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WATSON CAPITAL | EQUITY STRATEGY
WATSON CAPITAL
RESEARCH & STRATEGY
U.S. EQUITY
STRATEGY & OPPORTUNITIES
AI Spending Holds; Rate Risk Returns
COVERAGE UNIVERSE
10 trending securities across AI infrastructure, cybersecurity, semiconductor
equipment, cloud software, gold and integrated energy.
Week ended August 28, 2026
Outlook: August 31 - September 4, 2026
Peter Watson
Managing Member & Portfolio Manager
Watson Capital Management LLC
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EXECUTIVE VIEW
Leadership remains narrow - but
investable
Large-cap technology carried the week while most sectors declined. The opportunity is to
own verified earnings strength without ignoring renewed rate risk.
WATSON CAPITAL CONCLUSION
Maintain a barbell: high-quality AI and cybersecurity compounders on one side; energy
and gold exposure on the other. Keep event-driven positions smaller ahead of the Sep. 1-
2 earnings cluster.
What changed this week
• The S&P 500 gained 0.5% and the Nasdaq gained 0.8%, but the Russell 2000 fell 1.5%.
• Technology and communication services led; eight of eleven sectors finished lower.
• Microsoft's cloud results and CrowdStrike's record net-new ARR reinforced the AI and
cybersecurity demand thesis.
• Chairman Warsh emphasized that inflation remains too high, restoring duration and valuation
risk to the foreground.
• Next week concentrates risk: PANW reports Sep. 1; AVGO, HPE and SNOW report Sep. 2; August
payrolls arrive Sep. 4.
Action hierarchy
OWN / ACCUMULATE
MSFT; AVGO after sizing for earnings; CRWD on confirmation of the post-earnings floor;
LRCX in tranches.
PORTFOLIO BALLAST
XOM for inflation and commodity resilience; NEM after consolidation rather than
chasing its August run.
WAIT FOR PROOF
HPE, SNOW and PANW around earnings; IREN only as a tightly sized speculative
position.
Market data are through the August 28 close. Ratings reflect relative attractiveness inside this coverage universe, not
absolute return forecasts.
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MARKET REGIME
Growth won the week; breadth did not
Index gains understated the degree of concentration. This remains a stock-picker's market
with a higher penalty for valuation mistakes.
S&P 500 Nasdaq Dow Russell 2000
+0.5% +0.8% +0.5% -1.5%
7,711.76 26,402.42 53,559.99 2,972.37
Source: AP market close, August 28, 2026 [1].
Regime interpretation
• Momentum: positive in mega-cap growth, weaker below the index surface.
• Rates: asymmetric risk has shifted toward tighter policy as inflation remains above target.
• Earnings: AI infrastructure demand is intact, but high valuations require beats plus credible
forward guidance.
• Positioning: avoid confusing a strong index with broad risk appetite; smaller companies lagged
materially.
PORTFOLIO IMPLICATION
Favor quality and cash generation. Use event-driven names to add alpha, not as
oversized substitutes for a diversified core.
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SECTOR LEADERSHIP
The index was carried by three sectors
Technology, communication services and financials advanced while defensive and cyclical
groups mostly declined.
Source: Tapeboard sector scorecard for Aug. 24-28, 2026 [2].
READ-THROUGH
The AI trade remains supported, but the broad tape is not confirming indiscriminate
risk-taking. Energy's pullback is useful for portfolio construction because its year-to-
date trend remains strong.
Themes to carry forward
• AI capex and cloud monetization
• Cybersecurity as an AI-enablement requirement
• Semiconductor manufacturing complexity
• Gold and integrated energy as macro hedges
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OPPORTUNITY SET
Ten trending securities, ranked
Scores combine business durability, catalyst clarity, valuation discipline, risk and current
setup. They are designed for relative comparison within this edition.
