Earnings call transcriptslive

Demand for Blackwell continues to outstrip supply across hyperscalers and sovereign AI customers.

Azure AI revenue contribution accelerated to mid-teens with capex front-loaded into H1.

Capex guidance raised; Reality Labs operating losses to widen modestly through 2026.

Auto gross margins compressed; affordable model timeline reiterated for H2.

Services hit record; iPhone in China returned to growth after three quarters of decline.