■ Big Tech & Services
Apple (AAPL)
Earnings Watch: Scheduled to report FY26 Q1 results on January 29.
App Store Performance: Evercore ISI maintained an Outperform rating ($325 PT), noting steady 6% YoY revenue growth in December despite a 4% decline in mobile gaming.
Diversification: While gaming (44% of App Store revenue) saw weakness in China and Japan, growth in entertainment, social networking, and music apps remains robust. Services like Apple Pay and iCloud continue to offset gaming slumps.
Netflix (NFLX)
Downgrade: CFRA lowered its rating from Buy to Hold ($100 PT).
M&A Risk: Concerns arise regarding a potential acquisition of Warner Bros. Discovery (WBD). Analysts cite high debt levels and a departure from Netflix's historical strategy of avoiding large-scale acquisitions as key risks.
Walt Disney (DIS)
BofA Analysis: Reaffirmed Buy ($140 PT). Despite short-term fluctuations, Disney's box office hits (Zootopia 2 at $337M, Tron: Ares at $73M) and increasing streaming profitability through subscription hikes provide a strong bullish case.
■ CES 2026 Highlights: AI, Robotics & Mobility
AMD (AMD)
Enterprise AI: Unveiled the MI440X chip designed for corporate-led (on-premise) data centers rather than massive hyper-scalers.
Edge AI: Introduced Ryzen AI Embedded P100/X100 series for autonomous driving dashboards and smart healthcare, utilizing Zen 5 and RDNA 3.5 architectures.
Qualcomm (QCOM)
Automotive AI: Expanded partnership with Google to integrate Cloud-to-Car AI features into Snapdragon-based vehicles.
PC Expansion: Launched the Snapdragon X2 Plus for creators, featuring the 3rd gen Oryon CPU and an 80 TOPS NPU, aiming for release in H1 2026.
Lucid Group (LCID)
Robotaxi Reveal: Unveiled a Robotaxi prototype based on the Gravity SUV. The vehicle uses LIDAR/RADAR sensors and is powered by Nvidia DRIVE AGX Thor.
Partnerships: Collaborating with Uber and Nuro with a goal to start production in Arizona and launch services in the SF Bay Area by the end of 2026.
■ Electric Vehicles & Energy
Tesla (TSLA)
Europe Sales Slump: December registrations in the UK plunged 29% YoY (6,323 units). Annual sales in the UK for 2025 fell 8.9%.
Headwinds: Intensifying competition, an aging lineup, and political controversies surrounding CEO Elon Musk are cited as factors for the declining European demand.
Valero Energy (VLO)
Venezuela Opportunity: UBS maintains a Buy rating. Following the shift in Venezuela's political landscape, Valero is positioned as the primary beneficiary among U.S. refiners due to its high capacity for processing heavy Venezuelan crude.
Vistra Energy (VST)
Expansion: Announced a $4B acquisition of Cogentrix Energy (10 gas plants, 5,500MW). The move targets high-demand regions like the PJM Interconnection grid.
■ Software & Infrastructure
Oracle (ORCL)
Target Adjustments: RBC Capital lowered its PT to $195, while UBS lowered its PT to $280 (maintaining Buy).
AI Sentiment: The stock has pulled back 41% from its September peak. However, analysts believe the potential for an "OpenAI sentiment reversal" in H1 2026 and data center expansions (Abilene) are already priced in.
CoreWeave (CRWV)
Upgrade: DA Davidson raised the rating to Neutral ($68 PT).
Sustainability Issues: While a $22.4B contract with OpenAI provides a buffer, analysts warned of "value destruction," noting a 4% return on capital against a 9% cost of capital.
Shopify (SHOP)
Downgrade: Wolfe Research lowered the rating to Market Perform. After a 44% surge in 2025, analysts argue that "Agentic Commerce" and margin expansion catalysts are already fully reflected in the current valuation.
■ OneStream (OS)
Reports indicate that private equity firm Hg is in advanced negotiations to acquire the financial software maker OneStream.
■ Under Armour (UAA, UA)
Financial holding company Fairfax Financial has reportedly purchased 42 million shares of Under Armour, signaling a major stake.
■ Coinbase (COIN)
Rosenblatt maintained a Buy rating but lowered the price target from $470 to $325, reflecting the decline in trading volume during November and December.
While platform volume remained strong through October, it has sharply decreased since November. Total transaction volume for Q4 is expected to reach only $207 billion, which is 35% below previous estimates.
Analysts noted that while the stock price has fallen due to lower volumes, the expansion of its new product portfolio provides significant long-term upside potential.
(Note: The following point regarding renewal rates appears to refer to Costco): U.S. membership renewal rates exceed 90%, surpassing the 10-year average, with premium tier subscriber growth being 2-3 times higher than the overall growth rate.
■ Nvidia (NVDA)
Nvidia unveiled new autonomous driving software at CES 2026.
Its efforts to expand its dominance from AI hardware into the autonomous vehicle sector are being viewed as a positive catalyst for investor sentiment.
