Overview

• Advanced Micro Devices won a multi‑year agreement for OpenAI to deploy up to 6 GW of its GPUs, with the first 1 GW slated for the second half of 2026 and performance‑based warrants for up to 160 million AMD shares; analysts lifted price targets to $300 (Barclays), $270 (TD Cowen) and $250 (Bank of America), citing revenue potential in the tens of billions with some estimates approaching $100 billion.
• Cantor Fitzgerald reiterated Nvidia at Overweight and raised its target to $300 after meetings with management, highlighting full‑stack cost optimization tied to OpenAI and persistent sell‑outs for GPU capacity, as Nvidia posted record quarterly revenue of $46.7 billion and retained a towering market value.
• BMO raised Alphabet’s target to $294 on evidence that AI features are lifting engagement and cloud demand, noting AI Mode scaled past 100 million monthly active users in two months and Alphabet increased its 2025 capex budget by $10 billion to $85 billion.
• Oracle’s Nvidia‑powered supercluster push drew fresh scrutiny as a report pointed to thinner‑than‑expected AI cloud margins given high power needs and chip costs, underscoring execution risks for large, capital‑intensive buildouts such as its Stargate initiative.
• Banks project multi‑trillion‑dollar AI infrastructure outlays through decade’s end, but timelines cluster in 2026 and beyond and financing structures—such as OpenAI’s equity warrants with AMD—underscore concerns about circular demand, concentration and regulatory or supply pressures, including a reported China customs crackdown on Nvidia AI chips.