reports
- Pierre FerraguÊ
Grasping the AI Infra buildout (IV): How can hyperscalers swallow so m...
The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and on what underlying business model. As GTC approaches, we address all these questions in a series of one-sliders. Today we look into how Hyperscaler P&Ls can absorb 2026 capex, and extend the perspective into the end of the decade. Note: For our latest estimates, please see updates to the slides published earlier this week; we are refinin...
- Chase Tohanczyn
- Daniel Ives
- Matthew Bryson
- Matthew Weiss
- Scott Devitt
Wedbush Invite: Insights on AI and Cloud Capex Buildouts | March 10 | ...
Host Bio: Scott Devitt is a seasoned equity research analyst specializing in the broader internet space, with an emphasis in the e-commerce and online travel sectors. His interest in the tech space was sparked during his time spent at DELL as a Financial Analyst, where he supported the factory and
- Chase Tohanczyn
- Matthew Weiss
- Scott Devitt
- Antoine Legault
- Matthew Bryson
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
AXTI AXT INC.
2303 UNITED MICROELECTRONICS CORP.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
SMCI SUPER MICRO COMPUTER
STX INC.
GFS SEAGATE TECHNOLOGY HLDGS PLC
GLOBALFOUNDRIES INC
- Wedbush Research
WDC WESTERN DIGITAL CORPORATION
STAA STAAR SURGICAL CO.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
NCMI NATIONAL CINEMEDIA INC.
MU MICRON TECHNOLOGY INC.
MNKD MANNKIND CORP.
MCS MARCUS CORPORATION
INTC INTEL CORPORATION
IMAX IMAX CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
CNK CINEMARK HOLDINGS INC.
AXTI AXT INC.
ASND ASCENDIS PHARMA A/S SPONSORED ADR
AMC AMC ENTERTAINMENT HOLDINGS INC. CLASS A
NFLX NETFLIX INC.
2303 UNITED MICROELECTRONICS CORP.
CCRN CROSS COUNTRY HEALTHCARE INC.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
TSEM TOWER SEMICONDUCTOR LTD
SMCI SUPER MICRO COMPUTER
RBLX INC.
STX ROBLOX
ELYM SEAGATE TECHNOLOGY HLDGS PLC
TCRX ELIEM THERAPEUTICS INC
GFS TSCAN THERAPEUTICS INC
PEPG GLOBALFOUNDRIES INC
STUB PEPGEN INC
STUBHUB HOLDINGS INC.
- Pierre FerraguÊ
Grasping the AI Infra buildout (III): Who will pay for cloud?
The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and on what underlying business model. As GTC approaches, we will try to address all these questions in a series of one-sliders. We follow-up today with the third analysis. Note: For our latest estimates, please see updates to the slides published earlier this week; we are refining our numbers in real time as we progress in this work.
Ligand to Participate in March Investor Conferences
Ligand to Participate in March Investor Conferences JUPITER, Fla., March 04, 2026 (GLOBE NEWSWIRE) -- Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) today announced that its senior management team will participate in the following upcoming investor conferences: Leerink Partners Global Healthcare Conference (Miami): Management will participate in one-on-one meetings March 11, 202638th Annual ROTH Conference (Dana Point, Calif.): Management will present at 1:00 p.m. PT on March 23, 2026Nordic-American Healthcare Conference 2026 (New York): Management will present at 3:45 p.m. ET on Mar...
- Antoine Legault
- Matthew Bryson
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
AXTI AXT INC.
2303 UNITED MICROELECTRONICS CORP.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
SMCI SUPER MICRO COMPUTER
STX INC.
GFS SEAGATE TECHNOLOGY HLDGS PLC
GLOBALFOUNDRIES INC
- Wedbush Research
SHOP SHOPIFY INC.
WDC WESTERN DIGITAL CORPORATION
TRIP TRIPADVISOR INC.
