[AI & Semiconductor Giants]
■ Nvidia (NVDA): Shifting Focus to "Vera Rubin"
Export Hurdles: Export of H200 GPUs to China remains stalled due to unclear conditions from both U.S. and Chinese authorities.
Strategic Pivot: Nvidia has reportedly decided to halt H200 production in favor of accelerating the next-gen Vera Rubin architecture. TSMC has been notified of this production shift.
Inventory & Summit: Nvidia holds approximately 250,000 units of H200 in stock, which will likely cover limited China demand for now. Investors are looking toward the Trump-Xi summit in late March for a potential resolution on semiconductor exports.
■ Amazon (AMZN): Anthropic’s Growth Accelerates AWS
Anthropic’s Surge: BofA maintained a Buy ($275 TP), noting Anthropic's annualized revenue has surpassed $19 billion, nearly $10B higher than late 2025 estimates.
The Catalyst: Success of "Claude Code" (AI agents) and the release of the Opus 4.6 model are driving this growth.
AWS Impact: AWS is expected to see a revenue boost of over $1 billion in Q1 2026 solely from increased Anthropic service usage.
■ Meta Platforms (META): Doubling Down on Custom Silicon
Custom Chips: Meta is expanding the use of in-house silicon optimized for recommendation algorithms and eventually AI training.
CFO Insight: Susan Li emphasized that custom processors offer superior efficiency for Meta’s specific workloads compared to general-purpose GPUs.
Delays: Despite the push, Meta recently canceled development of some advanced chips, suggesting a slower-than-expected rollout for Gen-AI specialized hardware.
■ Oracle (ORCL): The 4th Hyperscaler
Mizuho Top Pick ($400 TP): Mizuho designated Oracle as a "Top Pick," citing its emergence as the 4th major hyperscaler.
Cost & Capacity: Strong ties with Nvidia ensure ample computing capacity, while competitive pricing attracts enterprise clients.
Future Revenue: Revenue from OpenAI is expected to scale significantly starting in FY28, potentially becoming a $30 billion annual revenue stream.
[Earnings & Guidance Highlights]
■ Veeva Systems (VEEV): Crushing Estimates
Q4 Results: Revenue of $836M (vs. $811M exp) and EPS of $2.06 (vs. $1.93 exp).
Full Year: FY2026 revenue grew 16% YoY, far exceeding the initial 11% guidance.
■ Ciena (CIEN): Riding the AI Data Center Wave
Q1 Results: EPS of $1.35 (vs. $1.17 exp) and Revenue of $1.43B (+33% YoY).
Outlook: Raised full-year revenue guidance to $5.9B–$6.3B as AI data center expansion drives massive demand for optical networking.
■ Okta (OKTA): Mixed Signals
Beat & Miss: Delivered a strong "Earnings Surprise" for Q4, but Q1 revenue guidance ($749M–$753M) came in below the $755M consensus.
■ Other Earnings Briefs:
BJ's Wholesale (BJ): Beat EPS ($0.96) but missed on revenue; issued cautious FY guidance.
JD.com (JD): Q4 revenue beat ($352.3B yuan), but adjusted net profit significantly missed expectations.
ChargePoint (CHPT) & Rigetti (RGTI): Both issued disappointing revenue guidance/results.
[Leadership & Analyst Revisions]
■ Berkshire Hathaway (BRK.A): The Abel Era Begins
Buybacks: Berkshire resumed share buybacks for the first time since 2024.
CEO Commitment: New CEO Greg Abel personally purchased $15 million worth of Berkshire shares, signaling strong confidence in the company's intrinsic value.
UBS View: Maintained Buy but lowered TP to $866,429 following a slightly soft quarter, though praising its defensive qualities in a volatile geopolitical climate.
■ American Airlines (AAL): Oil Price Pressures
Downgrade: Rothschild Redburn cut AAL from Buy to Neutral ($12.50 TP).
Reasoning: Rising oil prices due to the U.S.-Iran conflict and heavy exposure to Middle East routes threaten profitability, with a possible deficit in 2026.
■ Target (TGT): Merchandising Turnaround
Upgrade: Telsey raised TGT to Outperform ($145 TP), citing a $2B investment plan for 2026 to improve store displays, loyalty (Target Circle), and trendy inventory.
■ Toll Brothers (TOL): Luxury Resilience
Truist Buy ($190 TP): Highlighted Toll Brothers' unique position in the luxury market, which is insulated from the affordability issues facing entry-level builders.
[New Partnerships]
■ Trade Desk (TTD) & OpenAI
Ad Collaboration: ChatGPT will partner with Trade Desk to support ad sales as OpenAI prepares to trial advertisements for free users and "Go" subscribers.
