🚨 MICROSOFT $MSFT — DEEP DIVE From Software Giant to AI Infrastructure Powerhouse Microsoft is no longer just selling software. It is building the foundation of the AI economy: ☁️ Azure 🤖 Copilot 🧠 AI Foundry 🏭 Data Centres ⚡ Custom Silicon But the biggest question for investors: Can Microsoft turn massive AI investment into durable, high-return growth? I spent weeks analysing: 📊 Financial performance ☁️ Azure growth 🤖 AI ecosystem 🏗️ Infrastructure buildout ⚠️ Risks 📈 Long-term thesis 🧵👇 emmanuelinvest.substack.com/…

WHAT I'M WATCHING TODAY — THURSDAY, OCTOBER 22 Another heavyweight earnings session, with consumer spending, industrial demand, defence and AI infrastructure in focus. 🇺🇸 U.S. MACRO — ET 🔹 8:30 AM — Initial Jobless Claims: 200K expected vs 199K prior 🔹 10:00 AM — Leading Economic Index: −0.1% expected 🔹 10:30 AM — Natural Gas Inventories: +83 Bcf expected 🔹 1:00 PM — 5-Year TIPS Auction: Previous real yield 1.955% I'll be watching employment conditions and real yields, particularly their implications for financing infrastructure investment. 📊 EARNINGS — BEFORE THE BELL 🔹 $SPOT — Subscriber growth, pricing and margins 🔹 $PG — Consumer volumes and pricing power 🔹 $LMT — Defence spending, backlog and cash flow 🔹 $NOK — AI networking, optical infrastructure and margins 🔹 $HON — Aerospace, automation and industrial demand 🔹 $BX — Private credit, fundraising and valuations 🔹 $NDAQ — Market technology and recurring revenue 🔹 $AAL — Travel demand, fares and fuel costs 🔹 $CMCSA — Broadband, wireless and streaming 🔹 $UNP — Freight volumes and operating efficiency 🔹 $TTMI — AI networking and advanced electronics 🌙 EARNINGS — AFTER THE BELL 🔹 $BE — Data-centre power, orders and profitability 🔹 $WDC — AI storage, pricing and margins 🔹 $DECK — HOKA, UGG and consumer demand 🔹 $NEM — Gold prices and cash generation 🔹 $FIX — Data-centre construction and backlog 🔹 $MXL — Semiconductor connectivity 🔹 $KNSL — Specialty insurance underwriting and margins ⚡ MY MAIN FOCUS $BE, $WDC, $FIX and $TTMI. These companies represent different parts of the AI infrastructure investment cycle: Power → Data Centres → Electrical Infrastructure → Networking → Storage. Bloom needs profitable deployment growth. Comfort Systems needs strong project execution. TTM needs sustainable demand for advanced electronics. Western Digital needs storage growth to translate into pricing power and earnings. MY TAKE I'm bullish on the long-term AI infrastructure opportunity, but demand alone isn't enough. I'll be watching backlog quality, guidance, margins, free cash flow and the capital required to support growth. The companies that create the most shareholder value won't necessarily be those growing fastest. They'll be those generating attractive returns on their investments. — EMMANUELINVEST

NOKIA $NOK Q3: AI & CLOUD SALES SURGE 123% AS NETWORKING DEMAND ACCELERATES. Nokia delivered stronger-than-expected earnings, but the bigger story is emerging in AI infrastructure and high-performance networking. THE NUMBERS 🔹 Revenue: €5.15B (+10% YoY) vs €5.04B expected 🔹 Adjusted EPS: €0.09 vs €0.06 expected 🔹 Comparable operating profit: €605M vs €442M expected 🔹 Operating margin: 11.7% (+220 bps) GUIDANCE 🔹 FY26 operating profit: €2.1B–€2.6B 🔹 Network Infrastructure growth: 12%–14% 🔹 FCF conversion: 35%–55% WHAT'S CHANGING UNDERNEATH 🔹 AI & Cloud sales: +123% YoY at constant currency 🔹 Optical Networks: +18% 🔹 IP Networks: +43% 🔹 AI & Cloud order intake: €1.5B 🔹 Infinera integration progressing ahead of schedule Nokia also completed an AI-RAN call with T-Mobile and NVIDIA on a live operator network. MY TAKE I'm increasingly interested in Nokia's position within the AI infrastructure supply chain. As AI clusters expand, the challenge isn't simply adding more GPUs. It's moving enormous volumes of data between them efficiently. That creates opportunities for optical networking, IP infrastructure and high-capacity connectivity. But Nokia still needs to convert strong AI-related orders into sustained revenue growth and higher margins, while navigating competition and integration costs. For me, Nokia is becoming an interesting way to follow the networking side of the AI buildout, beyond the usual semiconductor names. — EMMANUELINVEST