# Ticker Theme Score Stance Risk
1 MSFT AI platforms & cloud 91 CORE ACCUMULATE MEDIUM
2 AVGO AI silicon & networking 89 HIGH CONVICTION / EVENT RISK HIGH
3 CRWD Cybersecurity 85 SELECTIVE BUY MEDIUM-HIGH
Semiconductor
4 LRCX 83 ACCUMULATE ON WEAKNESS MEDIUM-HIGH
equipment
5 XOM Integrated energy 82 CORE HEDGE / HOLD MEDIUM
6 NEM Gold & copper 80 HOLD / BUY PULLBACKS MEDIUM
Enterprise AI
7 HPE 78 CONSTRUCTIVE / EVENT RISK HIGH
infrastructure
8 SNOW Cloud data & AI 76 WATCH / EVENT DRIVEN HIGH
9 PANW Cybersecurity 74 WATCH BEFORE EARNINGS HIGH
10 IREN AI cloud infrastructure 70 SPECULATIVE / TACTICAL EXTREME
Score scale: 85-100 highest conviction; 75-84 constructive/selective; 65-74 tactical or watch; below 65 avoid. Event risk can
override the score for position sizing.
TOP IDEA
MSFT has the best balance of quality and setup. AVGO has the most important near-term
catalyst. CRWD offers the most attractive post-earnings dislocation. IREN has the widest
outcome range.
Why no regular 14-stock names appear
This is a separate trend screen. The standing Watson Capital universe was excluded by design so the
report can surface new leadership, event risk and cross-sector diversification.
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PORTFOLIO MAP
Quality and setup are not the same
thing
The best company is not automatically the best event trade. The matrix separates franchise
durability from present entry asymmetry.
Source: Watson Capital qualitative scoring framework. Scores are judgment-based, not market forecasts.
Sizing framework
Bucket Names Role
Core MSFT, XOM Durable earnings and portfolio ballast
Selective growth AVGO, CRWD, LRCX, NEM Higher alpha with disciplined entry
Event / tactical HPE, SNOW, PANW, IREN Small positions; catalyst-defined risk
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RANK 1 | AI PLATFORMS & CLOUD
MSFT | Microsoft Corporation
PRICE SCORE STANCE RISK
$513.53 91 CORE ACCUMULATE MEDIUM
High-quality compounder; add on rate-driven weakness
Investment thesis
Microsoft is the cleanest combination of AI demand, monetization, backlog visibility and balance-sheet
strength in this week's screen. Azure growth and Copilot adoption show that AI spend is moving from
experimentation into enterprise workloads.
Evidence
• FY26 Q4 revenue was $90.0B, up 18% year over year.
• Azure and other cloud-services revenue grew 43%.
• Commercial remaining performance obligation reached $678B, up 84%.
CATALYSTS RISKS
• Further Azure capacity conversion • Rate-driven multiple compression
• Copilot seat growth and pricing realization • Heavy capital intensity
• Evidence that AI capex converts into durable • Slower-than-expected Copilot monetization
cloud revenue
EXECUTION TRIGGER
Accumulate in tranches; favor broad-market or duration-driven pullbacks over
momentum chasing.
THESIS INVALIDATION
A multi-quarter Azure deceleration alongside weakening cloud margins and lower
backlog conversion.
Sources: [4], [5] | Price: August 28, 2026 close/reference quote.
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RANK 2 | AI SILICON & NETWORKING
AVGO | Broadcom Inc.
PRICE SCORE STANCE RISK
HIGH CONVICTION /
$368.79 89 HIGH
EVENT RISK
Best earnings catalyst; position sizing matters before Sep. 2
Investment thesis
Broadcom is the strongest near-term AI infrastructure catalyst outside the standing Watson Capital
coverage list. Custom accelerators, networking and VMware create multiple earnings engines, but
expectations are high ahead of Wednesday's report.
Evidence
• Fiscal Q2 revenue was $22.19B, up 48% year over year.
• AI semiconductor revenue reached $10.8B, up 143% year over year.
