Overview
- - TD Cowen says AWS’s AI momentum is accelerating, citing a $200 billion backlog and a reported multi-year OpenAI commitment of roughly $38 billion for compute, with Trainium at a multibillion-dollar run rate.
- - Bernstein reiterates Outperform on Microsoft, highlighting extremely strong Azure demand and arguing revenue conversion is largely bounded by data center capacity.
- - DA Davidson cuts Oracle’s price target to $200 after determining its backlog surge was driven mostly by OpenAI, flagging durability and credit risk concerns tied to that exposure.
- - Bank of America stays positive on Nvidia and AMD after reports that Meta is in talks to purchase Google TPUs, as Nvidia asserts it remains a generation ahead even as its market share may normalize from an estimated 85% to about 75%.
- - Dell reports AI server orders topping $30 billion year to date and lifts guidance, while analysts warn the memory supercycle is pushing up costs and could pressure margins in fiscal 2027.