reports
- Dan Salmon
AI Summit NYC Recap Inference demand driving Clouds, Blackwell capaci...
We spent the last two days at the AI Summit in NYC. In the note, we review our top takeaways from dozens of executive conversations, panels and presentations, specifically: 1. AWS/GCP: Demand increasingly driven by inference as agentic AI matures 2. Blackwell capacity still a 1H26 story, driving higher conviction in our AWS estimates 3. PINS: Leveraging LLMs to drive UCAN MAU growth from GOOGL search ads 4. WMT: Leveraging unstructured call logs to improve agentic customer service 5. Agencies di...
- Wedbush Research
MU MICRON TECHNOLOGY INC.
MCS MARCUS CORPORATION
INTC INTEL CORPORATION
IMAX IMAX CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
CNK CINEMARK HOLDINGS INC.
AMC AMC ENTERTAINMENT HOLDINGS INC. CLASS A
NFLX NETFLIX INC.
EGHT 8X8 INC.
PTGX PROTAGONIST THERAPEUTICS
ROKU ROKU INC. CLASS A
AMZN AMAZON.COM INC.
AAPL APPLE INC.
NICE NICE LTD
DOCU DOCUSIGN INC.
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
ORIC ORIC PHARMACEUTICALS
PRAX PRAXIS PRECISION MEDICINES
XOS XOS INC.
ALIT FOLEY TRASIMENE ACQUISITION CORP
TTD THE TRADE DESK
GMTX INC.
NUVL GEMINI THERAPEUTICS INC
CART NUVALENT INC
BCAX MAPLEBEAR INC.
BICARA THERAPEUTICS INC.
- Alicia Reese
- Anish Jog
- Antoine Legault
- Chase Tohanczyn
- Daniel Ives
- Kade Barr
- Matthew Bryson
- Matthew McCartney
- Matthew Weiss
- Sam Brandeis
- Scott Devitt
- Seth Basham
- Steven Wahrhaftig
- Chase Tohanczyn
- Matthew Weiss
- Scott Devitt
- Wedbush Research
WDC WESTERN DIGITAL CORPORATION
TRIP TRIPADVISOR INC.
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.
BBY BEST BUY CO. INC.
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
SE SEA ADS
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
MSFT MICROSOFT CORPORATION
BKNG BOOKING HOLDINGS INC.
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
CHWY CHEWY INC. CLASS A
SMCI SUPER MICRO COMPUTER
U INC.
DASH UNITY SOFTWARE
ABNB DOORDASH
PLTR AIRBNB INC. CLASS A
RBLX PALANTIR TECHNOLOGIES
STX ROBLOX
YOU SEAGATE TECHNOLOGY HLDGS PLC
NUVL CLEAR SECURE INC
RUM NUVALENT INC
CART RUMBLE INC
MAPLEBEAR INC.
- Chase Tohanczyn
- Matthew Weiss
- Scott Devitt
Counting Clicks: October '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
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.
SE SEA ADS
AMZN AMAZON.COM INC.
BKNG BOOKING HOLDINGS INC.
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
CHWY CHEWY INC. CLASS A
DASH DOORDASH
ABNB AIRBNB INC. CLASS A
YOU CLEAR SECURE INC
RUM RUMBLE INC
CART MAPLEBEAR INC.
- Wedbush Research
SHOP SHOPIFY INC.
WDC WESTERN DIGITAL CORPORATION
TSLA TESLA INC
TRIP TRIPADVISOR INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
PEGA PEGASYSTEMS INC.
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.
CHKP CHECK POINT SOFTWARE TECHNOLOGIES LTD.
AXTI AXT INC.
ASND ASCENDIS PHARMA A/S SPONSORED ADR
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
CVNA CARVANA CO. CLASS A
ARGX ARGENX ADS
SE SEA ADS
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
BKNG BOOKING HOLDINGS INC.
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
SMCI SUPER MICRO COMPUTER
DASH INC.
ABNB DOORDASH
PHVS AIRBNB INC. CLASS A
XMTR PHARVARIS NV
STX XOMETRY
TTD INC.
GFS SEAGATE TECHNOLOGY HLDGS PLC
CINT THE TRADE DESK
YOU INC.
