What CEOs Are Saying: The AI Boom Continues

Three earnings calls from Applied Materials, Figma, and Bit Digital

In This Edition

• 8-quarter customer forecasts

• Agentic AI workloads upping demand for power

• Enforcing AI-use limits in product

• Closing the Bitcoin mines

• Compute as an asset class

Quotes of the Week

“When you make calls early, criticism usually comes before consensus. We believe we are simply early again."
—Sam Tabar, CEO of Bit Digital

“With AI, what used to take months can now ship in sometimes an afternoon."
—Dylan Field, CEO of Figma

As we covered in last week’s edition, hyperscaler capex for 2026 is tracking around $725 billion, up 77% from last year. The Philadelphia Semiconductor Index is up roughly 65% this year. Memory chipmaker Micron is up over 750% in 12 months. As many have noted, it’s feeling a little like 1999.

This week’s earnings calls give us three vantage points on that spending. Applied Materials is the largest US maker of the equipment that builds the chips. Figma is a design software company nine months into a difficult run as a public company, trying to convince in…