ASIAN STOCKS ARE FALLING AGAIN. BUT IS THE MARKET QUESTIONING AI DEMAND OR THE COST OF BUILDING IT? Asian markets are under pressure this morning, with semiconductor stocks leading the decline despite continued investment in AI infrastructure. THE MARKET SELLOFF 🔹 South Korea's KOSPI: −2.1% 🔹 Japan's Nikkei 225: −1.1% 🔹 Hong Kong's Hang Seng: −2.7% 🔹 SK Hynix: −4.0% 🔹 Samsung Electronics: −3.6% 🔹 Nasdaq 100 futures: −1.2% Early-session figures; markets remain open. WHAT'S DRIVING THE WEAKNESS? Investors are reassessing the economics of the AI buildout. Data centres, GPUs, memory, networking and power infrastructure require enormous upfront investment. But strong demand doesn't guarantee attractive returns for every company supplying that infrastructure. Higher financing costs and concerns about valuations are making investors less willing to overlook execution risks. Brent crude above $110 adds another pressure point, particularly for energy-importing Asian economies. MY TAKE I'm still bullish on the long-term AI infrastructure opportunity, especially memory, semiconductors and power. But I think the market is becoming more selective. For SK Hynix and Samsung, the key questions are whether AI memory demand can sustain pricing power and whether future capacity additions threaten margins. For the wider AI trade, it's about which companies can translate demand into profitable growth without relying on increasingly expensive financing. AI demand can remain strong while investors become much less willing to pay any price for exposure to it. — EMMANUELINVEST

TESLA $TSLA: THE EARNINGS CALL REVEALED AN AMBITIOUS EXPANSION PLAN. BUT WHICH BUSINESSES WILL DELIVER THE RETURNS? After listening to management's Q3 commentary, what stands out to me isn't simply the ambition. It's how much Tesla is attempting to scale simultaneously. WHAT MANAGEMENT REVEALED 🔹 VEHICLES: Targeting approximately 5M annual production by 2030 🔹 ENERGY: Megapack nearly sold out for 2027, with margins expected to improve 🔹 ROBOTAXI: Dallas expansion planned next month, with broader deployment targeted 🔹 FSD: First customer vehicles targeted to join the Robotaxi fleet in Q2 2027 🔹 OPTIMUS: External deliveries targeted for late 2027; manufacturing ramp expected to take at least a year 🔹 TERAFAB: Semiconductor manufacturing ambitions could require tens of billions in initial investment WHAT'S CHANGING UNDERNEATH Tesla is evolving beyond a traditional vehicle manufacturer. Energy storage already has commercial demand, while autonomy could eventually create recurring software and transportation revenue. Optimus and semiconductor manufacturing offer much longer-term possibilities, but both require significant development, manufacturing capacity and capital. THE BULL CASE Tesla could build multiple businesses around its manufacturing expertise, AI software, batteries and energy infrastructure. Megapack demand is particularly encouraging because it provides a more tangible commercial opportunity today. THE BEAR CASE Automotive profitability remains under pressure, while the company is expanding capital-intensive projects before several have demonstrated sustainable economics. Robotaxi regulation, Optimus reliability, semiconductor manufacturing costs and execution timelines all matter. MY TAKE I'm bullish on Tesla's long-term technology opportunities, but I wouldn't value every management ambition as though commercial success were already established. Energy storage offers clearer near-term visibility. Robotaxi needs to demonstrate profitable utilisation. Optimus needs to prove reliable real-world productivity. And Terafab could introduce an entirely new level of capital intensity. For me, Tesla's next chapter isn't just about how many new businesses it can launch. It's about which ones can generate attractive returns without overwhelming the cash flows of the existing business. — EMMANUELINVEST

