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Matt Phillips2h

Vistra beats Q4 earnings expectations for adjusted EBITDA, but dips on income decline

Power provider Vistra, a key player in the AI energy trade, reported better-than-expected adjusted earnings results early Thursday, but shares dipped in early trading as Q4 net income dropped.

The Texas-based company, which supplies nuclear- and natural gas-fueled power to wholesale and retail markets, reported:

Net income of $233 million, a decline of 52% from Q4 2024.
Adjusted EBITDA from ongoing operations of $1.74 billion vs. the $1.71 billion expected by Wall Street analysts.
Vistra maintained previously issued guidance for full-year EBITDA from ongoing operations and adjusted free cash flow from ongoing operations.

Vistra shares soared 258% in 2024 amid a flurry of excitement over the AI energy boom. Last year was more muted, with the stock rising 17%. So far in 2026, shares were up roughly 9% before the report.

Vistra beats fourth-quarter core profit estimates on AI-driven power demand

Vistra beats fourth-quarter core profit estimates on AI-driven power demand

Net income of $233 million, a decline of 52% from Q4 2024.
Adjusted EBITDA from ongoing operations of $1.74 billion vs. the $1.71 billion expected by Wall Street analysts.
Vistra maintained previously issued guidance for full-year EBITDA from ongoing operations and adjusted free cash flow from ongoing operations.

Vistra shares soared 258% in 2024 amid a flurry of excitement over the AI energy boom. Last year was more muted, with the stock rising 17%. So far in 2026, shares were up roughly 9% before the report.

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Why Nvidia’s terrific quarter is getting a terrible reaction

Nvidia’s CEO gave a deeply unsatisfying answer about his biggest customers’ ability to generate cash. But they might be investing more in AI GPUs in 2027 anyway.

Jensen Huang in front of Vera Rubin at CES 2026

markets

Claire Yubin Oh4h

Sandisk rises on partnership with SK Hynix to standardize memory chip architecture tailored for AI data centers

Sandisk is up 3% in premarket trading on Thursday after it began its global standardization strategy of high-bandwidth flash (HBF) memory solutions with SK Hynix.

SK Hynix commented in a press release on Thursday that “by making HBF an industry standard, together with Sandisk, we will lay the foundation for the entire AI ecosystem to grow together,” adding that the companies will set up a dedicated workstream to work on the standardization under the Open Compute Project, the world’s largest organization dealing with data center technologies.

First debuted last February, Sandisk’s HBF technology lies in between ultrafast high-bandwidth memory (HBM) and high-capacity SSDs. That is, these have more storage capacity than HBMs, but are still fast enough to be utilized in AI inferencing (albeit not as quick as HBM).

Sandisk has previously argued that this hybrid architecture is central to AI services that need user applications but require a significant amount of fast interconnect between GPUs. The latest announcement also notes that HBF technology is expected to be more cost-efficient compared to alternatives of similar scale.

The launch, which was shared in an kickoff event on Thursday evening, starts SK Hynix and Sandisk’s workflow, which was announced when the two companies signed a memorandum of understanding “to standardize the specification, define technology requirements and explore the creation of a technology ecosystem” last August, per Sandisk’s press release at the time. Ultimately, by collaborating with SK Hynix, one of the three key HBM suppliers, to standardize and commercialize the technology, Sandisk is manufacturing somewhat of a first-mover advantage to offer the system-level “AI-optimized memory architecture” required for AI inference markets, rather than focusing on the performance of a single chip element.

markets

Max Knoblauch4h

Warner Bros. reports deeper-than-expected Q4 loss amid its bidding war

Warner Bros. Discovery reported its fourth-quarter earnings before the market opened on Thursday. The results come as the company finds itself in the middle of a still-hot bidding war between Netflix and Paramount. Its shares were flat in premarket trading.

In the three months ended in December, WBD reported:

A loss of $0.10 per share, deeper than the $0.03 loss expected by analysts polled by FactSet.
Total revenue of $9.46 billion, ahead of the $9.35 billion consensus.

Warner Bros.’ cable business booked $4.2 billion in revenue, beating estimates of $4.04 billion but down 12% from last year. The division is a key difference between the Netflix and Paramount acquisition offers: Netflix is seeking to acquire everything except Warner’s cable networks, while Paramount is seeking to purchase WBD in its entirety.

Industry analysts mostly view WBD’s cable networks as being worth between $2 and $4 per share, and Paramount’s most recent bid is $3.25 per share more than Netflix’s. Paramount has said its own analysis values Warner’s cable division at $0 per share.

WBD said it would not answer any questions about the two proposals on Thursday’s earnings call, but noted the following about Paramount’s recent offer:

“There can be no assurance that the Board will conclude that the transaction proposed by PSKY is superior to the merger with Netflix or that any definitive agreement or transaction will result from Warner Bros. Discovery’s discussions with PSKY.”

D-Wave Quantum pares gains after underwhelming Q4 results

The annealing-centric quantum computing company just released quarterly results.

Julich Research Center Inaugurates Europe's First 5,000+ Qubit Quantum Computer

markets

Claire Yubin Oh5h

Zoom slumps on weaker-than-expected profit outlook, reports mixed Q4 earnings

Zoom fell 4% in premarket trading on Thursday after offering a profit outlook that came in lower than analysts had expected as part of its FY26 Q4 earnings results.

For the fiscal year ending in January 2027, the video conferencing platform expects:

Adjusted earnings per share between $5.77 and $5.81, missing analysts’ average projection of $6.06 a share, per Bloomberg data.
Revenue between $5.065 billion and $5.075 billion.

The weak bottom-line forecast came after lackluster adjusted profit results for Q4, which came in at $1.44 per share, compared with Wall Street estimates of $1.49. Revenue increased 5% year on year to $1.25 billion, just ahead of average analyst expectations.

The company maintained an optimistic tone on its mixed FY26 results, with CEO Eric S. Yuan saying on the earnings call, “In the age of AI, Zoom becomes more essential. We are building the system of action that turns conversations into coordinated execution across work inside the organization and with the world outside, including customer engagement, sales, recruiting, and more.”

Indeed, Zoom has been doubling down on its office collaboration tools recently as it continues to turn toward serving enterprises after the pandemic boom, including launching a corporate phone system and a customer service platform, both of which can sometimes be heavily dependent on expensive AI models.

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