• Management guided fiscal Q3 revenue to approximately $29.4B.
CATALYSTS RISKS
• Q3 results after the Sep. 2 close • Large post-run valuation
• Custom-accelerator customer expansion • Customer concentration
• AI networking and VMware margin • Earnings-gap risk if AI guidance merely
execution meets expectations
EXECUTION TRIGGER
Use a partial position before earnings; add only after the guidance and margin bridge
are understood.
THESIS INVALIDATION
AI revenue growth falls materially below the spending cycle while customer
concentration increases.
Sources: [8], [9], [10] | Price: August 28, 2026 close/reference quote.
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RANK 3 | CYBERSECURITY
CRWD | CrowdStrike Holdings, Inc.
PRICE SCORE STANCE RISK
$218.40 85 SELECTIVE BUY MEDIUM-HIGH
Post-earnings dislocation with improving operating evidence
Investment thesis
CrowdStrike's price weakness contrasts with a record operating quarter. ARR, net-new ARR, retention
and free cash flow all improved. The debate is valuation and durability, not whether the platform is
gaining commercial traction.
Evidence
• Fiscal Q2 total revenue was $1.47B, up 26%.
• Ending ARR reached $5.84B; net-new ARR was $333M.
• Free cash flow was $377M; FY27 net-new ARR growth guidance rose to 34% at the midpoint.
CATALYSTS RISKS
• Raised full-year growth outlook • Premium valuation despite the selloff
• Falcon Flex expansion • Security-platform competition
• Enterprise security spend tied to AI adoption • Execution after rapid sales acceleration
EXECUTION TRIGGER
Build exposure only if the post-earnings low holds and estimate revisions remain
positive.
THESIS INVALIDATION
Net-new ARR reaccelerates briefly but retention, free-cash-flow margin or new-logo
growth roll over.
Sources: [6] | Price: August 28, 2026 close/reference quote.
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RANK 4 | SEMICONDUCTOR EQUIPMENT
LRCX | Lam Research Corporation
PRICE SCORE STANCE RISK
ACCUMULATE ON
$301.90 83 MEDIUM-HIGH
WEAKNESS
Quality pullback after a sharp Friday decline
Investment thesis
Lam provides differentiated exposure to the manufacturing complexity behind AI, memory and
advanced logic. Friday's 5.2% decline improves entry conditions, though China exposure and a still-rich
multiple keep the position below Microsoft and Broadcom.
Evidence
• June-quarter revenue was a record $6.72B, up 15.1% sequentially.
• GAAP operating margin reached 37.4% and diluted EPS was $1.81.
• Customer-support revenue was $2.47B, supporting recurring economics.
CATALYSTS RISKS
• Advanced packaging and memory • Export controls and China mix
investment • Semiconductor capex cyclicality
• Higher service revenue from installed base • High expectations after multiple expansion
• AI-driven process complexity
EXECUTION TRIGGER
Prefer staged entries around $300 rather than a full allocation after a single down day.
THESIS INVALIDATION
Equipment demand weakens across memory and foundry while service growth fails to
offset the cycle.
Sources: [11] | Price: August 28, 2026 close/reference quote.
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RANK 5 | INTEGRATED ENERGY
XOM | ExxonMobil Holdings
Corporation
PRICE SCORE STANCE RISK
$156.71 82 CORE HEDGE / HOLD MEDIUM
Cash-flow ballast against inflation and geopolitical risk
Investment thesis
Exxon is the report's principal portfolio hedge. It adds strong free cash flow, shareholder distributions
and commodity sensitivity to an otherwise growth-heavy opportunity set. The role is diversification
and resilience, not maximum upside.
Evidence
• Q2 GAAP earnings were $14.5B, or $3.48 per share.
• Cash flow from operations was $23.6B and free cash flow was $17.2B.
• Quarterly shareholder distributions totaled $9.4B.