TEXAS INSTRUMENTS $TXN: DATA CENTRE REVENUE SURGES 95%, BUT AI IS ONLY PART OF THE STORY. Something interesting emerged from Texas Instruments' Q3 earnings call. While AI infrastructure is driving exceptional growth, demand is also recovering across industrial and automotive markets. WHAT MANAGEMENT REVEALED 🔹 Data centre revenue grew approximately 95% YoY, reaching around 13% of quarterly sales 🔹 Industrial revenue increased more than 40%, returning to its previous 2022 peak 🔹 Automotive demand strengthened, particularly in China and the US 🔹 Manufacturing investments are helping TI respond to stronger demand WHY THIS MATTERS AI data centres need more than GPUs. They require power management, cooling, networking and supporting semiconductor components — areas where TI has exposure. But the industrial recovery is equally interesting. If demand continues improving, higher factory utilisation could support margins and cash generation. MY TAKE I'm constructive on TI because it benefits from both AI infrastructure spending and a broader semiconductor recovery. The risk is that industrial and automotive demand remain cyclical, while manufacturing investments carry significant costs. For me, the opportunity isn't just 95% data centre growth. It's whether TI can convert improving demand across multiple markets into sustained profitability and stronger free cash flow. — EMMANUELINVEST

META $META: NEARLY 10 MILLION ADVERTISERS ARE USING ITS AI TOOLS. BUT THE REAL STORY IS WHAT THOSE TOOLS ARE DELIVERING. While investors debate Meta's enormous AI spending, its earnings call revealed something important about the advertising business already generating its profits. THE KEY NUMBERS 🔹 Nearly 10M advertisers used generative AI creative tools in Q3 🔹 AI video generation adoption increased 25% QoQ 🔹 Instagram time spent per user hit an all-time high, growing double digits YoY 🔹 Facebook Reels time spent reached record levels globally and in the US 🔹 Meta's recommendation improvements increased Instagram Reels time spent by over 4% THE MONETISATION SIGNAL Here's what caught my attention. Meta estimates that advertisers adopting its AI Business Assistant recommendations generated almost 5% more conversions at the same cost per conversion and increased their advertising investment by 9% versus similar non-adopters. That's more meaningful than simply counting how many advertisers use AI tools. It suggests AI can improve advertising effectiveness while potentially encouraging greater spending. WHAT'S CHANGING UNDERNEATH Meta is using AI to improve recommendations, increase engagement and help businesses create better-performing campaigns. More relevant content keeps users engaged. Better ad targeting and creative tools can make that engagement more valuable to advertisers. MY TAKE I'm bullish on Meta's long-term AI opportunity, but I distinguish between two investments. AI improving Meta's existing advertising business is already showing measurable benefits. MUSE, subscriptions and the broader superintelligence strategy still require substantial investment, with future profitability less certain. The advertiser results are encouraging, although they don't establish how much incremental profit AI generates after infrastructure costs. For me, Meta's strongest AI investment argument today isn't what its next platform might become. It's the measurable improvements AI is delivering inside the advertising business it already dominates. — EMMANUELINVEST

META $META: ZUCKERBERG REVEALS THE NEXT PHASE OF AI MONETISATION. While investors focus on Meta's earnings miss and enormous AI spending, Zuckerberg is outlining how MUSE could become a meaningful commercial platform. THE KEY DEVELOPMENTS 🔹 MUSE compute cost-efficiency expected to improve more than 10× over the next year 🔹 Infrastructure being built to support over 1 billion AI users 🔹 Shopping is MUSE's largest use case so far 🔹 Over 25% of active users engage in shopping 🔹 Average purchase size exceeds $200 🔹 Paid subscriptions expected to grow as MUSE expands to Meta smart glasses next month Zuckerberg also said early payment volumes exceeded expectations, requiring Stripe to increase credit limits. WHAT'S CHANGING UNDERNEATH Meta is developing potential revenue streams across AI-powered commerce, subscriptions and connected devices. Its strategy isn't necessarily to maximise hardware profits, but to build a larger software and AI ecosystem around those devices. MY TAKE I'm bullish on Meta's long-term AI opportunity. Advertising remains the financial engine, but MUSE could open another chapter in monetisation. Still, shopping activity isn't the same as Meta earning $200 per transaction, and improving compute efficiency doesn't automatically guarantee higher profits. The question now is whether Meta can convert MUSE's early adoption into meaningful recurring revenue and returns that justify its enormous AI investment. — EMMANUELINVEST

