Not long ago the line to plug into the Texas grid held 63 gigawatts.
Within a year it hit 226.
By April it reached 410.
Texas has never used more than 85 gigawatts on the hottest day in its history.
The queue is nearly five times the record. About 87% of it is data centers.
The four largest technology companies came into this year planning to spend $650 billion on AI infrastructure. Three months later they raised it to $725 billion.
The money is real. The concrete is not.
Of the 12 to 16 gigawatts of new capacity planned in America this year, roughly 5 are actually under construction.
Every stock you own in this boom sits on one side of a single question.
Dylan Jovine found the company holding the gate. He is giving away the name, free.
Exclusive Headlines
CrowdStrike's Net New ARR Record Outran Its GAAP Profit
CrowdStrike delivered the kind of quarter that would normally settle any argument about whether its post-outage recovery is real. Revenue reached $1.47 billion, up 26%. Net new annual recurring revenue hit a record $332.8 million, comfortably clearing the bar investors were told to watch after last quarter's smaller beat produced a 10% stock decline. Management raised full-year net new ARR growth guidance to 34% at the midpoint, a jump of more than six percentage points from three months ago.
The market rewarded it. Shares climbed 10 to 12% in extended trading and held there through the end of the after-hours session, a stable move with no reversal. That is a meaningfully different pattern than the one investors had been bracing for.
Look past the adjusted numbers and the picture gets more complicated. Non-GAAP EPS came in at 31 cents, ahead of the 29 cents consensus. GAAP diluted EPS was 1 cent. CrowdStrike's GAAP operating result was still a loss of $33.2 million, even as non-GAAP operating income reached $371.6 million. The gap of roughly $400 million is driven overwhelmingly by stock-based compensation, which rose to $399 million from $276.7 million a year ago, faster than revenue itself.
A meaningful piece of the swing to GAAP profitability came from one item: CrowdStrike recorded a net recovery of $14.5 million tied to costs from the July 2024 Falcon outage, a sharp reversal from a $35.7 million net cost a year ago. That is roughly a $50 million swing in a single reconciling item that has nothing to do with new sales.
Falcon Flex ended the quarter with $2.29 billion in ARR, more than double a year ago. Customers converting from standard subscriptions to Flex are increasing annual spend by more than 40% on average. UBS asked whether CrowdStrike had begun charging for AI products on a usage or token basis. Management confirmed token-based pricing already exists within Flex.
The burden of proof from here sits on whether growth converts into GAAP profitability that does not depend on stock-based compensation staying elevated or on one-time items repeating.
Salesforce's EPS Beat Was Mostly One Investment Gain
Salesforce reported $11.3 billion in quarterly revenue, up 11%, and adjusted EPS of $5.90, apparently blowing past the $3.27 consensus. It is not quite that simple. Buried in the reconciliation is a single line: gains on strategic investments totaled $2.613 billion this quarter versus $6 million a year ago. Salesforce's footnote states plainly this gain added $2.53 to adjusted EPS. Salesforce does not exclude this gain from adjusted results. Strip it out and adjusted EPS comes to roughly $3.37, a real beat but closer to 3 to 4% than 80%. GAAP EPS ex-gain of roughly $1.86 is actually below the $1.96 reported a year ago.
Revenue growth needs a similar adjustment. The reported 11% includes $456 million from the Informatica acquisition. Strip that out and organic growth comes to roughly 6.4%. Management's own disclosure attributes the full-year revenue guidance increase to roughly $100 million of organic growth, $200 million from two pending acquisitions, and a $100 million currency headwind. The raise is disclosed by the company itself as roughly half acquisition-driven.
GAAP operating margin compressed 230 basis points to 20.5% even as adjusted operating margin held flat at 34.1%.
The AI product numbers are real. Combined ARR from Agentforce and Data Cloud approached $4 billion, more than tripling. Agentforce alone crossed $1.5 billion in ARR. Customers generated 3.2 billion units of agentic work, up 97% quarter over quarter. Current remaining performance obligation grew 14% on constant currency, ahead of revenue growth.
Goldman Sachs pressed on how Salesforce plans to monetize AI agents deployed outside packaged software through direct programming interfaces. The CFO pointed to premium editions and flexible pricing but explicitly acknowledged pricing is still being worked out. Strong usage numbers, but no settled monetization model for the deployment technically sophisticated customers prefer.
Shares rallied roughly 13% in extended trading. The bull case strengthens if Agentforce ARR growth continues while organic revenue reaccelerates. The bear case strengthens if the next several quarters show this quarter's acceleration was acquisitions and a one-time gain rather than a durable shift.
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