JPM’s upside case centers on durable AI infrastructure demand and monetization, with improving visibility supporting earnings upside across select platforms and suppliers.
The bear case is that lofty AI-linked expectations leave little room for execution delays, weaker visibility, or valuation compression to be absorbed.
NET: JPM upgrades to OW/$350 after ~20% pullback as growth reacceleration + FCF leverage improve setup
NET +3% on JPM’s upgrade saying growth can reaccelerate toward 35%+ with DNR recovering from ~110% to ~120% and developers rising from 4.5M to 7.4M on Workers/agentic adoption.
JPM notes.com domain growth accelerated to 6.9% y/y in October from 6.5% in September, with ~1.5M net adds above the recent 1.0–1.2M monthly range; total domain growth reached 6.5% y/y. Trends support VRSN and read through positively to registrars GDDY/WIX,...
AFRM: JPM constructive into F1Q as GMV bar looks beatable despite rates/Amazon headwinds
JPM reiterates OW/$105, seeing F1Q as FY27’s slowest GMV-growth quarter but still supporting upside to full-year estimates and F2Q/2H guidance. Street implies ~30% GMV growth, ~6pts of deceleration and near the high end of guidance, versus AFRM’s ~5% histor...
Cyber: JPM sees AI-driven vulnerability growth elevating security spend, with CRWD/PANW/SAIL preferred
JPM argues AI is compressing the vulnerability discovery-to-exploitation cycle and pushing cyber further into C-suite/board-level business continuity budgets, supporting spend across SASE, Zero Trust, next-gen endpoint, exposure management and incident resp...
JPM says October LCD TV panel pricing was flat m/m vs. a typical ~1% decline and should remain flat in November, supporting GLW’s 4Q Display performance despite weak smartphone/IT demand and component-cost inflation. Chinese TV makers are cutting 4Q26 panel...
JPM keeps NOK OW and cuts ADR PT to $20.50 from $21 on FX only, arguing the fundamental setup has improved.
AI & Cloud orders reached €1.5B in 3Q and €6.2B including longer-dated backlog; current FY27 Optical/IP guidance of +25–30% implies just ~77.5% order conversion vs. ~96% in FY26. If conversion holds near current levels, JPM sees AI & Cloud revenue at ~€5.17...
CLS: JPM sees 2027 revenue +80% y/y vs. Street +73%, but FCF/funding is the key swing factor
DELL +5.3%; HPE +3.7% in sympathy with SMCI; JPM called DELL out directly as a beneficiary of easing power and financing constraints after SPCX’s guide, and both are partners on NVDA’s DSX POD.
NOW +2.9% on two positive previews: JPM sees 3Q cRPO of ~$13.6B, +19.5% y/y, with every renewing customer at one Elite partner moving to AI-native SKUs at a ~10-25% spend uplift (AI ACV topped $1B in 2Q vs. ~$600M exiting 2025), and Bernstein has the AI Nat...
JPM sees limited systemic bank risk from CoreWeave: financing exposure is concentrated in secured SPVs/DDTLs (~$24B commitments, ~$15B drawn) rather than parent unsecured debt, with capital released against project milestones. Most participating banks are e...
NOW: JPM sees low-20s cRPO, AI SKU upgrades driving 10–25% renewal uplift
JPM expects 3Q revenue of €11.64B (+65% y/y) and EPS of €10.84, ~3% above consensus, with GM ~56.1%. More importantly, strong visibility/order trends and easing supply constraints could let ASML ship materially more EUV in 2027, driving growth above FY26 an...
NOW: JPM partner checks show healthy growth + bigger renewals, but AI ROI scrutiny is delaying some deals
JPM says across 10 partner/customer conversations, NOW growth remains mostly double-digit with some partners at 20%+, while renewals are exceptionally strong and deal sizes are typically rising 10–20%.
CVNA: JPM sees AI risks overblown, raises 3Q on production recovery but cuts 4Q/27 on lower GoS margins
BE got two more bullish sell side mentions after yesterday’s bullish MS and RBC note (JPM: Fremont can add a GW every 6-9 months and reach 5GW at the same headcount; UBS: Ameren Missouri’s ~500MW fuel-cell plan makes BE the prime beneficiary) but gave back...
