At 19x guided 2026 sales and 45x trailing sales, 25% below the June high, with annualised revenue up sevenfold to $3.0 billion and a founder holding 52% of the votes — WATCHLIST because a $20–25 billion capex year funded by convertibles and share sales means roughly a third more shares than the headline count, so the 10-year bull math reaches only about 5x per share today; it improves to about 7.5x at the $146 July low and clears the 10x aim near $110.

At 44x trailing sales and 24x the third-quarter run-rate, 39% below the June high, with revenue up 104%, a 73% gross margin and all three founders still running the company — WATCHLIST because the multiple still sits above the bull-case exit multiple and one customer is more than 70% of revenue; the 10-year bull math reaches 7x today, about 9x at the $245 July low, and clears the 10x aim below roughly $215.

At 4.4x contracted ARR (24.8x trailing FY2026 sales) and 42% below the November 2025 high, with Horizon 1 delivered to Microsoft on time and $4.0B of contracted ARR already exceeding guidance — WATCHLIST while Horizons 2–4 (due December 2026) and a $25–30B capex year are financed; on-time delivery of all four Horizons without a further discounted equity raise, or a Pattern B/E dip below ~$35, converts this to BUY.

At 16x fiscal-2026 run-rate sales and 27x fiscal-2025 revenue, with AI semiconductor revenue up 221% to $16.7 billion and a 46% free-cash-flow margin — WATCHLIST rather than BUY because the current multiple already sits above the bull-case exit multiple, so every dollar of return has to come from revenue compounding and a 10x means a $17 trillion market cap; the entry to act on is a Pattern B/E dislocation toward $290–300, where the 10-year bull math clears 7x.

At 4.0x FY2025 bookings after a 73% drawdown, with $5.1B in net cash and the long tail compounding over 20% on spend — BUY on valuation and balance sheet rather than on the quarter, because a deliberate retention rewrite is compounding an involuntary shift away from 2025's viral vintage and only one of those two reverses on management's command; Q4 2026 bookings is the number that separates them.