2026-08-09 · 2026-08 / week-2
Akamai Prices Cloud Build-Out Risk, Not a Broken Security Franchise
Akamai Prices Cloud Build-Out Risk, Not a Broken Security Franchise
Summary: Akamai Technologies (NASDAQ: AKAM) closed at a $110.54 regular-session reference on August 7, down 6.8% from the prior session on volume more than twice its recent average. The latest filing showed Cloud Infrastructure Services revenue up 39%, Security revenue up 10%, and more than $2.8 billion of year-to-date signed CIS contracts, including a disclosed U.S. technology customer commitment above $600 million over four years. It also showed the cost of proving that story: non-GAAP operating margin fell to 25% from 30%, first-half operating cash flow fell to $638.8 million from $710.3 million, first-half cash capex was $246.6 million, and the company has $7.64 billion of convertible-note principal outstanding against $4.616 billion of cash, cash equivalents, and marketable securities. The narrow long disagreement is that the market may be over-discounting the cost of the cloud build-out before contract deployment and cash conversion are adjudicated. The strongest rebuttal is that contract value is not recognized revenue, capex and memory costs may rise faster than CIS margins, the company expects no further share repurchases for the rest of 2026, and a 2033 convertible-note trigger has made that note currently convertible. This is a conditional U.S.-listed common-stock Watchlist, not personalized financial advice.
Research timestamp: 2026-08-09 06:42:52 Ho Chi Minh City time, UTC+07:00. The latest completed U.S. regular session is August 7, 2026. There was no Sunday U.S. regular-session tape to verify.
Evidence labels: SEC filings, the filed earnings release, and the historical market record are facts. The claim that the price has discounted too much of the cloud investment burden, the target levels, probabilities, and causal interpretation of the gap are judgmental inferences. Live short interest, borrow, options, dealer-flow, fund-flow, bid-ask spread, depth, venue quality, and exit-liquidity data were not verified.
Why This Is the Best Opportunity Right Now
This run was explicitly limited to U.S. markets and long opportunities. I first scanned articles/2026-08/week-2 and then the full repository for AKAM, Akamai, LayerX, Cloud Infrastructure Services, and related mechanism duplicates. No existing article hit those terms. I used the unconventional discovery query "cloud build-out cash conversion" "signed contracts" "convertible notes" 2026 U.S. stock, then checked the August 7 SEC filing index, primary filings, and the completed regular-session tape.
The screen ranked opportunities by asymmetry, evidence freshness, catalyst urgency, positioning tension, surprise potential, and tradeability. The four non-U.S. geographic lanes were not run because the user explicitly scoped this automation to the U.S. market.
| Rank | Idea | Discovery lane | Why it may be best now | Evidence freshness | Catalyst window | Near-term greater-than-5% move case | Asymmetry | Main reason to reject or rank lower |
|---|---|---|---|---|---|---|---|---|
| 1 | AKAM long | Cloud contract growth versus capex, margin, and cash conversion | August 7 closed at $110.54 after a 6.8% fall. The August 6 release supplied a 39% CIS growth print, over $2.8B of signed CIS contracts, a $4.616B cash and securities pool, and a concrete Q3 guide, while the 10-Q exposed the cash and dilution cost of the build-out | August 6 8-K and Exhibit 99.1, August 7 10-Q, and August 7 regular-session tape | Next quarterly result, Q3 margin and cash bridge, and first evidence that signed CIS commitments convert into reported revenue | Guide delivery and stable cash conversion can restore part of the gap; a capex or margin break can push the stock toward the bottom case | The price reset is large enough to matter, but the balance sheet and security franchise provide an observable bridge if CIS execution appears | Contract value is not a revenue schedule, cash capex is rising, principal debt exceeds cash and securities, and no further 2026 buyback is expected |
