Brian Dress, CFADirector of Research, Investment Advisor, Left Brain Wealth Management, LLC · Wealth Strategy for Corporate Executives & High-Net-Worth Investors | Concentrated Stock & Equity Compensation Planning | Director of Research | CFA | Left Brain Wealth Management

Q3 Earnings Winners: GOOG, AVGO, AMZN

16 Dec 2025 · 1 min

Watch on YouTube

1:22

In this earnings‑season discussion, the host and analyst examine why Google, Broadcom (referred to as Avago), and Amazon emerged as the standout performers in Q3. They note that investors entered the reports with caution—particularly over concerns that ChatGPT could erode Google’s search dominance—and were relieved by Google’s double‑digit revenue growth and its status as a relatively cheap mega‑cap. Broadcom’s AI‑custom ASIC business is highlighted for its massive scale, >$1 trillion addressable market, >20% annual growth, and high margins, reinforcing its “awesome” performance. Amazon is described as another company that beat expectations, reinforcing the classic “beat‑and‑raise” narrative. The analysts argue that the common thread among these winners is the classic earnings‑beat‑and‑future‑raise profile, which continues to drive market momentum regardless of broader conditions. They advise watching for continued beats and raises to sustain the momentum of Q3 winners.

So in Q3, not all growth names got hit. Some really soared. And these names got it right. We're talking about Google, Broadcom, and Amazon. Nolan, what did these companies get right? Was it execution, narrative, or valuation, or some combination of the three?
Amazon and Google, I think both went into earnings seasons with investors showing a lot of— I don't want to say doubt, but I don't think investors were very confident. In the case of Google, everybody's been concerned about ChatGPT. And what that might do to Google's dominance in search. So I think people breathed a sigh of relief when Google reported double-digit metrics revenue. So I think investors definitely looked at that favorably, and Google was one of the cheapest Mag Sevens. In that case, growth reaccelerated this quarter. So similar to Google, I think investors were very cautious and tepid going into the report, breathed a huge sigh of relief afterward. So I think that's the story with 1&3. I think number 2, Avago, which is the big AI custom chip maker, those ASICs, it's more of the same. Business is awesome. This is a company that's over a trillion-dollar business growing at over 20% a year with huge margins and growth has continued to go its way.
So in Q3, Nolan, we saw a number of winners, number of losers. Let's talk about the winners. Is there any common thread between some of the big winners in this quarter's earnings season?
Wall Street expects company to earn X, company earns more than X, and tells you in the future to expect a lot more than X. That profile generally is always going to work in most market environments. No different today. And the profile of those winners has still been the same categories that we've been looking at.
Look for those beats and raises on earnings to continue the momentum behind some of these, uh, major winners in Q3.