Shares of Axon Enterprise (AXON) are giving back some of their recent gains following last night’s Q2 2026 earnings report as the company bested Wall Street forecasts and lifted its 2026 revenue guidance. Similar to what we saw with Advanced Micro Devices (AMD), Axon’s revised guidance did not clear the upper end of 2026 revenue expectations following the sharp climb in the stock over the last several days. 

That explains some of AXON’s move lower Thursday morning, but management also commented about margin pressure rising in the current quarter from two fronts. First is the negative impact of higher component costs, especially memory, now that Axon has worked through existing component supplies. Axon won’t be the only…