Here's the question three tech-sector earnings reports raise about the future of AI

Impact · against what's priced in

The Q3 earnings beats for Celestica, Cadence, and Rambus are largely non-catalysts as they confirm existing growth trajectories already baked into current valuations. While positive, these results do not yet provide the evidence of structural acceleration or margin expansion required to unlock the significant upside the market is currently declining to pay for.

CLS+0.00

Already priced in

The price assumes

The current Q2 2026 beat and the raised 2026 annual outlook