ANZ TMT Research Reports

Alphabet Q1 2026: Five Things to Watch

A $462 billion Cloud backlog nearly doubling quarter-on-quarter is the single most impressive data point of the entire earnings season. Management says more than half should convert within 24 months, implying a minimum $230 billion revenue tailwind. That trajectory would make Cloud the dominant dri…

Meta Q1 2026: Five Things to Watch

Meta's ad revenue grew 33% last quarter, powered by algorithmic improvements compounding since 2022. The company has not disaggregated how much of that growth is attributable to Advantage+ AI targeting versus underlying demand recovery. Until it does, investors cannot assess whether the $125-145 bi…

Microsoft Q1 2026: Five Things to Watch

Azure grew 40% in the March quarter and management guided for modest acceleration in the second half of calendar 2026. The $627 billion commercial backlog gives credibility to that claim. What it does not explain is how Azure sustains velocity when gross margin on cloud is compressing under soaring…

EQUITY INSIGHT SERIES | Q1 2026: Big Tech Q1 2026 Earnings

The Q1 2026 earnings season for Big Tech marked a pivotal shift in investor sentiment regarding artificial intelligence. While Microsoft, Alphabet, Meta, Amazon, and Apple all exceeded revenue expectations, the market's reaction diverged based on the clarity of AI-driven returns. This analysis expl…

Digital Infrastructure Surges in April 2026 on Record Data Center Utilization and Graphene Breakthroughs

Telco Sector Surges in April 2026 as Megaport and Codan Deliver Major Contract and Guidance Upgrades

Media Sector Consolidation and Litigation: oOh!media Surges 23.2% on PEP Bid While ARN Faces Legal Headwinds

ARN Media shares rose 9.8% during the month of April 2026. ARN Media faced significant legal headwinds in late March 2026 as two high-profile former contractors commenced proceedings in the Federal Court. On 23 March 2026, the company announced that Mr. Kyle Sandilands filed suit against ARN and it…

Apple Q1 2026: Five Things to Watch

iPhone revenue grew 22% last quarter with Cook calling demand 'off the charts.' The bull case is that Apple's on-device AI — Apple Intelligence, a personalised Siri, and Gemini integration — creates a durable reason to upgrade that the market has not yet priced. The bear case is that most iPhone us…

Microsoft’s $25B Australian Investment: Avoiding AI’s Technology Lock-In

This report analyses the strategic logic of Microsoft’s Australian expansion, the financial necessity of future price hikes, the resulting risks of a global AI oligopoly, and the specific steps Australian firms must take to manage their exposure to this emerging dependency.

Australian Data Centre Interconnect Market: Set to Boom with AI Surge

Australia’s connectivity needs are unique, driven by the dual necessity of internal metropolitan efficiency and external global reach. The Data Centre to Data Centre Interconnect (DCI) market serves as the nervous system of our digital economy, facilitating the exchange of data between geographical…

ANZ Mobile Market Structure: Brand Segmentation Complete as Tech Frontiers and Regulatory Futures Beckon

The Australian mobile telecommunications market in 2026 is characterised by a sophisticated three-tiered hierarchy comprising premium flagship brands, operator-owned sub-brands, and independent MVNOs. New Zealand’s market is, by comparison, simpler. Consumer trust and persistent cost-of-living pres…

Datagrid’s NZ Data Centre Moves to Implementation - ANZ Becomes Key Node in Global Digital Infrastructure

This report analyses the strategic development of Datagrid’s hyperscale data centre in Southland, New Zealand, and the associated Tasman Ring subsea cable network. It explores how the project leverages New Zealand’s renewable energy and cool climate to create a globally competitive 'AI Factory.' Th…