CATALYSTS RISKS
• Guyana and Permian volume growth • Oil-price normalization
• Structural cost savings • High capital requirements
• Inflation or geopolitical energy-price upside • Policy and project-execution risk
EXECUTION TRIGGER
Hold as a portfolio counterweight; add during oil-led weakness rather than geopolitical
spikes.
THESIS INVALIDATION
Structural free cash flow deteriorates despite stable commodity prices and advantaged
projects miss targets.
Sources: [18] | Price: August 28, 2026 close/reference quote.
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RANK 6 | GOLD & COPPER
NEM | Newmont Corporation
PRICE SCORE STANCE RISK
HOLD / BUY
$127.98 80 MEDIUM
PULLBACKS
Powerful trend; valuation discipline after a strong August
Investment thesis
Newmont converts high gold prices into exceptional free cash flow while copper exposure adds a
second structural driver. The balance sheet and repurchase program support per-share value, but the
August surge argues against chasing.
Evidence
• Q2 ended with $9.0B in cash and $13.0B in liquidity.
• The company held a $3.4B net-cash position.
• Newmont repurchased $1.7B of shares since its prior earnings call; $4.3B remained authorized.
CATALYSTS RISKS
• Sustained gold margins • Gold-price reversal
• Copper optionality • Cost inflation and grade variability
• Continued buybacks and disciplined • Political and operating risk across
development spend jurisdictions
EXECUTION TRIGGER
Do not chase the August move; add after consolidation or a commodity-led reset.
THESIS INVALIDATION
Higher metal prices fail to translate into per-share free-cash-flow growth because of
costs or execution.
Sources: [12], [13] | Price: August 28, 2026 close/reference quote.
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RANK 7 | ENTERPRISE AI INFRASTRUCTURE
HPE | Hewlett Packard Enterprise
PRICE SCORE STANCE RISK
CONSTRUCTIVE /
$52.31 78 HIGH
EVENT RISK
Underappreciated AI and networking catalyst on Sep. 2
Investment thesis
HPE offers a less obvious route into AI infrastructure through servers, networking and Juniper
integration. The opportunity is compelling if growth and integration synergies persist, but
Wednesday's earnings create gap risk.
Evidence
• Fiscal Q2 revenue was $10.7B, up 40%.
• Networking revenue was $2.7B, up 148.2%; Cloud & AI revenue was $7.7B, up 22.9%.
• Management raised FY26 revenue-growth guidance to 29%-33% and free cash flow to at least $3.5B.
CATALYSTS RISKS
• Q3 earnings on Sep. 2 • Integration complexity
• Juniper integration • Server-margin pressure
• Networks-for-AI order conversion • Earnings expectations after the stock's
rerating
EXECUTION TRIGGER
Keep pre-earnings size tactical; require evidence that networking margins and cash
conversion remain intact.
THESIS INVALIDATION
Revenue growth remains strong but margins, integration costs or free-cash-flow
conversion deteriorate.
Sources: [14], [15] | Price: August 28, 2026 close/reference quote.
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RANK 8 | CLOUD DATA & AI
SNOW | Snowflake Inc.
PRICE SCORE STANCE RISK
WATCH / EVENT
$328.00 76 HIGH
DRIVEN
High-quality demand signal; demanding pre-earnings valuation
Investment thesis
Snowflake is a direct test of whether enterprise AI translates into consumption of data platforms.
Product growth, RPO and large-customer expansion remain strong, but Wednesday's report must
validate the premium valuation.
Evidence
• Fiscal Q1 product revenue was $1.33B, up 34%.
• RPO reached $9.21B.
• Net revenue retention was 126%, with 779 customers above $1M in trailing product revenue.
CATALYSTS RISKS
• Q2 earnings on Sep. 2 • Consumption volatility
• AI workload consumption • Premium valuation
• Large-enterprise expansion • Competition from hyperscalers and
Databricks
EXECUTION TRIGGER
Wait for earnings unless the position is explicitly sized as an event trade.
