■ Big Tech & AI Infrastructure
Alphabet (GOOGL, GOOG)
Wells Fargo Upgrade: Upgraded from Equal Weight to Overweight, raising the price target from $354 to $387.
Computing Power Surge: Alphabet’s computing capacity was 15GW at the end of 2025; management plans to expand this to 35GW by 2028.
Revenue Outlook: Based on this expansion, Wells Fargo projects Google Cloud revenue growth of 60% for 2026, 42% for 2027, and 28% for 2028—all 10 percentage points above consensus.
Gemini Subscriptions: Subscription revenue is expected to soar from $4B in 2025 to $12B by the end of 2027. The AI partnership with Apple's Siri further supports this bullish outlook.
Meta Platforms (META)
Fiber Optic Demand: UBS notes that Meta’s massive Capex increase will drive further demand for Corning’s (GLW) fiber products. Analysts believe growth will remain high through the mid-2030s.
■ Healthcare & Biotech Movers
Novo Nordisk (NVO)
Clinical Setback: Its next-gen weight-loss drug CagriSema failed to prove "non-inferiority" against Eli Lilly’s Tirzepatide in an 84-week Phase 3 trial.
The Numbers: CagriSema (2.4mg) achieved a 23% average weight loss, while Tirzepatide (15mg) achieved 25.5%. The company plans to conduct follow-up trials with higher dosages to re-evaluate potential.
Gilead Sciences (GILD)
Major Acquisition: Announced it will acquire cancer-focused biotech Arcellx (ACLX) for approximately $7.8 billion ($115/share plus a $5 CVR).
Johnson & Johnson (JNJ)
Tremfya Success: Reported that 80.8% of patients achieved clinical remission at week 140. No new safety issues were observed, reconfirming long-term efficacy.
■ Consumer & Media Strategy
Domino’s Pizza (DPZ)
Earnings Beat (Revenue): Reported Q4 revenue of $1.54B (vs. $1.52B est), though adjusted EPS ($5.35) slightly missed the $5.39 estimate.
Dividend Hike: Approved a 15% increase in the quarterly dividend to $1.99 per share.
Growth: Added 392 new stores globally in the quarter; US same-store sales grew 3.7%.
Paramount (PSKY) & Warner Bros. Discovery (WBD)
Takeover Deadline: Today is the final deadline for Paramount/Skydance to submit its bid for WBD. Recent proposals offer $30/share, higher than Netflix’s $27.75 offer.
■ Software Sector: AI Disruption & Valuation Re-rating
Jefferies and BNP Paribas are taking a cautious stance on software due to AI competition risks.
| Ticker | Action | Reason |
| Workday (WDAY) | Downgrade to Hold | Management transition risks and medium-term growth concerns. |
| DocuSign (DOCU) | Downgrade to Hold | Slower recovery of double-digit growth; IAM platform unproven. |
| monday.com (MNDY) | Downgrade to Hold | Unclear growth prospects in the SMB segment. |
| Freshworks (FRSH) | Downgrade to Hold | AI risk in core customer experience sectors. |
| Snowflake (SNOW) | PT Cut ($312 → $235) | Difficulty attracting new customers vs. expanding existing ones. |
BNP Paribas Analysis: Re-evaluating SaaS companies by adjusting FCF for Stock-Based Compensation (SBC). They identify ServiceNow (NOW) and Adobe (ADBE) as having the most upside, while Zoom (ZM) and Snowflake (SNOW) face downward valuation pressure.
■ Hardware & Industrial Updates
Dell Technologies (DELL): BofA maintained a Buy but lowered the target to $135 (from $150). Rising memory costs are expected to pressure margins, despite strong demand for AI servers.
Autodesk (ADSK): Morgan Stanley lowered its target to $350 ahead of earnings, focusing on the impact of its 7% workforce reduction.
Fortune Brands (FBIN): Activist investor Ed Garden (Trian) acquired a stake and is demanding a CEO change, citing a rushed leadership succession process.
■ Airlines & Transport
Flight Cancellations: A massive snowstorm in the Northeast (20 inches in Long Island) grounded over 6,300 flights between yesterday and today.
Affected: United (UAL), American (AAL), Delta (DAL).