HPE -1.8% into tomorrow’s networking investor day: JPM expects a raised 3-year networking CAGR (vs. 5-7% prior) on AI DC switching growing 25%+ and sees Helios as a $5-10B opportunity, though HPE has just ~5% AI DC switch share vs. ANET’s 26%.
JPM says peak CCUs fell ~4% w/w to 27.7M, though September y/y declines improved to -12% from -25% in August and viral engagement remains strong. Meta’s Horizon Create/Studio could create longer-term competitive pressure for RBLX/U, but JPM argues Roblox’s...
COHR/LITE flipped from green early to -6.8%/-6.4% at the lows despite Citi raising its LITE PT to $1,400 (OCS an ~$11B merchant TAM by 2030) and a JPM fireside where COHR said supply, not demand, is the binding constraint. Part of it is the ECOC hangover: t...
SKHY on Bloomberg’s report that Solidigm is weighing a US IPO as soon as 2027 at up to $100B. Sell-side out with bullish MU previews (JPM sees the DRAM/HBM shortage through CY27-28); investors are focused on FY27 margin durability as LTAs get layered on. HD...
JPM also out neg peak CCUs -4% w/w to 27.7M, though September’s y/y decline improved to -12% from -25%. Hedgeye had a call after analyst upgraded to a long, although we haven’t gone through it. We want to get more positive here, but data just not showing us...
The stock is underperforming due to a combination of macro factors like the yield curve and potential agentic disruption, though the latter is viewed as a stretch.
HUBS: JPM sees Analyst Day leaning into margin upside, but says growth recovery remains the real debate
JPM reiterates Neutral, arguing the key debate is whether INTU can return to sustainable double-digit growth from a weaker customer-addition base.
YELP: JPM assumes UW/$19, says AI transition is promising but growth visibility remains poor
META: JPM upgrades to OW/$820, sees Muse + frontier models opening a new monetization leg beyond ads
JPM sees META’s Muse as a formidable consumer agent, but argues SHOP should benefit as agentic channels drive higher-intent traffic, with new-buyer orders from AI sources running at ~2x traditional channels in 2Q.
SHOP: JPM sees AI disintermediation risk as low, says Muse can expand reach while SHOP keeps payment economics
JPM says the key debate remains Google, but JPM argues MRVL/MediaTek/Alchip/GUC are mostly supporting Google’s broader COT and TPU-attach ecosystem rather than displacing AVGO’s core role, which is protected by the 5-year TPU v8–v11 agreement.
JPM’s August OpenRouter data show token volume +47% m/m and 28x y/y, driving spend +7% m/m and 12x y/y despite volume-weighted pricing falling 28% m/m and 56% y/y. The bigger yellow flag is infrastructure pricing: B200 rentals declined sequentially for the...
Bloomberg says Anthropic expects its IPO to match or exceed SpaceX’s record $75B initial raise ($86.2B incl. greenshoe), underscoring very strong investor demand. The company is preparing to publicly file its S-1 as soon as the end of August, after already...
JPM says recent concerns around Google custom silicon competition are misplaced: AVGO’s 5-year Google agreement locks in the next four TPU generations, while TPU v9 is now ramping and the next 2nm XPU ASIC remains on track for CY28 with no CoWoS cuts or del...
TTWO: JPM Moves to Overweight (from not rated) and Adds to Analyst Focus List as GTA VI Supports Major FY27 Upside
CRWV: JPM Stays Neutral as Strong AI Demand and Long-Duration Backlog Offset Limited Near-Term Margin Upside
JPM also says SpaceX and Meta entering compute reflects attractive industry economics rather than excess capacity, while CRWV mitigates risk by tying new capacity and
JPM notes China has built lower-end i-line systems for years without affecting ASML’s front-end share and says ASML itself required roughly a decade to move EUV from a working tool to high-volume production.