| 2 | ATMU long | Improved filtration cash flow versus tariff and capital-return uncertainty | August 7 closed at $51.17 after a 6.1% fall. Q2 revenue rose about 16%, first-half operating cash flow rose to $115.9M from $73.1M, and first-half free cash flow rose to $90.3M from $48.7M | August 7 10-Q and August 7 regular-session tape | Next operating-cash-flow, tariff, debt, and buyback update | A clean guide and continued cash conversion could recover more than 5%, but the current valuation and small remaining authorization reduce the payoff | Better reported cash conversion than the price move implies | The remaining buyback authorization is only about $49M, the stock is near 20x finance-feed earnings, and tariff and acquisition risks remain |
| 3 | UAA long | Tariff-refund gross-margin repair versus demand and restructuring drag | August 7 closed at $6.11 after a 4.5% fall. Gross margin rose 590 basis points, but revenue fell 3.2%, North America fell 9.0%, and the filing attributed part of the benefit to tariff refunds | August 7 10-Q and August 7 regular-session tape | Next North America demand, inventory, tariff, and cash-flow update | A cleaner brand and margin recovery could move a small-cap apparel stock more than 5%, but the evidence is not yet a durable earnings reset | Fresh price weakness and measurable operating checkpoints | The margin benefit includes a $70M cost-of-goods benefit and $101M of cash tariff refunds, while revenue and demand remain weak |
AKAM wins because it presents the most auditable disagreement, not because it is the least risky name. Its filings let the next quarter test the entire chain from signed cloud demand to revenue, margin, capex, cash flow, and dilution. ATMU has better recent cash conversion but less valuation and capital-return tension. UAA has a real margin catalyst, but the demand decline and tariff-refund component make the rebound case less durable.
Why This Can Jump Or Dump More Than 5% Soon
Fact: AKAM closed at $118.55 on August 6 and $110.54 on August 7. August 7 traded between $110.02 and $125.55 on 8.142 million shares. The preceding 20 completed sessions averaged about 3.340 million shares, so August 7 volume was approximately 2.44 times that average.
Inference: The tape has already demonstrated that investors can reprice the stock by more than 5% before the next operating filing. A further move can come from either side of the same unresolved bridge. Q3 guidance delivery, evidence of CIS contract deployment, and a stable margin and cash conversion profile could recover part of the decline. A revenue, margin, capex, or conversion-risk surprise could extend it.
Unknown: The market data proves a high-volume repricing, not the identity of the marginal seller. Current short interest, borrow cost, options open interest and implied volatility, dealer positioning, fund flows, NBBO spread, order-book depth, venue quality, and exit liquidity were not independently verified. The catalyst window is therefore the next quarterly filing, not an invented earnings date.
What Should Surprise the Reader
The surprising fact is that the quarter contains both a credible cloud-growth signal and a weaker cash-conversion signal. Calling it either a clean AI infrastructure win or a broken company would discard half of the filing.
Fact: Q2 revenue was $1.100 billion, up 5% year over year. Security revenue was $604 million, up 10%; Delivery and other cloud applications revenue was $396 million, down 6%; and CIS revenue was $99 million, up 39%.
Fact: The company reported more than $2.8 billion of year-to-date signed multi-year CIS contracts. One disclosed U.S. technology customer contract was worth more than $600 million over four years. Those are company-reported contract values, not recognized revenue, backlog cash, or a guarantee of customer performance.
Fact: Q2 GAAP operating income was $80.3 million, down 47%, and non-GAAP operating income was $270.7 million, down 12%. Non-GAAP operating margin was 25%, down from 30% a year earlier. Q2 operating cash flow was $326.3 million, or 30% of revenue.
Fact: First-half operating cash flow was $638.8 million, down from $710.3 million. Cash capex was $246.6 million, versus $263.3 million in the prior-year period. A simple CFO less cash-capex proxy therefore fell to about $392.2 million from $447.0 million, down roughly 12%. This is a screening bridge, not Akamai's reported free-cash-flow definition.