MLTX GLOBALFOUNDRIES INC
RUM CI&T INC
CART CLEAR SECURE INC
ORKA MOONLAKE IMMUNOTHERAPEUTICS
SERV RUMBLE INC
BBOT MAPLEBEAR INC.
ORUKA THERAPEUTICS INC
SERVE ROBOTICS INC
BRIDGEBIO ONCOLOGY THERAPEUTICS INC
- Chase Tohanczyn
- Matthew Weiss
- Scott Devitt
3Q25 Postmortem: Sentiment Guide Following Results
Post-results, we think the disconnect between fundamentals and investor sentiment offers attractive upside for the highest-quality names in our coverage. We’ve become more constructive on the companies below:META (Outperform) - We are adding Meta Platforms to the Best Ideas List and maintain our $9
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.
YOU THE TRADE DESK
RUM INC.
CART CLEAR SECURE INC
RUMBLE INC
MAPLEBEAR INC.
- Dan Salmon
Pinterest (PINS, Buy, $45 target) Agentic commerce fears are way over...
Post print, PINS forged a new trough multiple on risk of a prolonged, tariff-related UCAN slowdown and fears of disintermediation by AI agents. The former is understandable; the latter is not and we walk through the reasons why in the report
- Wedbush Research
TSLA TESLA INC
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
RARE ULTRAGENYX PHARMACEUTICAL INC.
QLYS QUALYS INC.
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
KURA KURA ONCOLOGY INC.
INTC INTEL CORPORATION
CTMX CYTOMX THERAPEUTICS INC.
AXTI AXT INC.
7974 NINTENDO CO. LTD.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
EGHT 8X8 INC.
ANAB ANAPTYSBIO INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
PINS PINTEREST INC. CLASS A
STOK STOKE THERAPEUTICS
SMCI SUPER MICRO COMPUTER
CRSR INC.
VRDN CORSAIR GAMING
IMNM VIRIDIAN THERAPEUTICS INC
DAWN IMMUNOME
XMTR DAY ONE BIOPHARMACEUTICALS INC
TNGX XOMETRY
STX INC.
HOWL TANGO THERAPEUTICS
RIVN INC
GFS SEAGATE TECHNOLOGY HLDGS PLC
CMPX WEREWOLF THERAPEUTICS INC
SYRE RIVIAN AUTOMOTIVE INC
BCAX GLOBALFOUNDRIES INC
CBIO COMPASS THERAPEUTICS
SPYRE THERAPEUTICS INC.
BICARA THERAPEUTICS INC.
CRESCENT BIOPHARMA INC.
- Chase Tohanczyn
- Matthew Weiss
- Scott Devitt
Rising AI Risk; OP, Lowering PT to $34
Figure 2. 3Q25 ResultsSource: Company reports, Wedbush estimates, FactSet consensusGuide: 3Q revenue guide of $1,033mm to $1,053mm; 3Q adj. EBITDA guide of $282mm to $302mmPinterest reported modest 3Q revenues. Revenue in the quarter of $1,049mm (+16.8% Y/Y) was in line with expectations and the hi
- Dan Salmon
Pinterest (PINS, Buy, $49 target) US tariff impact clouds otherwise st...
What’s New: In this first take following tonight’s results, we focus on: 1. Is Retail/Home Furnishing tariff headwind temporary or more structural? 2. Advertising growth solid as new ad products continue rolling out 3. Looking for more clarity on taking audience data off-platform 4. Global user growth remains strong, including North America 5. AI winner or loser? Investors are still not sure 6. Margin outlook remains strong and on track for long-term target
- Wedbush Research
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
IMAX IMAX CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
MDB MONGODB INC. CLASS A
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
PINS PINTEREST INC. CLASS A
SMCI SUPER MICRO COMPUTER
PLTR INC.
SNOW PALANTIR TECHNOLOGIES
RBLX SNOWFLAKE INC. CLASS A
STX ROBLOX
GLUE SEAGATE TECHNOLOGY HLDGS PLC
GFS MONTE ROSA THERAPEUTICS INC
GLOBALFOUNDRIES INC
- Chase Tohanczyn
- Matthew Weiss
- Scott Devitt
- Wedbush Research
XENE XENON PHARMACEUTICALS INC
WDC WESTERN DIGITAL CORPORATION
TSLA TESLA INC
TRIP TRIPADVISOR INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
PEGA PEGASYSTEMS INC.
