An earnings beat alone means less when 80%+ of companies are beating. I’d rather look at valuation, earnings quality and how much optimism is already priced in. At around 12x earnings, GS gives me more valuation cushion than chasing a high-growth stock after a major re-rating.

SOFI’s growth is attractive, but expectations and valuation make execution increasingly important. I’m also cautious about calling MS a “memory supercycle” play. Morgan Stanley is primarily an investment bank and wealth manager, not a semiconductor memory company.

More broadly, this earnings season reinforces one point for me: “beat” is becoming the minimum requirement. The stocks I’d favour are those that can beat, raise guidance and generate stronger cash flow without requiring ever-increasing capex to sustain growth.