Fact: First-half accounts receivable consumed approximately $171.8 million of cash. The 10-Q also says server and memory costs are rising as hyperscalers compete for supply, while network build-out and supporting costs are increasing to support CIS and AI applications.
The price disagreement is therefore narrow. The market may be correctly discounting a costly investment cycle. The possible mispricing is that it may be assigning too little value to the fact that the investment is attached to signed multi-year demand, a growing security franchise, and a balance sheet that can fund the build-out for a period. The next filing decides whether that distinction matters.
The Setup
Akamai's August 6 Form 8-K and Exhibit 99.1 reported the quarter ended June 30, 2026. Its August 7 Form 10-Q supplies the balance-sheet, debt, cash-flow, conversion, repurchase, and share-count context.
The company guides Q3 revenue to $1.105 billion to $1.130 billion, Q3 non-GAAP operating margin to 24% to 26%, and Q3 non-GAAP diluted EPS to $1.60 to $1.80. Full-year 2026 guidance is revenue of $4.445 billion to $4.530 billion, non-GAAP operating margin of 25% to 26%, and non-GAAP diluted EPS of $6.40 to $7.05, using 150 million shares in the non-GAAP per-share calculation. This guidance is a forecast, not a cash floor.
At the midpoint of the full-year EPS guide, the $110.54 reference is about 16.4 times non-GAAP EPS. Using the latest filed 143.716609 million shares outstanding as of August 3, price-only equity value is approximately $15.9 billion. The June 30 cash, cash equivalents, and marketable securities total was $4.616 billion. Principal convertible-note obligations were $7.640 billion, while the balance-sheet carrying amount of convertible notes was approximately $5.857 billion. The resulting principal-debt net-claim bridge is about $3.024 billion before leases, taxes, working capital, and other obligations. Carrying-value net debt is a different, lower number. These are two separate balance-sheet views, not interchangeable valuation inputs.
The company spent $409.9 million to repurchase 3.0 million shares in Q2 at a weighted average price of $134.54. That is observed historical demand, not a current price floor. The 10-Q states that management does not expect further share repurchases for the remainder of 2026 while it invests in the platform to support CIS. The buyback therefore cannot be used as the near-term closing mechanism for this long.
The 2033 notes add a separate claim-stack risk. The stock-price trigger was met as of June 30, so holders can convert the 2033 notes during Q3. The company reported that no holders had submitted notes for conversion and no conversions had occurred through the filing date. The 2033-related warrant strike is $155.02. A recovery toward the top target would therefore meet a real potential dilution or supply checkpoint, not a clean technical breakout.
The Market Price
| Field | Observation |
|---|---|
| Latest regular-session reference | $110.54 |
| Regular-session timestamp | 2026-08-07 20:00 UTC, or 16:00 Eastern Time |
| August 6 close | $118.55 |
| August 7 close and day change | $110.54, down about 6.8% |
| August 7 intraday range | $110.02 to $125.55 |
| August 7 volume | 8,142,100 shares |
| Prior 20-session average volume | Approximately 3,339,960 shares |
| Volume ratio | Approximately 2.44 times the prior 20-session average |
| Latest filed common shares | 143.716609 million as of August 3, 2026 |
| Price-only equity value using filed shares | Approximately $15.9 billion |
| Market-data status | Reference only. Same-session spread, depth, venue, volume quality, and exit liquidity were not verified |
The regular-session closes and volumes come from AKAM historical market data. The filed share count and balance-sheet figures come from the SEC 10-Q. The reference price is not an executable entry.
Technical evidence confirms repricing, not value. The high volume, wide range, and close below the prior session show a market disagreement. They cannot determine whether the market is underpricing CIS economics or correctly pricing a margin and capital-intensity problem. No moving-average or momentum signal is used as a thesis substitute.
The Positioning
Observed: The stock fell 6.8% on 2.44 times recent average volume. The issuer had also bought shares at an average of $134.54 in Q2, but management expects no additional repurchases for the remainder of 2026. The visible facts establish a repricing and a past issuer bid. They do not identify forced selling, a short squeeze, or a durable support level.