NVDA NVIDIA CORPORATION
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
FB FACEBOOK INC. CLASS A
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
BIIB BIOGEN INC.
AXTI AXT INC.
ARDX ARDELYX INC
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
ISR ISORAY
SE SEA ADS
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
BKNG BOOKING HOLDINGS INC.
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.
PRAX IDEAYA BIOSCIENCES
TVTX PRAXIS PRECISION MEDICINES
TLS TRAVERE THERAPEUTICS INC
DASH TELOS
ABNB DOORDASH
SNOW AIRBNB INC. CLASS A
STX SNOWFLAKE INC. CLASS A
VERA SEAGATE TECHNOLOGY HLDGS PLC
GFS VERA THERAPEUTICS INC
PL GLOBALFOUNDRIES INC
YOU PLANET LABS PBC
EWTX CLEAR SECURE INC
RUM EDGEWISE THERAPEUTICS INC
CRBP RUMBLE INC
CART CORBUS PHARMACEUTICALS HOLDINGS INC.
MAZE MAPLEBEAR INC.
JBIO MAZE THERAPEUTICS INC
JADE BIOSCIENCES INC
- Chase Tohanczyn
- Matthew Weiss
- Scott Devitt
Counting Clicks: September '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
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.
SE SEA ADS
AMZN AMAZON.COM INC.
BKNG BOOKING HOLDINGS INC.
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
CHWY CHEWY INC. CLASS A
DASH DOORDASH
ABNB AIRBNB INC. CLASS A
YOU CLEAR SECURE INC
RUM RUMBLE INC
CART MAPLEBEAR INC.
- Wedbush Research
WDC WESTERN DIGITAL CORPORATION
TRIP TRIPADVISOR 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
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
BCRX BIOCRYST PHARMACEUTICALS INC.
AXTI AXT INC.
ACRS ACLARIS THERAPEUTICS INC.
NFLX NETFLIX INC.
INOD INNODATA
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
WVE WAVE LIFE SCIENCES
ANAB ANAPTYSBIO INC.
ROKU ROKU INC. CLASS A
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
ZG ZILLOW GROUP INC. CLASS A
BKNG BOOKING HOLDINGS INC.
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
SMCI SUPER MICRO COMPUTER
BEAM INC.
DASH BEAM THERAPEUTICS
ABNB DOORDASH
STX AIRBNB INC. CLASS A
ATXS SEAGATE TECHNOLOGY HLDGS PLC
GFS ASTRIA THERAPEUTICS INC
CINT GLOBALFOUNDRIES INC
YOU CI&T INC
PRME CLEAR SECURE INC
CART PRIME MEDICINE INC
MAPLEBEAR INC.
- Chase Tohanczyn
- Matthew Weiss
- Scott Devitt
TRIP TRIPADVISOR INC.
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
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
YOU CLEAR SECURE INC
CART MAPLEBEAR INC.
- Chase Tohanczyn
- Matthew Weiss
- Scott Devitt
- Wedbush Research
WDC WESTERN DIGITAL CORPORATION
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
TRIP TRIPADVISOR INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
RARE ULTRAGENYX PHARMACEUTICAL INC.
PSTG PURE STORAGE INC. CLASS A
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.
BIIB BIOGEN INC.
AXTI AXT INC.
7974 NINTENDO CO. LTD.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
EA ELECTRONIC ARTS INC.
ARGX ARGENX ADS
SE SEA ADS
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
BKNG BOOKING HOLDINGS INC.
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
CHWY CHEWY INC. CLASS A
SMCI SUPER MICRO COMPUTER
DASH INC.
ABNB DOORDASH
STX AIRBNB INC. CLASS A
GFS SEAGATE TECHNOLOGY HLDGS PLC
YOU GLOBALFOUNDRIES INC
MLTX CLEAR SECURE INC
RUM MOONLAKE IMMUNOTHERAPEUTICS
EMBRAC B RUMBLE INC
CART EMBRACER GROUP AB
MAPLEBEAR INC.
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