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Applied Materials kicked off earnings season in a way that, at first glance, seems almost flawless. The numbers show strength across the entire business, the outlook suggests the pace may not slow down, and management speaks of demand that extends beyond the usual planning horizon. Despite this, the market reacted to the earnings release in a way that went against most investors’ expectations. [1]

Super Micro Computer released its results for the fourth fiscal quarter of 2026 and confirmed that the pace of growth in the AI infrastructure segment continues to accelerate. Signals from the report indicate a significant shift in both the scale and dynamics of the business, exceeding current market expectations. Investors reacted immediately, as the company’s outlook takes previous expectations of its future growth to a new level.

Caterpillar delivered one of the strongest quarters in its history. Revenue exceeded $20 billion for the first time, adjusted earnings per share significantly beat analysts’ expectations, and management raised its full-year outlook. This growth is no longer driven solely by traditional sales of excavators, trucks, and mining equipment. Data centers, energy infrastructure, and backup power sources are becoming increasingly important drivers. At the same time, the record level of backlog indicates that the strong second quarter may not be a one-time event.

Unilever has indicated that its long-term transformation is beginning to yield the first visible results, which have surprised even the market itself. The company has recently managed to accelerate growth while also changing its structure in a way that analysts did not expect. Importantly, this shift is driven not only by pricing strategy but also by a genuine recovery in demand for products across key categories. This development raises the question of whether this marks the beginning of a lasting trend reversal at one of the world’s largest consumer goods companies.

General Motors entered the second quarter of 2026 at a time when investors were looking for more than just another set of numbers. The automaker had to demonstrate whether it could maintain its profitability amid higher costs, trade barriers, uncertain consumer demand, and the ongoing transition to electric vehicles. At the same time, the market was looking to see if the traditional pickup truck and large SUV business could remain a stable source of cash to finance new technologies and returns to shareholders.