Plausible but unverified: The move may reflect investor concern about cloud infrastructure capital intensity, lower operating margins, convertible-note supply, delivery pricing pressure, or a broader de-rating of AI infrastructure spending. The available tape does not distinguish among these explanations.
Missing: Live short interest, borrow availability and cost, options open interest and implied volatility, dealer positioning, fund flows, NBBO spread, order-book depth, venue quality, and exit liquidity were not verified. Positioning is capped at 3/5. No squeeze claim and no options expression are used.
The useful distinction is between a visible high-volume price reset and an invented flow story. The next disclosure has to show whether the sellers were early about cloud economics or early about the cost of proving them.
The Catalyst
- Q3 guide delivery: The next quarterly release should reconcile revenue against the $1.105 billion to $1.130 billion guide, non-GAAP operating margin against 24% to 26%, and non-GAAP EPS against $1.60 to $1.80. The first test is not a new narrative. It is delivery against the filed range.
- CIS contract conversion: The company reported more than $2.8 billion of signed CIS contracts and a $600 million-plus four-year customer contract. The next release should show whether CIS revenue growth, customer deployments, and the remaining performance-obligation profile support that claim. Signed contract value is not a revenue bridge until recognition and deployment are visible.
- Cash conversion: Track operating cash flow, cash capex, accounts receivable, deferred revenue, network build-out costs, server and memory costs, and cash after the $205 million LayerX acquisition. The cheapest disconfirming test is a Q3 filing where CIS grows but cash conversion deteriorates further.
- Margin architecture: Delivery and other cloud applications declined 6% while CIS grew 39%. A strong CIS mix shift can still destroy value if pricing, co-location, hardware, or depreciation costs outrun the revenue ramp. Require the next margin bridge, not only the CIS growth rate.
- Convertible-note and denominator check: The 2033 notes are currently convertible after the June 30 price trigger, and the 2033 warrant strike is $155.02. Monitor actual conversion notices, warrant mechanics, diluted shares, and the company's cash or share settlement choice. A recovery toward $155 is not automatically confirmation.
The cheapest disconfirming sequence is the next quarterly release, followed by the 10-Q share-count, cash-flow, capex, debt, and conversion tables. A guide miss, non-GAAP margin below the guide without an offsetting revenue step-up, rising accounts-receivable use, or actual conversion without proportional operating improvement would weaken the long case more than another day of price volatility.
The Mispricing
The market is pricing a real risk: Akamai may be spending ahead of demand to become an AI infrastructure provider, while its older delivery business is shrinking and its operating margin is falling. The market may also be pricing the convertible-note and capital-return consequences of that choice.
The variant view is more limited. The price may be treating signed CIS demand as if it were only a future cost, even though the company has a growing CIS revenue base, a growing Security franchise, $7.6 billion of remaining performance obligations at June 30, and a cash and securities pool large enough to fund a period of deployment. The 10-Q reports that approximately 40% of RPO is expected to be recognized within the next 12 months and another 40% over the next two to three years. That does not guarantee margin or cash returns, but it gives the next filing a measurable bridge.
The trade is not “AI infrastructure is good.” It is: the stock may have discounted the build-out risk faster than the next revenue and cash evidence can adjudicate it. If that bridge fails, the price is not mispriced on the long side.
The Payoff Map
The payoff map uses the $110.54 reference and a three to six month horizon. These are scenario levels, not forecasts or instructions to buy.