STAA STAAR SURGICAL CO.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
MELI MERCADOLIBRE INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
CRM SALESFORCE.COM INC.
CHKP CHECK POINT SOFTWARE TECHNOLOGIES LTD.
BBY BEST BUY CO. INC.
AXTI AXT INC.
2303 UNITED MICROELECTRONICS CORP.
CVNA CARVANA CO. CLASS A
ANAB ANAPTYSBIO INC.
SE SEA ADS
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
BKNG BOOKING HOLDINGS INC.
SRRK SCHOLAR ROCK HOLDING CORPORATION
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
CRWD CROWDSTRIKE HOLDINGS INC. CLASS A
SMCI SUPER MICRO COMPUTER
PASG INC.
BEAM PASSAGE BIO
DASH BEAM THERAPEUTICS
ABNB DOORDASH
PLTR AIRBNB INC. CLASS A
IMNM PALANTIR TECHNOLOGIES
SANA IMMUNOME
XMTR SANA BIOTECHNOLOGY
STX XOMETRY
TTD INC.
GFS SEAGATE TECHNOLOGY HLDGS PLC
MLTX THE TRADE DESK
PRME INC.
APGE GLOBALFOUNDRIES INC
CART MOONLAKE IMMUNOTHERAPEUTICS
IMA PRIME MEDICINE INC
VOYG APOGEE THERAPEUTICS INC
MAPLEBEAR INC.
IMAGENEBIO INC.
VOYAGER TECHNOLOGIES INC
- Chase Tohanczyn
- Matthew Weiss
- Scott Devitt
4Q25 Postmortem: Evaluating AI Risk in the Current Landscape
In this report, we establish an initial framework to assess exposure to AI-enabled risk across our coverage group. Specifically, we evaluate the risk of replacement, disintermediation, or both. Our framework measures structural defensibility and business model differentiation against the difficulty
SHOP SHOPIFY INC.
TRIP TRIPADVISOR INC.
MELI MERCADOLIBRE INC.
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
CVNA CARVANA CO. CLASS A
SE SEA ADS
AMZN AMAZON.COM INC.
BKNG BOOKING HOLDINGS INC.
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
DASH DOORDASH
ABNB AIRBNB INC. CLASS A
XMTR XOMETRY
TTD INC.
CART THE TRADE DESK
INC.
MAPLEBEAR INC.
- Jonathan Moreland
ZBRA ZEBRA TECHNOLOGIES CORPORATION CLASS A
XRAY DENTSPLY SIRONA INC.
VNO VORNADO REALTY TRUST
TCBI TEXAS CAPITAL BANCSHARES INC.
NMFC NEW MOUNTAIN FINANCE CORPORATION
MTDR MATADOR RESOURCES COMPANY
FFIN FIRST FINANCIAL BANKSHARES INC
WD WALKER & DUNLOP INC.
AUP AURINIA PHARMACEUTICALS INC.
SABR SABRE CORP.
TREX TREX COMPANY INC.
AJG ARTHUR J. GALLAGHER & CO.
KKR KKR & CO. INC.
SMCI SUPER MICRO COMPUTER
AHCO INC.
DCTH ADAPTHEALTH
TSLX DELCATH SYSTEMS
THRY SIXTH STREET SPECIALTY LENDING
EOSE INC.
AGL THRYV HOLDINGS
FRSH EOS ENERGY ENTERPRISES INC (A)
FA AGILON HEALTH
CMTG INC.
MYN FRESHWORKS INC.
WRB FIRST ADVANTAGE CORP NEW
BLCO CLAROS MORTGAGE TRUST
NMTC INC.
MSDL BLACKROCK MUNIYELD N Y INSD FD INC
LAW W.R. BERKLEY CORPORATION
BAUSCH + LOMB CORP
NEUROONE MEDICAL TECHNOLOGIES CORP
MORGAN STANLEY DIRECT LENDING
CS DISCO INC
- Dan Salmon
AMZN: “Great Plains” AI strategy confirmed (+ swapping META/GOOGL in t...