THESIS INVALIDATION
Product growth and NRR decelerate without a corresponding improvement in margin or
cash flow.
Sources: [16], [17] | Price: August 28, 2026 close/reference quote.
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RANK 9 | CYBERSECURITY
PANW | Palo Alto Networks, Inc.
PRICE SCORE STANCE RISK
WATCH BEFORE
$371.59 74 HIGH
EARNINGS
Large expected move; excellent franchise but thin margin for disappointment
Investment thesis
Palo Alto remains a premier security platform, but its rapid 2026 rally and acquisition-adjusted growth
make the Sep. 1 report a demanding test. The stock is actionable after guidance, not because it is simply
trending.
Evidence
• Fiscal Q3 revenue grew 31% to $3.0B, including acquired revenue.
• NGS ARR reached $8.1B and RPO reached $18.4B.
• Fiscal Q4 revenue guidance was $3.345B-$3.355B; results are due Sep. 1.
CATALYSTS RISKS
• FY26 results on Sep. 1 • High valuation and elevated options-implied
• Platformization and cross-selling move
• AI and identity-security demand • Acquisition integration
• Organic versus acquired growth visibility
EXECUTION TRIGGER
Wait for the earnings reaction; consider entry only if guidance supports the post-rally
valuation.
THESIS INVALIDATION
Organic growth slows while acquisition costs dilute margins and platform adoption
underperforms.
Sources: [7], [19] | Price: August 28, 2026 close/reference quote.
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RANK 10 | AI CLOUD INFRASTRUCTURE
IREN | IREN Limited
PRICE SCORE STANCE RISK
SPECULATIVE /
$35.45 70 EXTREME
TACTICAL
Post-earnings selloff; high upside dispersion and financing risk
Investment thesis
IREN is the most asymmetric and least proven opportunity in the report. AI cloud revenue and
contracted capacity are scaling quickly, but reported losses, impairment charges, financing needs and
execution risk require venture-style sizing.
Evidence
• Q4 AI Cloud Services revenue was $70.5M, up from $33.6M sequentially.
• Management reported $4B of contracted ARR for 2026 capacity and $1B operating today.
• FY26 net loss was $702.6M; Q4 adjusted EBITDA was $19.2M.
CATALYSTS RISKS
• Conversion of contracted capacity into • Large capital needs and dilution
operating revenue • Execution against contracted ramps
• New AI-lab and enterprise contracts • Customer and technology concentration
• Financing that limits common-equity
dilution
EXECUTION TRIGGER
Treat as a small tactical position only after the post-earnings range stabilizes.
THESIS INVALIDATION
Contracted ARR fails to convert, financing terms worsen or per-share economics are
diluted materially.
Sources: [20], [21] | Price: August 28, 2026 close/reference quote.
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CATALYST CALENDAR
The week ahead is front-loaded with
event risk
Four covered companies report across Sep. 1-2, followed by the employment report on Sep. 4.
Date Time Event Exposure
Tue, Sep. 1 10:00 a.m. ET ISM Manufacturing PMI Macro / rates
Tue, Sep. 1 After close Palo Alto Networks FY26 PANW
Wed, Sep. 2 After close Broadcom fiscal Q3 AVGO
Wed, Sep. 2 After close HPE fiscal Q3 HPE
Wed, Sep. 2 After close Snowflake fiscal Q2 SNOW
Thu, Sep. 3 10:00 a.m. ET ISM Services PMI Macro / rates
Fri, Sep. 4 8:30 a.m. ET August Employment Situation All risk assets
Sources: company investor relations, BLS and ISM [7], [9], [15], [17], [22]-[24].
Event protocol
• Define maximum loss before initiating any pre-earnings trade.
• Do not add solely because a stock gaps down; require a guidance and thesis review.
• Treat the Sep. 4 jobs report as a portfolio-level duration event, especially for high-multiple
software.
• Separate core ownership decisions from short-term event trades.