CACI $CACI Q1 FY27: REVENUE MISSES, BUT CONTRACT MOMENTUM STRENGTHENS. CACI delivered stronger earnings and margins despite revenue falling short of expectations, while raising its FY27 outlook. THE NUMBERS 🔹 Revenue: $2.47B vs $2.52B expected (+8.2% YoY) 🔹 Adjusted EPS: $7.66 vs $6.67 expected (+11.8%) 🔹 EBITDA: $328.8M (+22.4%) 🔹 EBITDA margin: 13.3% 🔹 Organic revenue growth: +2.1% 🔹 Free cash flow: $133.5M GUIDANCE — RAISED 🔹 FY27 revenue: $10.70B–$10.90B 🔹 Adjusted EPS: $33.18–$34.08 🔹 Free cash flow: At least $900M (reaffirmed) WHAT'S CHANGING UNDERNEATH Contract momentum remains strong. 🔹 New awards: $4.8B 🔹 Book-to-bill: 2.0× 🔹 Total backlog: $34.0B 🔹 Funded backlog: $6.2B (+14.8%) Defense-related revenue grew 14.8%, although federal civilian revenue declined 3.7%. The growing funded backlog is encouraging, but organic revenue growth of just 2.1% suggests recent awards have yet to translate fully into underlying growth. MY TAKE I'm constructive on CACI's exposure to defense technology, intelligence and mission-critical government systems. The earnings beat, improving margins and stronger contract pipeline support the investment case. But contract awards aren't immediate revenue, and government funding cycles can affect execution. The question is how quickly CACI can convert its growing backlog into sustainable organic growth and free cash flow. — EMMANUELINVEST

SAP $SAP Q3: CLOUD REVENUE JUMPS 26%, BUT THERE'S MORE TO THE GROWTH STORY. SAP delivered strong cloud growth and improving cash generation, while updating its full-year revenue outlook. THE NUMBERS 🔹 Revenue: €10.27B (+13% YoY) 🔹 Cloud revenue: €6.67B (+26%) 🔹 Cloud ERP Suite: €5.92B (+29%) 🔹 Current cloud backlog: €24.14B (+28%) 🔹 Operating profit: €2.93B (+18%) 🔹 EPS: €1.96 (+14%) 🔹 Free cash flow: €1.72B (+36%) GUIDANCE 🔹 FY26 cloud revenue: Toward upper end of €25.8B–€26.2B 🔹 Cloud & software revenue: Toward upper end of €36.3B–€36.8B 🔹 Operating profit: €11.8B–€12.2B (maintained) 🔹 Free cash flow: Approximately €10B (maintained) WHAT'S CHANGING UNDERNEATH SAP's cloud transition continues, supported by enterprise demand for cloud ERP. But part of Q3 growth benefited from a multi-quarter revenue catch-up, making the underlying growth rate worth watching. Cloud gross margin also slipped to 73.9%, while software support revenue declined 5% as customers continued migrating to cloud. MY TAKE I'm constructive on SAP's long-term cloud opportunity. The growing backlog provides revenue visibility, while improving free cash flow supports the investment case. But I wouldn't extrapolate this quarter's 26% cloud growth without adjusting for the catch-up effect. The question is whether SAP can sustain strong organic cloud growth while expanding margins as its transition matures. — EMMANUELINVEST