Two pieces of news last week may have slipped below the radar for many AMZN investors in light of the big announcement (and multiple preceding news reports) about OpenAI’s new financing round, AMZN’s participation in it, and the two companies’ expanded partnership. Our thoughts about those topics from late Friday are HERE. The two other news items from last week were: 1. AMZN AGI Labs head of agents R&D, David Yuan, departed 2. New AMZN AGI Head Peter DeSantis gave his first interview to the WS...
- Pierre FerraguÊ
Grasping the AI Infra buildout (II): How is it financed?
The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and the underlying or prospective business model. As GTC approaches, we will try to address all these questions in a series of one-sliders. We follow-up today with the second analysis.
- Antoine Legault
- Matthew Bryson
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
AXTI AXT INC.
2303 UNITED MICROELECTRONICS CORP.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
SMCI SUPER MICRO COMPUTER
STX INC.
GFS SEAGATE TECHNOLOGY HLDGS PLC
GLOBALFOUNDRIES INC
- Wedbush Research
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
AXTI AXT INC.
ASND ASCENDIS PHARMA A/S SPONSORED ADR
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
NTLA INTELLIA THERAPEUTICS INC.
MDB MONGODB INC. CLASS A
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
RCKT ROCKET PHARMACEUTICALS
MSFT MICROSOFT CORPORATION
CRWD CROWDSTRIKE HOLDINGS INC. CLASS A
SMCI SUPER MICRO COMPUTER
LRMR INC.
NUVB LARIMAR THERAPEUTICS INC
STX NUVATION BIO INC (A)
QUBT SEAGATE TECHNOLOGY HLDGS PLC
GFS QUANTUM COMPUTING INC
S GLOBALFOUNDRIES INC
RGTI SENTINELONE INC
TYRA RIGETTI COMPUTING INC
APGE TYRA BIOSCIENCES INC
NATL APOGEE THERAPEUTICS INC
RBRK NCR ATLEOS CORPORATION
RUBRIK INC
- Pierre FerraguÊ
Grasping the AI Infra buildout (I): Who builds what, for whom?
The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and the underlying or prospective business model. As GTC approaches, we will try to address all these questions in a series of one-sliders. We kick things off with the baseline: Who builds what, for whom? Enjoy, and stay tuned for the rest of the series.
- Gary Brode
- Antoine Legault
- Matthew Bryson
Daily Views on Tech Headlines | META, Anthropic, Xiaomi, Handsets
Rapidus: Reportedly secures ¥167.6B ($1.1B) private funding; 60 clients reportedly in talks with 10 receiving initial quotesView: Japan’s Rapidus has reportedly secured these private funds, which add to the ¥100B in government investment in Rapidus this year.The Japanese startup is targeting mass p
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
AXTI AXT INC.
2303 UNITED MICROELECTRONICS CORP.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
SMCI SUPER MICRO COMPUTER
STX INC.
GFS SEAGATE TECHNOLOGY HLDGS PLC
GLOBALFOUNDRIES INC
- Wedbush Research
UBI UBISOFT ENTERTAINMENT SA
XNCR XENCOR INC.
XENE XENON PHARMACEUTICALS INC
WDC WESTERN DIGITAL CORPORATION
VYGR VOYAGER THERAPEUTICS INC.
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
TRIP TRIPADVISOR INC.
SRPT SAREPTA THERAPEUTICS INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
RARE ULTRAGENYX PHARMACEUTICAL INC.
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NVCR NOVOCURE LTD.
NTAP NETAPP INC.
NBIX NEUROCRINE BIOSCIENCES INC.
MU MICRON TECHNOLOGY INC.
MELI MERCADOLIBRE INC.
KURA KURA ONCOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
GERN GERON CORP.
FB FACEBOOK INC. CLASS A
FATE FATE THERAPEUTICS INC
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
CTMX CYTOMX THERAPEUTICS INC.