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SCENARIO FRAMEWORK
What changes the playbook
The next week's outcomes should be evaluated as a portfolio, not as ten independent stock
stories.
Scenario Signal Likely winners Response
Strong AI guidance; MSFT, AVGO, CRWD, LRCX, Add quality growth; keep event
Bull
benign jobs data SNOW winners disciplined
Mixed earnings; rates Maintain barbell and stagger
Base MSFT, XOM, CRWD, NEM
stable entries
Hot jobs; hawkish rates; Cut event risk; avoid averaging
Bear XOM, selective NEM; cash
weak guidance high-duration losers
Risk controls
• Cap aggregate pre-earnings exposure across PANW, AVGO, HPE and SNOW; correlated gaps
can compound.
• Use IREN as a separate speculative bucket, not as a substitute for core AI exposure.
• Reassess NEM and XOM if commodity prices reverse while operating costs rise.
• Require thesis confirmation before adding to any post-event decline.
CURRENT OBJECTIVE
Preserve the ability to add after information arrives. The strongest edge this week is
disciplined optionality, not maximum pre-event exposure.
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METHODOLOGY
How Watson Capital ranks current
opportunities
The framework balances company quality with the reality that price, timing and risk
determine investability.
Component Weight Definition
Competitive position, recurring economics, balance sheet and cash
Business quality 25%
generation
Catalyst clarity 20% Observable events capable of changing estimates or investor perception
Earnings momentum 20% Revenue, margin, backlog, ARR and estimate direction
Expectations embedded in price and downside from multiple
Valuation discipline 20%
compression
Risk / setup 15% Technical condition, event risk, concentration and thesis invalidation
Interpretation
• Scores are relative to this report's ten-security universe and can change as market conditions
evolve.
• A high score does not eliminate drawdown risk; a lower score can still be a valid event trade.
• Ratings are not individualized advice, price targets or guarantees of return.
• Prices are reference quotes at the Aug. 28 close and may differ by data vendor or late print.
RESEARCH DISCIPLINE
Every thesis must contain an invalidation condition. A catalyst without an invalidation
rule is a narrative, not a risk-managed investment case.
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SOURCES
Primary evidence and market
references
Company releases and official economic calendars are prioritized. All sources were accessed
August 29, 2026.
[1] Market close and index performance: https://apnews.com/article/3f3477bcea915ac53ec2ae905ae57919
[2] Sector performance: https://tapeboard.com/blog/weekly-recap-2026-08-28
[3] Federal Reserve Chair Warsh remarks: https://www.federalreserve.gov/newsevents/speech/warsh20260828a.htm
[4] Microsoft FY26 Q4 results: https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast
[5] Microsoft FY26 Q4 earnings call: https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4
[6] CrowdStrike fiscal Q2 2027 results: https://ir.crowdstrike.com/news-releases/news-release-details/crowdstrike-reports-
second-quarter-fiscal-year-2027-financial/
[7] Palo Alto Networks Sep. 1 earnings announcement: https://investors.paloaltonetworks.com/news-releases/news-release-
details/palo-alto-networks-announce-fiscal-fourth-quarter-and-fiscal-7
[8] Broadcom fiscal Q2 2026 results: https://investors.broadcom.com/news-releases/news-release-details/broadcom-inc-
announces-second-quarter-fiscal-year-2026-financial
[9] Broadcom Sep. 2 earnings announcement: https://investors.broadcom.com/news-releases/news-release-details/broadcom-
inc-announce-third-quarter-fiscal-year-2026-financial
[10] Broadcom fiscal Q2 Form 10-Q: https://investors.broadcom.com/static-files/f6369ec9-58c2-4697-9ad9-be2ae658352b
[11] Lam Research June-quarter 2026 results: https://investor.lamresearch.com/2026-07-29-Lam-Research-Corporation-
Reports-Financial-Results-for-the-Quarter-Ended-June-28,-2026
