 2026Ben Bajarin
Prometheus and the Economics of Useful Compute
The strategic advantage of best in class compute
Ben BajarinOpen
Atlas Research NoteOct 23, 2026Ben Bajarin
Meta Q3 2026: Muse Works, and Now It Has to Get Cheaper to Serve
Creative Strategies earnings read | October 23, 2026 | Meta Platforms third-quarter 2026 results and conference call, October 21, 2026 Meta showed that its personal agent has found an audience, said the product is too expensive to serve at global scale today, and committed to cutting that cost by more than tenfold in a year, while the capex guide implies a December quarter near $54 billion. This report pairs with our Prometheus report, "Prometheus and the Economics of Useful Compute," which covers how Meta's training cluster produces the models Muse runs on. Operating view: Muse is the first consumer AI product we have seen where serving cost, more than model quality, sets how fast it can grow.
Ben BajarinPreview
Atlas Research NoteOct 23, 2026Ben Bajarin
Texas Instruments Q3 2026: Analog Turns Into a Capacity Story, and Our Models Are Behind It
Creative Strategies earnings read | October 22, 2026 | Texas Instruments third-quarter 2026 results and conference call, October 21, 2026 Texas Instruments told investors that little analog capacity has been added outside China in four years, that pricing has started to move, and that its cleanrooms are ready to fill, while its data center business nearly doubled from a year earlier. Operating view: The analog recovery is becoming a supply story, and TI is the supplier with the cleanroom space to meet it. Management said little analog capacity has been added outside China since the 2022 peak, that some foundries are moving capacity away from analog, and that a fab takes about four years from moving dirt to output.
Ben BajarinPreview
Atlas Research NoteOct 22, 2026Ben Bajarin
Lam Research Q3 2026: A Constrained $200 Billion, and NAND Gets Its Own Trade Ratio
Creative Strategies earnings read | October 22, 2026 | Lam Research September 2026 quarter results and conference call, October 21, 2026 Lam told investors that cleanroom space and component supply will set the pace of 2027 equipment spending while demand runs above it, and it gave NAND its first new reason in years to need more wafers for every bit it ships. Operating view: Lam's preliminary view of 2027 wafer fab equipment, more than $200 billion on a mid-$150 billion 2026, sits above our WFE Base case ($187 billion) and just under our High case ($208 billion), and management described it as a constrained number with real demand above it. That is the second equipment maker in two weeks to land on our High case for 2027, after ASML's roughly 85-system EUV plan.
Ben BajarinPreview

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Notes

Cadence Q3 2026: Agents Are Pulling Work Through the Core Tools, and Our Revenue Path Was Too Low

How AMD's full-stack approach matches the infrastructure demands of agentic AI

Prometheus and the Economics of Useful Compute

Meta Q3 2026: Muse Works, and Now It Has to Get Cheaper to Serve

Texas Instruments Q3 2026: Analog Turns Into a Capacity Story, and Our Models Are Behind It

Lam Research Q3 2026: A Constrained $200 Billion, and NAND Gets Its Own Trade Ratio

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