Price Target and Probability Map
| Scenario | Probability | Target / level | Return / payoff | Time horizon | Conditions required | Evidence quality |
|---|---|---|---|---|---|---|
| Top case | 20% | $155 | +40.2% | 3 to 6 months | Q3 revenue and margin meet or beat guide, CIS deployments begin to appear in reported revenue, cash conversion stops deteriorating, and the market assigns value to the contract bridge without an adverse conversion or warrant event | Medium. The contract and guide are filed; deployment economics and dilution are not proven |
| Base case | 50% | $125 | +13.1% | 3 to 6 months | Q3 guide is delivered, CIS remains the growth engine, but margin stays near 25%, capex remains material, and the market keeps a discount for debt, SBC, and no near-term buyback | Medium. The guide and current cash data are filed; the re-rating is judgmental |
| Bottom case | 30% | $78 | -29.4% | 3 to 6 months | CIS contract timing slips, Q3 margin falls below the guide, Delivery decline persists, cash conversion weakens as capex and receivables rise, or convertible-note supply becomes visible | Medium for the risk mechanism; low for the exact price level |
| Invalidation / review | n/a | Review after a fundamental break | Not a price-only stop | Same horizon | The next filing shows a material guide, margin, cash-flow, capex, debt, conversion, or diluted-share break. A price print alone is insufficient | High for the rule, low for the future outcome |
Probability check: 20% + 50% + 30% = 100%.
Price-only probability-weighted expected value: (0.20 x $155) + (0.50 x $125) + (0.30 x $78) = $116.90, or approximately +5.8% versus the reference before fees, taxes, slippage, financing costs, and gap risk. Executable EV cannot be computed because same-session spread, depth, venue, volume quality, exit liquidity, and live positioning data are unverified.
The modest weighted edge is the correct conclusion. It is not permission to manufacture a trade. The bottom case is large because the long claim depends on converting contracts into profitable, cash-generating infrastructure. The top case is capped at a level where the 2033 warrant strike and potential conversion risk become more relevant.
What Would Prove This Wrong
The long thesis fails if the next filing shows Q3 revenue materially below the $1.105 billion low end, non-GAAP operating margin below the 24% low end without a clearly quantified future payoff, or CIS growth without a credible path to cash conversion. It also fails if accounts-receivable use and capex rise while operating cash flow falls, or if Delivery weakness expands without CIS economics compensating.
An actual 2033 conversion, warrant settlement, or share-count increase without corresponding operating improvement would invalidate the clean denominator version of the thesis. A price-only print below $78 is a review point, not proof by itself. A recovery above $125 is not confirmation unless the Q3, cash-flow, margin, and share-count bridge improves.
Risk Audit
| Risk | Why it matters | Control |
|---|---|---|
| Contract timing | More than $2.8B of signed CIS contracts is not a revenue-recognition schedule, and a $600M four-year commitment can be back-end loaded | Require reported CIS revenue, deployments, RPO movement, and customer concentration evidence before upgrading |
| Capital intensity | Server, memory, co-location, network build-out, and depreciation can consume the value of growth | Track cash capex, accrued capex, CFO less capex, and capex per dollar of CIS growth |
| Margin mix | CIS growth and Delivery decline can produce a lower-margin mix even when total revenue grows | Require the next non-GAAP and GAAP margin bridge, not only a CIS percentage |
| Receivables and cash conversion | First-half accounts receivable consumed about $171.8M of cash while CFO declined | Reconcile CFO, receivables, deferred revenue, payables, and cash-capex each quarter |
| Convertible notes | Principal notes of $7.64B exceed cash and securities, and the 2033 notes are currently convertible | Track conversion notices, warrant strikes, diluted shares, and settlement mechanics |
| No near-term buyback | Management expects no further 2026 repurchases while funding CIS investment | Do not call the old $410M Q2 repurchase a price floor |
| Stock-based compensation | Q2 SBC was $146.3M, plus $15.2M of additional SBC reflected in amortization; H1 SBC was $275.0M before that additional component | Reconcile SBC, withheld shares, diluted shares, and actual repurchases |
| LayerX and other capital use | The company paid approximately $205M cash for LayerX in July | Track acquisition integration, incremental spend, and cash after deployment |
| Market structure | A wide gap, unstable spread, shallow depth, or weak exit liquidity can make a sound thesis untradeable | Use limit-only, staged common-stock execution only after same-session checks |
| Positioning uncertainty | Short, borrow, options, dealer, and fund-flow data were not verified | Cap positioning at 3/5 and avoid squeeze or options claims |
Best Trade Strategy
- Direction: Conditional long, Watchlist only.