TESLA $TSLA Q3: PROFITS SLUMP 56% AS AUTONOMY AND ROBOTICS EXPAND. Tesla delivered flat revenue and sharply lower profitability, even as FSD adoption and its energy infrastructure ambitions continued to advance. THE NUMBERS 🔹 Revenue: $28.05B (roughly flat YoY) 🔹 Operating income: $718M (−56%) 🔹 Operating margin: 2.6% 🔹 GAAP EPS: $0.22 vs $0.39 last year 🔹 Vehicle deliveries: 486,532 (−2%) 🔹 Operating cash flow: $6.3B 🔹 Free cash flow: $1.5B 🔹 Cash & investments: $45.4B WHAT'S CHANGING UNDERNEATH The automotive business remains under pressure, with revenue declining despite vehicle production increasing 4%. But Tesla's technology ambitions are advancing. 🔹 Active FSD subscriptions/purchases: 1.74M (+67%) 🔹 FSD adoption: Over 75% of new North American deliveries 🔹 Cybercab began Robotaxi rides in Austin 🔹 Energy storage deployments: 13.7 GWh (+10%) 🔹 Megafactory Texas began production, targeting 50 GWh capacity Tesla also reported its largest passenger-vehicle backlog in four years, although battery availability constrained growth. THE PROFITABILITY QUESTION R&D spending increased to $2.76B from $1.63B, reflecting heavier investment as Tesla expands beyond electric vehicles. Meanwhile, operating margin fell to just 2.6%. That's a significant gap between the scale of Tesla's ambitions and the profitability of its current operations. MY TAKE I'm encouraged by Tesla's progress in autonomy, energy storage and robotics. But the investment case increasingly depends on businesses that are still scaling. FSD adoption is growing, but subscriptions and upfront purchases are not the same as recurring software revenue. And robotaxi deployment remains at an early stage. Tesla has substantial financial resources, but its automotive profitability needs attention. The question for shareholders is whether autonomy, robotics and energy can generate enough incremental profit to justify the investment required — before pressure on the core automotive business becomes more significant. — EMMANUELINVEST

META $META Q3: ADVERTISING IS BOOMING. BUT THE COST OF AI IS GETTING HARDER TO IGNORE. Meta delivered strong revenue growth, but profitability and cash flow tell a more complicated story. THE NUMBERS 🔹 Revenue: $64.60B (+26% YoY) vs $63.33B expected 🔹 EPS: $3.83 vs $5.89 expected 🔹 Advertising revenue: $63.06B (+26%) 🔹 Daily active people: 3.64B (+3%) 🔹 Operating income: $12.99B (−37%) 🔹 Operating margin: 20% vs 40% last year WHAT'S CHANGING UNDERNEATH Advertising remains exceptionally strong. Ad impressions increased 10%, while average price per ad rose 14%, showing growth in both volume and monetisation. But costs rose 68%, including a $9.89B legal charge that significantly reduced reported operating profitability. GUIDANCE 🔹 Q4 revenue: $73B–$76B vs $73.68B expected 🔹 FY26 capex: $135B–$145B 🔹 FY26 expenses: $175B–$179B 🔹 FY26 operating income, excluding the legal charge, expected to exceed 2025 The Q4 revenue midpoint is above consensus, but Meta has raised the lower end of its capex outlook. THE AI INVESTMENT QUESTION Meta generated $32.79B in operating cash flow, yet free cash flow was negative $2.12B. Meanwhile, Reality Labs recorded a $4.13B operating loss. AI is strengthening Meta's advertising engine, but the infrastructure required to support its ambitions is consuming enormous capital. MY TAKE I'm still bullish on Meta's long-term opportunity. Its advertising business remains exceptionally strong, and AI is improving monetisation. But the legal charge, negative free cash flow and rising infrastructure commitments deserve attention. The real question isn't whether Meta can afford to invest in AI. It's whether those investments will generate returns that justify their scale. For me, 2027 spending and the path back to stronger free cash flow matter more than the headline EPS miss. — EMMANUELINVEST

TEXAS INSTRUMENTS $TXN BEATS Q3 ESTIMATES — AND THE ANALOG RECOVERY IS GAINING MOMENTUM. What stands out to me isn't just the earnings beat. It's how strongly revenue growth is translating into profitability and cash flow. THE NUMBERS 🔹 Revenue: $6.06B vs $5.92B expected 🔹 EPS: $2.62 vs $2.42 expected 🔹 Operating profit: $2.87B (+73% YoY) 🔹 Net income: $2.43B (+78% YoY) WHAT'S DRIVING THE BUSINESS Analog revenue increased 32% to $4.91B, while Embedded Processing grew 21% to $858M. That's an encouraging sign for the broader semiconductor recovery, particularly in markets beyond AI accelerators. Q4 GUIDANCE 🔹 Revenue: $5.80B–$6.30B vs $5.73B expected 🔹 EPS: $2.45–$2.79 vs $2.30 expected Both midpoints are ahead of consensus. THE CASH FLOW STORY Over the trailing 12 months: 🔹 Operating cash flow: $9.90B (+43%) 🔹 Free cash flow: $8.42B 🔹 Capital expenditure: $2.58B This is where the recovery becomes particularly interesting to me. Higher revenue, improving operating leverage and reduced capital intensity are supporting substantial free cash flow. MY TAKE I'm encouraged by the strength of the analog recovery and the improvement in profitability. But I'd still want to understand how much of this growth reflects sustainable end-market demand versus inventory replenishment and cyclical recovery. Texas Instruments doesn't need to be the next NVIDIA to be an attractive semiconductor investment. Its opportunity is different: converting a broad-based analog recovery into durable earnings and cash generation. The question now is how long that recovery can sustain its current momentum. — EMMANUELINVEST