JPM’s industry work shows average LCD TV panel prices fell 2.1% m/m in July and are forecast to decline another 2.7% in August as weak consumer demand and higher memory costs push TV makers to seek deeper panel discounts and promotional support. Large-panel...
JPM expects FTNT’s 2Q product revenue to come in materially above Street as threat urgency accelerates FortiGate refresh activity, and JPM now models 34% y/y product growth for 2026. However, JPM says the strength is largely pull-forward from the 2026–27 re...
JPM was out commenting saying near-term risk to ASML appears more sentiment-driven (rather than any hit to #s) until the systems demonstrate the stability, yield and throughput required for high-volume manufacturing, also noting semi specialist feedback lar...
CVNA: JPM Reiterates Overweight and $93 PT as 2H EBITDA/Unit Recovery Supports Re-Rating
JPM was out positive following meetings with COHR — supposedly co was talking up gross margins and highlighting healthy pricing and demand for transceivers and reiterated that CPO ramp remained on tramp.
AVGO +4.3% as JPM put out a pretty bullish note arguing elays or cancellation of Broadcom’s TPU v9 2nm program are unfounded, with checks indicating no delays and the TPU roadmap already extending through at least the next four generations.
JPM also highlighted several underappreciated earnings drivers, including accelerating marketplace penetration, advertising growth, logistics monetization, and supply-chain automation. Despite AMZN already controlling roughly half of U.S.
HDDs: JPM Says Pricing, Not Exabyte Growth, Remains the Bigger Earnings Driver for WDC and STX
Both WDC and STX indicatedincremental gross margins remain around 90% as pricing flows through, while JPM believes operating leverage is likely understated, particularly at STX where OpEx is expected to remain roughly flat. The firm continues to view both n...
AMD +7%: Wolfe/JPM had some positive takeaways following pre-quiet periods with management (we covered them in our morning wrap). Irrational analysis was also positive on AMD’s CPU opportunity said they could add significant gross profit dollars if they get...
NOK: JPM Raises PT to €18/$21, Sees AI Optics and Hyperscaler Switching Wins Driving Upside
TER: JPM Says 2H Setup Is Improving, with Merchant GPU and Memory Demand Providing Longer-Term Upside
ETSY: JPM Comes Away More Constructive on Search, Personalization, and Agentic Commerce Positioning
Following meetings with management, JPM raised its PT to $78 and came away incrementally more positive on ETSY’s ability to drive durable GMS growth through better search, personalization, and AI-enabled shopping experiences.
INTC -2% giving back some of yesterday’s gains as some pushback on the street re: TheInformatoin’s article. here’s JPM:
While JPM still expects ~35% revenue growth and 40-45% EPS growth through 2027, it argues management should do more to demonstrate how ANET can sustain above-industry growth as the 100G/400G switching cycle matures.
JPM came away constructive following meetings with CLS management, highlighting roughly 55% share of the ODM networking market and customer order visibility that now extends nearly three years versus about one year historically. The firm sees additional ups...
CLS: JPM Says Networking Visibility Extends to Three Years, Sees Margin Expansion Despite Near-Term Headwinds
ASML: JPM Raises PT to €1,900, Says Street Is Too Low on 2027-28 Estimates
JPM raised its PT on ASML to €1,900 from €1,515, arguing consensus materially underestimates both EUV and DUV demand through 2028.
PANW: JPM Raises PT to $300 Ahead of Print, Sees AI Security Demand and CYBR Upside
JPM raised its PT on CIEN to $635 from $550, arguing investor focus should shift toward margins as strong order trends and backlog growth continue to support revenue visibility. The firm points to robust telecom and datacenter interconnect demand, with supp...
Following NXP’s presentation at the JPM TMC conference, JPM says management remains increasingly confident in a double-digit growth trajectory through CY26/CY27.
JPM says discussions with ASML management at their conference reinforced strong visibility across EUV, immersion, and DRAM-related demand into the back half of the decade.
JPM also notes VRT increased its TAM-per-MW estimate to $3.25–3.75M from $2.75– 3.5M and believes current assumptions imply ~$14 of 2030 EPS before additional deployment upside, while consensus still appears too low versus accelerating hyperscaler/DC infras...