- Preferred instrument: AKAM common stock on Nasdaq.
- Common-stock stance: The $110.54 close is a reference price only.
entry.priceremains null. Any future review would require staged, limit-only common-stock execution after a fresh regular-session quote, spread, order-book depth, venue status, volume quality, and exit-liquidity check. - Execution gate:
execution.can_execute=false. Same-session liquidity and market-structure checks were not verified. Locate and borrow were also not verified, so no short, leveraged, or derivative expression is authorized by this research. - Options stance: No options expression. The current chain, spread, open interest, implied volatility, and dealer positioning were not independently verified.
- Take-profit map: Review the base case near $125 and the top case near $155 only if Q3 revenue, margin, CIS conversion, cash flow, and denominator evidence support the move.
- Stop or invalidation: Review near $78 only when paired with a guide, margin, cash-flow, capex, debt, conversion, or diluted-share break. A price-only stop is not enough to diagnose the thesis.
- Timeline: Immediate repricing on August 7; operating adjudication at the next quarterly filing; cash, capex, debt, conversion, and share-count confirmation in the next 10-Q.
- Execution risks: Opening gap, high-beta volatility, wide spreads, shallow depth, halt risk, slippage, stale reference data, convertible-note supply, and the possibility that the multiple reprices before a staged order fills.
- Do-not-trade conditions: No fresh same-session quote; unstable spread; unreliable depth or exit liquidity; disorderly or halted trading; Q3 guide or margin deterioration; rising cash burn or capex without revenue conversion; a new conversion or dilution event; or any attempt to use options without a verified liquid chain.
- Monitoring checklist: Q3 revenue; CIS revenue and deployment; Security growth; Delivery and other cloud applications; GAAP and non-GAAP operating margin; operating cash flow; cash capex; accounts receivable; deferred revenue; cash and securities; principal and carrying debt; interest expense; LayerX integration; actual repurchases; stock-based compensation; diluted shares; convertible-note notices; warrant settlement; and live market-structure data before any entry.
Bottom Line
Akamai's share price has reset sharply while the latest filing still shows a growing CIS business, a growing Security franchise, and signed multi-year demand. That creates a specific long disagreement: the market may be pricing the cost of becoming an AI infrastructure provider before the next filing can show whether the contracts convert into profitable cash flow.
The counterweight is decisive. Contract value is not revenue, Q2 margin fell, first-half CFO fell, receivables consumed cash, capex remains material, principal debt exceeds cash and securities, the company expects no more 2026 repurchases, and the 2033 notes are currently convertible. The price-only probability map produces only 5.8% weighted upside before execution costs.
The proper expression is a conditional common-stock Watchlist with fail-closed execution. The next quarterly report and the following 10-Q decide whether the gap was an overreaction to a costly but monetizable build-out or the first leg of a genuine cash-conversion and capital-structure problem. Until same-session market-structure checks and that primary filing are available, this is research, not an executable trade.