BMRN BIOMARIN PHARMACEUTICAL INC.
BIIB BIOGEN INC.
BCRX BIOCRYST PHARMACEUTICALS INC.
AXTI AXT INC.
ASND ASCENDIS PHARMA A/S SPONSORED ADR
ARDX ARDELYX INC
CDR CD PROJEKT S.A.
FRX_CN FENNEC PHARMACEUTICALS
7974 NINTENDO CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
EA ELECTRONIC ARTS INC.
PTGX PROTAGONIST THERAPEUTICS
ANAB ANAPTYSBIO INC.
ARGX ARGENX ADS
OVID OVID THERAPEUTICS
ISR ISORAY
SE SEA ADS
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
APLS APELLIS PHARMACEUTICALS
BKNG BOOKING HOLDINGS INC.
DNLI DENALI THERAPEUTICS INC
RCUS ARCUS BIOSCIENCES
SRRK SCHOLAR ROCK HOLDING CORPORATION
KNSA KINIKSA PHARMACEUTICALS
REPL REPLIMUNE GROUP
ARVN ARVINAS HOLDING
STRO SUTRO BIOPHARMA
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
CHWY CHEWY INC. CLASS A
STOK STOKE THERAPEUTICS
SMCI SUPER MICRO COMPUTER
IDYA INC.
PASG IDEAYA BIOSCIENCES
BDTX PASSAGE BIO
ACET BLACK DIAMOND THERAPEUTICS
KROS ADICET BIO INC
ZNTL KEROS THERAPEUTICS
BEAM ZENTALIS PHARMACEUTICALS
LRMR BEAM THERAPEUTICS
OCUP LARIMAR THERAPEUTICS INC
PRAX OCUPHIRE PHARMA INC
COGT PRAXIS PRECISION MEDICINES
U COGENT BIOSCIENCES INC
TVTX UNITY SOFTWARE
DASH TRAVERE THERAPEUTICS INC
ABNB DOORDASH
VRDN AIRBNB INC. CLASS A
PLTK VIRIDIAN THERAPEUTICS INC
NUVB PLAYTIKA HOLDING
RBLX NUVATION BIO INC (A)
DAWN ROBLOX
TNGX DAY ONE BIOPHARMACEUTICALS INC
STX TANGO THERAPEUTICS
HOWL INC
APP SEAGATE TECHNOLOGY HLDGS PLC
TTD WEREWOLF THERAPEUTICS INC
QUBT APPLOVIN CORP
GFS THE TRADE DESK
GMTX INC.
TYRA QUANTUM COMPUTING INC
EWTX GLOBALFOUNDRIES INC
SLDB GEMINI THERAPEUTICS INC
DDI TYRA BIOSCIENCES INC
APGE EDGEWISE THERAPEUTICS INC
EMBRAC B SOLID BIOSCIENCES INC
DNTH DOUBLEDOWN INTERACTIVE CO LTD
CART APOGEE THERAPEUTICS INC
NATL EMBRACER GROUP AB
CGON DIANTHUS THERAPEUTICS INC
ORKA MAPLEBEAR INC.
BCAX NCR ATLEOS CORPORATION
ZBIO CG ONCOLOGY INC
TLX ORUKA THERAPEUTICS INC
MAZE BICARA THERAPEUTICS INC.
JBIO ZENAS BIOPHARMA INC.
TELIX PHARMACEUTICALS LIMITED
MAZE THERAPEUTICS INC
JADE BIOSCIENCES INC
Moody's Ratings affirms Meta's Aa3 senior unsecured rating; outlook st...
Moody's Ratings (Moody's) affirmed Meta Platforms, Inc.'s (Meta) Aa3 long-term issuer rating, Aa3 senior unsecured notes ratings, and (P)Aa3 senior unsecured shelf rating. The outlook remains stable. Our affirmation reflects the company's robust operating performance, strong execution, conservati...
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