TSMC/Packaging/AMD: JPM Raises CoWoS Outlook; AMD and AVGO Estimates Moving Higher
JPM materially raises AMD CoWoS estimates for 2027, now modeling ~180K wafers/year driven by stronger MI450/Venice ramps and increasing CPU/GPU packaging complexity.
OKLO: JPM Initiates Neutral, Sees Strong SMR Demand Tailwinds but Execution Key
JPM wwas out bullish on cyber space saying agentic AI is materially expanding the cyber attack surface, accelerating vulnerability discovery and exploit timelines beyond current remediation capacity. Guggenheim had some positive checks on FTNT
ADBE: JPM Reiterates Overweight, $420 PT; Context Layer + Agentic System Driving Monetization Upside
SE: JPM Highlights Growing Loan Securitization + Rising Regulatory Overhang
NOW: JPM Sees Strong Q1 Checks + Broadening AI Adoption; Reiterates Overweight
CRM: JPM Reiterates Overweight, $320 PT; Agentforce + Data Cloud Reinforce Platform Moat
JPM says AI premiums remain concentrated and is turning more selective into earnings, downgrading GLW, FN, QCOM, and NTAP on valuation and visibility concerns, while flagging rotation risk across hardware.
GLW -1.3% shurgged off a JPM “high valuation/expectation” dg, while LITE +8%/COHR +6.5%
SHOP: JPM Reiterates Overweight, $150 PT; Merchant Stack + AI Integrations Limit Disruption Risk
NTNX: JPM Downgrades to Neutral, Cuts PT to $44 — Investor Day Highlights Limited Near-Term Visibility
TSM/NVDA/AVGO/AMD: JPM Raises CoWoS/SoIC Outlook; Near-Term AMD&NVDA Trim, ’27 Upside Intact TSM/NVDA/AVGO/AMD JPM CoWoS/SoIC
JPM adds strong upward revisions to AVGO CoWoS (TPU v7/v8 demand), with volumes trending higher. The analyst also sees solid AI pipeline visibility (incl. next-gen “Feynman” GPUs on A16/3D SoIC), while noting modest near-term trims for AMD on MI450 timing (...
COHR: JPM Raises PT to $300 (from $245); OFC Reinforces CPO + OCS as Structural Growth Vectors
LITE: JPM Raises PT to $950 (from $565); Path to $25+ EPS Increasingly De-Risked, CY28 Could Exceed $36
CVNA: JPM Reiterates Overweight, $455 PT; Estimates Reset on Oil/Rates but LT Story Intact
JPM now estimates TPU + associated networking revenue alone at $80–90B in 2027 — before Meta, OpenAI, SoftBank/ARM, or Bytedance — and is significantly more confident in $120B+ of FY27 AI revenues.
ASML +65bps despite a bullish note by JPM saying the real upside to ASML estimates isn’t EUV but DUV tools, as the memory industry shifts from a technology-transition cycle to a capacity-build environment that requires far more DUV per EUV tool. They think...
STX: JPM Initiates at Overweight, $525 PT; Cloud/AI Demand + Pricing Drive Upside
AMD: Lisa sounded bullish with demand message very positive —exploding inference/token growth has customers compute-constrained, and AMD highlighted strong interest in its Helios MI455X rack-scale platform with launch still “exactly” on track for later this...
Semis/IT Spending: JPM CIO Survey Shows Strong AI and Cloud Spending Intentions; NVDA, AMD, AVGO, MRVL Among Top Beneficiaries
JPMorgan’s CIO survey of 168 IT decision-makers managing $123B in annual spend shows accelerating intent to invest in AI/accelerated compute and cloud, supporting a strong multi-year capex cycle for semis. ~68% of CIOs expect to spend >5% of their IT budget...
Research through 2026-11-03 · 2025-06-27 to 2026-11-03 · 58 source reports.
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Research through 2026-11-03. Artifact validity does not establish factual accuracy or research freshness.