Research Quality Scorecard (Canonical Rubric)
| Criterion | Score | Rationale |
|---|---|---|
| Market disagreement | 4 | A high-volume 6.8% price reset follows real CIS growth and signed contracts, but also follows a real margin and cash-conversion deterioration |
| Evidence base | 5 | The thesis uses the August 6 SEC 8-K and Exhibit 99.1, August 7 10-Q, XBRL balance-sheet facts, and timestamped regular-session market data |
| Positioning and flows | 3 | Price, volume, and prior issuer repurchases are visible; live flow and market-structure data are missing |
| Catalyst path | 5 | Q3 guidance, CIS contract conversion, cash capex, RPO, and the next conversion/share-count filing are concrete adjudicators |
| Payoff architecture | 4 | The map has meaningful upside, but debt, capex, dilution, and the no-buyback period limit confidence |
| Invalidation discipline | 5 | Guide, margin, cash flow, capex, debt, conversion, diluted shares, and price-only review are separated |
| Differentiated insight | 4 | The analysis separates signed cloud demand from cash-generating infrastructure and treats the warrant strike as a top-case checkpoint |
| Client value | 4 | The monitoring list and kill conditions remain useful even if no trade is taken |
| Total | 34 / 40 | Publish in Deep Dive structure as a conditional Watchlist long, not an executable trade |
The pre-publication quality gate is answered yes for a specific mispricing, primary evidence, clearly labeled positioning uncertainty, a dated catalyst path, an honest downside case, the strongest counterargument, usefulness without a trade, sourced factual claims, non-hype language, opportunity ranking, greater-than-5% move logic, surprise factor, probability sum, editable Markdown tables, the canonical rubric, an inline illustration prompt, Best Trade Strategy, technical-signal independence, and explicit missing-data notes. The user explicitly scoped this run to U.S. markets, so the non-U.S. geographic-lane requirement is not applicable.
Sources and Data Audit
| Source | Tier | Date / timestamp | Use |
|---|---|---|---|
| Akamai Q2 2026 earnings release, SEC Exhibit 99.1 | Primary SEC filing | August 6, 2026 | Revenue by solution, CIS contracts, Q3 and FY26 guidance, Q2 cash flow, repurchases, cash and securities |
| Akamai June 30, 2026 Form 10-Q | Primary SEC filing | Filed August 7, 2026 | Cash flow, capex, receivables, debt principal and carrying amounts, convertible triggers, warrants, SBC, RPO, LayerX, repurchases, and share count |
| AKAM historical market data | Market data | Regular-session closes through August 7, 2026 20:00 UTC | August 6 and August 7 closes, range, volume, and recent volume comparison |
| Atmus Filtration Technologies June 30, 2026 Form 10-Q | Primary SEC filing | Filed August 7, 2026 | Ranked alternative: revenue, cash flow, free-cash-flow, debt, tariff, and repurchase context |
| ATMU historical market data | Market data | Regular-session close through August 7, 2026 | Ranked alternative price and volume |
| Under Armour June 30, 2026 Form 10-Q | Primary SEC filing | Filed August 7, 2026 | Ranked alternative: revenue, North America, margin, tariff refund, inventory, restructuring, and repurchase context |
| UAA historical market data | Market data | Regular-session close through August 7, 2026 | Ranked alternative price and volume |
AI Illustration Prompt
Create a restrained, high-end institutional editorial illustration for The Mispricing Desk about Akamai's cloud infrastructure growth being tested by cash conversion. Show a dark graphite global edge network with three lanes: a bright blue Security lane labeled “Q2 $604M, +10%,” a smaller rising electric-blue CIS lane labeled “Q2 $99M, +39%,” and a fading gray Delivery lane labeled “$396M, -6%.” Above the network, place a clean contract ledger labeled “Signed CIS contracts >$2.8B” and “One U.S. customer >$600M / 4 years,” but connect it to the network with a dotted line labeled “not yet recognized revenue.” Under the network, show a red-orange cash ledger with “H1 CFO $638.8M,” “cash capex $246.6M,” “AR cash use $171.8M,” “notes principal $7.64B,” and “cash + securities $4.616B.” On the right, place a restrained price gauge moving from “$118.55” to “$110.54,” with a small warning marker at “2033 warrant $155.02.” The mood should be analytical and unresolved, like an institutional markets cover, using charcoal, paper white, steel blue, muted amber, and one controlled red accent for execution risk. Avoid rockets, memes, casino imagery, generic candlestick charts, cartoon money, and AI clichés. Include a subtle but legible watermark reading “The Mispricing Desk.”