Wedbush Morning Call - Sep 19 2025 6:59AM

Amazon Partners With Winn-Dixie For Grocery Offering in Two Florida Ma...

Figure 1. Amazon Grocery TabSource: Amazon.com website. Accessed 9/18/2025Figure 2. Winn-Dixie Storefront on Amazon.comSource: Amazon.com website. Accessed 9/18/2025

AMZN(Buy, $270 target) /TTD (Neutral, $60 target) : Amazon DSP adds SI...

Yesterday, AdWeek reported that Amazon DSP has struck its largest partnership with a streaming audio service to date, specifically SIRI, whose properties include Pandora and SoundCloud. TTD is among SIRI’s existing DSP partners, and we walk through the implications for both Amazon DSP and TTD in the note, including the potential for SPOT to add Amazon DSP as a partner as well.

EchoStar in Paris: Quick thoughts

Hamid and Charlie just wrapped in Paris. In this brief note we cover key topics, including the company’s thoughts on selling its spectrum, its plans for future uses of the spectrum proceeds, and its thinking on taxes and other liabilities. We also address the timing of future spectrum sales and the outlook for Boost, Hughes and DBS. Finally, we share insights on SpaceX’s new S-Band direct-to-device service.

Adding PANW, MDB

Wedbush Morning Call - Sep 15 2025 6:46AM

West Coast Travel and AI Infra

The Tech Infrastructure Quarterly Bible 2Q25

We publish today our comprehensive quarterly bible: 229 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides. Please follow the link below for more details.

Implications of Carr’s SATS/SpaceX Competition Comments

FCC Chairman Carr gave a speech this week in which he said that the SATS/SpaceX deal “is a potential gamechanger for the American consumer—it promises to light up new spectrum and bring new sources of competition to the wireless and connectivity market.” In this note we review the evidence on whether he is likely to be proven correct but also what the implications of his comments are for wireless policy in the near-term.

Bible 2Q25 – Enterprise IT: Broad-based cloud strength, SaaS stable, ...

Today, we are publishing the Enterprise IT section of our 28th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Legacy IT spending is moderating after a strong 2H24, while public-cloud growth accelerated slightly on broad-based strength across AI and traditional workloads. SaaS revenue growth remains in the lo...

Carr Dismisses FCC Investigations of SATS

FCC Chairman Carr has ended the two proceedings against SATS. In this note we simply discuss the implications.

Bible 2Q25 – Hyperscale & Cloud: 2026 capex expectations up 19%, $3-4t...

Today, we are publishing the Hyperscale & Cloud section of our 28th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Enterprise IT and Foundry. Hyperscale capex grew 70% YoY. Most raised 2025 guides, and confirmed sustained spending in 2026, lifting expectations....

SpaceX Buys AWS-4 and PCS H-Block from EchoStar

EchoStar announced that it is selling its AWS-4 and PCS H-Block spectrum to SpaceX for a total of $19BN, including $8.5BN of cash, $8.5BN of stock in SpaceX, and $2BN of interest payments payable to EchoStar. According to SpaceX, the purchase agreement also covers EchoStar’s global MSS licenses.

SATS and SpaceX: Quick Policy Perspective

This morning SATS announced that it had entered into a definitive agreement with SpaceX to sell the company's AWS-4 and H-block spectrum licenses for approximately $17 billion for SpaceX to fund an aggregate of approximately $2 billion of cash interest payments payable on EchoStar debt through November of 2027. Further, SpaceX and EchoStar will enter into an agreement to enable EchoStar's Boost Mobile subscribers to access Starlink’s Direct to Cell service. In this note, we quickly analyze the ...

A closer look at chip purchases and installed bases And the relative ...

We are getting more questions about each company’s share of GPU purchases, and especially how it could impact capacity constraints at Cloud divisions (especially AWS).

EchoStar Spectrum Sales: Implications for Industry FWA Capacity

In the wake of EchoStar selling spectrum to AT&T, we have updated our FWA capacity model on the assumption that all of the company’s spectrum eventually ends up with the big three carriers. We now expect the industry to have capacity for almost 22MM residential FWA subscribers, up from 19.5MM before.

SATS Spectrum Deals Raise Hopes for DBS Deal

With the announcement of SATS’ deal with T and prospects for further spectrum sales, investors are once again hopeful that the long-anticipated merger of the DBS companies can happen. In this note, we update our thoughts on the government review of that deal if it happens.

Is AI meant to absorb legacy or drive redesigns? Conversation with the...

Earlier this summer we had a fantastic conversation with Pankaj Patel, CEO of Nile. Nile provides a fully automated, subscription-based network-as-a-service platform that delivers secure, scalable connectivity without the complexity of legacy infrastructure. Follow the below link for our top thoughts on the back of this conversation.

Wedbush Morning Call - Sep 03 2025 6:53AM

August Update