META $META FACES A $25 BILLION LEGAL PENALTY JUST HOURS BEFORE EARNINGS. A New Mexico judge has ordered Meta to pay $25B after a jury found the company liable for misleading consumers about privacy protections linked to the Cambridge Analytica scandal. Meta plans to appeal. WHY THIS MATTERS The timing couldn't be more important. Meta is already facing questions about how much capital it will commit to AI infrastructure in 2027. Now investors have another potential claim on future cash flow. But there's an important distinction here. A $25B judgment is not necessarily a $25B immediate cash outflow. The appeals process, accounting treatment and timing of any payment still matter. And this is separate from the approximately $10B attorneys general settlement charge investors have been anticipating. MY TAKE I'm still constructive on Meta's underlying advertising business. But strong operating performance doesn't make legal and capital allocation risks disappear. Tonight, I'll be watching revenue growth, Q4 guidance, AI spending and free cash flow — alongside any disclosure about this judgment. The bigger question is whether Meta can continue funding aggressive AI expansion while protecting the financial flexibility that has made its business so attractive. — EMMANUELINVEST

This is the right way to approach investing. You can like a company at $15 and still believe the stock was overpriced above $30. That's not changing your thesis. That's recognising that valuation matters. I'm constructive on $SOFI's longer-term opportunity, particularly its member growth, expanding financial services ecosystem and improving profitability. But the next earnings report matters. I want to see whether earnings growth, credit quality and operating leverage continue to justify the valuation. A good business isn't automatically a good investment at every price.

NEBIUS $NBIS IS LIVE FROM NVIDIA GTC BERLIN. An interesting day for Nebius so far. Jensen Huang has highlighted the company, NVIDIA has featured its infrastructure partnerships, and Nebius has announced new GPU pricing options alongside its European AI Builder expansion. I'm particularly interested in how Nebius is developing its AI cloud platform beyond simply providing GPU capacity. I'll be watching for more details on its infrastructure strategy, customer adoption and the economics of scaling. Worth following the live session.

MOODY'S $MCO — EPS RISES 18%, CASH FLOW STRENGTHENS. BUT GROWTH REMAINS UNEVEN. Moody's reported Q3 earnings with stronger profitability and cash generation, although the underlying businesses delivered mixed results. THE NUMBERS 🔹 Revenue: $2.023B, up 1% YoY 🔹 GAAP EPS: $4.24, up 18% 🔹 Adjusted EPS: $4.14, up 6% 🔹 Operating margin: 44.8% vs 45.7% last year 🔹 Adjusted operating margin: 52.6% vs 52.9% WHAT'S CHANGING Moody's Analytics revenue increased 3% to $936M, with organic constant-currency growth of 8%. Recurring revenue grew 6% and accounted for 99% of Analytics revenue. That's the part of the business I find particularly attractive: a highly recurring revenue base that provides visibility even when transaction activity slows. Meanwhile, Moody's Investors Service revenue declined 1% to $1.087B, with transaction revenue down 5%. GUIDANCE MAINTAINED 🔹 FY26 GAAP EPS: $16.00–$16.50 🔹 FY26 adjusted EPS: $16.50–$17.00 🔹 Share repurchases: up to $3B CASH FLOW Through the first nine months: 🔹 Operating cash flow: $2.471B, up 21% 🔹 Free cash flow: $2.200B, up 22% MY TAKE I like Moody's recurring Analytics business and its ability to generate cash. But the contrast between 18% GAAP EPS growth and just 6% adjusted EPS growth is worth paying attention to. Ratings activity remains sensitive to debt issuance and capital market conditions, while Analytics provides a more predictable revenue stream. For $MCO, the opportunity is the combination of recurring Analytics revenue and a recovery in ratings activity. The question is when both engines can accelerate together. — EMMANUELINVEST