Tesla 4Q25 preview: Pull-forwards of 3Q to weigh on deliveries this qu...

Tesla will report 4Q25 deliveries in early January. Please see the link below for our expectations.

Daily Views on Tech Headlines |

Wedbush Morning Call - Dec 23 2025 7:03AM

Counting Clicks: November '25 Traffic Trends

Report Overview: Our analysis includes total web visits (desktop and mobile) to U.S. and international web domains, mobile app monthly active users (MAUs), daily active users (DAUs), and total time spent (where applicable). Throughout the report, we display Y/Y changes across each of these key metr

In Partial Win for Cable, Trump Memoranda Appears to Protect CBRS

Late Friday, President Trump released a new Presidential Memoranda on 6G and Spectrum. While what the Memoranda said is largely a restatement of what we have previously reported, we think the most important element for investors is what it didn’t say; specifically, that by omission it appears to protect the spectrum known as the Citizens Band Radio Services (CBRS) currently used by cable (and others) for wireless services. In this note we provide an analysis of the Memoranda.

The Tech Infrastructure Quarterly Bible 3Q25

We publish today our comprehensive quarterly bible: 242 pages of detailed analysis 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:

PSA Autos / New Mobility: Japan's New EV Model Offensive

In this report, analyst Julie Boote reviews the 2025~2026 model line-up in the mainstream BEV segment for Japan’s automakers, focusing on Europe, North America [NA] and Japan, and assesses the appeal and competitiveness of the new models.

Daily Views on Tech Headlines | NVDA, GFS

PSMC, SNDK, MU: PSMC to produce memory for SanDisk or Micron?View: We struggle with this premise. While it is true 1) memory is tight and 2) a lack of cleanroom space is a bottleneck to bringing on capacity, we see limited to zero potential for a collaboration that would see PSCM enabled by MU or S

Wedbush Morning Call - Dec 22 2025 7:02AM

Expecting Big AI Driven Growth Year for Redmond; Street Will Be Surpri...

Tesla’s robotaxi secret weapon: customer vehicles

We published a deep dive on Wednesday outlining how we see Tesla stepping into the robotaxi opportunity. In today’s note, we focus on one of Tesla’s key advantages: customer-owned vehicles, and how they provide Tesla with a structural advantage versus peers.

VZ/FBYR/CPUC Update: Build Out Requirements Remain an Issue

In a recent analysis of an Administrative Law Judge issuing a Proposed Decision recommending California Public Utilities Commission (CPUC) approval of the VZ/FYBR deal, albeit with numerous conditions, we focused on the conditions related to the tension between VZ’s letter to the FCC changing its policies toward DEI and requirements under California law and regulation, as that has been the key discussion point in the process to date. We noted but did not focus on the build-out requirement in pa...

Daily Views on Tech Headlines | TSMC, META, AXTI

META, AI: Meta prepares major AI push in 1H26View: Meta is accelerating its AI strategy with the development of two new flagship AI models. According to The Wall Street Journal, its image and video generation system code-named "Mango," and a text-based LLM dubbed "Avocado" are both expected in the

Wedbush Morning Call - Dec 19 2025 7:11AM

2026 Consumer Internet Outlook: You Ain’t Seen Nothing Yet

VZ/FYBR Moves Toward California Approval

The VZ/FYBR deal has moved closer to closing with an Administrative Law Judge issuing a Proposed Decision recommending California Public Utilities Commission (CPUC) approval, albeit with numerous conditions. In this note we discuss that Proposed Decision and the steps forward from here.

Daily Views on Tech Headlines | ASML, IONQ

Robotaxi Part II: The dawn of Tesla?

​​​After our deep dive investigation on the expansion of Waymo, which we published in October (see Part I), we follow up with a deep dive on how we see Tesla stepping into the opportunity. We also reveal in this work the very first version of our Robotaxi model, running to 2030. The least I can say is that 2026 will be an interesting year on the Robotaxi front. This work is timely with Tesla about to remove safety operators in Austin and Waymo raising capital. For details, please follow the li...

Bible 3Q25 – Industrials: cyclical recovery well underway

Today, we are publishing the final section of our 29th Tech Infrastructure Quarterly Bible on industrials. 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. Industrial semiconductor momentum is accelerating, with revenue growth up to 18% YoY. Industry commentary points to further growth in 4Q and into 2026, reinforcing our expectation of continued...

VZ: Investor meeting key takeaways

We hosted a Verizon investor lunch yesterday. We feel we came away with a clearer understanding of the evolving ‘Dan Plan’. Long story short, the chances of VZ ‘burning down the neighborhood’ are far lower than generally feared. This fear has nevertheless been priced into sector stocks, which may present an opportunity across the sector.