[12] Newmont Q2 2026 results: https://www.newmont.com/investors/news-release/news-details/2026/Newmont-Reports-Robust-
Second-Quarter-2026-Results-Remains-on-Track-to-Achieve-Full-Year-Guidance/default.aspx
[13] Newmont market trend context: https://www.investors.com/research/the-new-america/newmont-stock-nem-stock-gold-
stocks/
[14] HPE fiscal Q2 2026 results: https://investors.hpe.com/~/media/Files/H/HP-Enterprise-IR/documents/q2-2026/q2-2026-
earnings-press-release.pdf
[15] HPE Sep. 2 earnings event: https://investors.hpe.com/
[16] Snowflake fiscal Q1 2027 results: https://investors.snowflake.com/financials/quarterly-results/default.aspx
[17] Snowflake Sep. 2 earnings event: https://investors.snowflake.com/events-and-presentations/event-details/2026/Snowflake-
Q2-FY27-Earnings/default.aspx
[18] ExxonMobil Q2 2026 results: https://investor.exxonmobil.com/company-information/press-releases/detail/1208/
exxonmobil-announces-second-quarter-2026-results
[19] Palo Alto Networks fiscal Q3 2026 results: https://investors.paloaltonetworks.com/news-releases/news-release-details/
palo-alto-networks-reports-fiscal-third-quarter-2026-financial/
[20] IREN FY26 results: https://www.globenewswire.com/news-release/2026/08/27/3352401/0/en/iren-reports-fy26-results.html
[21] IREN FY26 investor materials: https://iren.com/investors/reports
[22] BLS September 2026 release calendar: https://www.bls.gov/schedule/2026/09_sched_list.htm
[23] ISM August manufacturing release notice: https://www.ismworld.org/supply-management-news-and-reports/reports/
ism-pmi-reports/pmi/july/
[24] ISM August services release notice: https://www.ismworld.org/supply-management-news-and-reports/reports/ism-pmi-
reports/services/july/
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IMPORTANT DISCLOSURES
Research use and limitations
Read this section together with every rating, score and scenario in the report.
Informational purpose
This publication is provided for educational and informational purposes only. It is not individualized
investment advice, a recommendation, or an offer or solicitation to buy or sell any security or interest in any
fund.
Risk
Investing involves risk, including possible loss of principal. Equity prices can change materially because of
earnings, rates, market liquidity, commodity prices, regulation, geopolitics and company-specific events.
Opinions and timing
Views are as of August 29, 2026 and are based on information believed reliable as of that date. Watson
Capital Management LLC does not undertake to update this publication after release.
Forward-looking information
Statements about expected growth, catalysts, scenarios and future performance are forward-looking and
may differ materially from actual outcomes.
Conflicts
Watson Capital Management LLC, its affiliates, principals, personnel, clients or managed vehicles may hold,
trade or change positions in securities discussed, subject to applicable policies and law.
Third-party data
Market and company data may contain delays, estimation differences or subsequent revisions. Readers
should verify current information before making decisions.
PUBLISHER
Watson Capital Management LLC | Research & Strategy | Peter Watson, Managing
Member & Portfolio Manager
© 2026 Watson Capital Management LLC. All rights reserved.
RESEARCH & STRATEGY | AUGUST 28, 2026 | 21
Source links
Links correspond to sources identified in the original report.
- Market close and index performance
- Sector performance
- Federal Reserve Chair Warsh remarks
- Microsoft FY26 Q4 results
- Microsoft FY26 Q4 earnings call
- CrowdStrike fiscal Q2 2027 results
- Palo Alto Networks Sep. 1 earnings announcement
- Broadcom fiscal Q2 2026 results
- Broadcom Sep. 2 earnings announcement
- Broadcom fiscal Q2 Form 10-Q
- Lam Research June-quarter 2026 results
- Newmont Q2 2026 results
- Newmont market trend context
- HPE fiscal Q2 2026 results
- HPE Sep. 2 earnings event
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