[Macro & Policy Update]
■ Treasury Secretary Bessent: Tariffs to Return within 5 Months
The Policy: Despite the Supreme Court ruling that the IEEPA-based tariffs were illegal, Secretary Bessent announced that global tariffs will be raised to 15% this week.
Legal Workaround: The administration plans to use alternative legal grounds (such as Section 122 of the 1974 Trade Act) to restore tariff levels to pre-ruling status within 5 months.
Timeline: Section 122 tariffs are valid for 150 days; any extension beyond that will require Congressional approval.
[Big Tech & AI Leaders]
■ Nvidia (NVDA): "Surprisingly Cheap"
Bernstein’s View: While memory stocks surged in early 2026, processors like Nvidia lagged due to "AI bubble" fears. Bernstein argues that if there were a real bubble, memory stocks should have dropped too; thus, Nvidia's current valuation is highly attractive.
Morgan Stanley: Noted that while Nvidia's stock price has stayed flat over the last two quarters, its earnings outlook has been revised upward by 38%, creating a compelling entry point.
■ Tesla (TSLA): The Robotaxi Frontrunner
BofA Buy ($460 TP): Analysts expect Tesla to dominate the Robotaxi market due to its ability to scale quickly and provide cheaper autonomous transport.
Expansion: Currently in Austin and San Francisco, Tesla plans to expand Robotaxi services to 7 more cities in H1 2026.
Cost Advantage: Tesla's camera-only approach (no LiDAR/Radar) and access to massive fleet data make its system more cost-effective than competitors.
■ Broadcom (AVGO): Earnings Today
HSBC View: Lowered TP to $450 (from $535) due to valuation compression, but maintained a Buy.
AI Networking: Management previously cited a $20 billion backlog. HSBC expects AI networking revenue to reach $17B in FY26 and $30B in FY27—well above Wall Street consensus.
[Major Analyst Ratings & Sector News]
■ Industrial Metals: Temporary War Shock
Jefferies Outlook: The U.S.-Iran conflict and Hormuz blockade spiked oil and the dollar, weighing on metals. However, this is seen as a temporary dip.
Demand Driver: Global supply chain risks will lead to "strategic stockpiling" of copper and other metals. Long-term outperformers: FCX, SCCO, BHP, RIO, VALE, TECK.
■ CrowdStrike (CRWD): Strong Performance
Results: Q4 EPS ($1.12) and Revenue ($1.31B) both beat estimates.
Guidance: FY2027 revenue projected at $5.87B–$5.93B, exceeding market expectations.
■ Moderna (MRNA): Ending the Legal Cloud
Settlement: Agreed to pay up to $2.25 billion to settle long-standing LNP patent disputes with Arbutus and Genevant.
Details: $955M upfront payment in July 2026, with a potential $1.3B more depending on ongoing appeals.
■ Honeywell (HON): Spin-off Catalyst
Barclays Upgrade ($275 TP): The Q3 2026 spin-off of the Aerospace division is expected to realize "Sum-of-the-Parts" (SOTP) value.
[Featured Growth & Retail Stocks]
AeroVironment (AVAV): Stifel maintained Buy ($389 TP). Despite the Space Force contract uncertainty (SCAR program), analysts noted its actual earnings contribution is only 10-12%, making the recent 17% drop an overreaction.
Pinterest (PINS): Rosenblatt remains Neutral ($20 TP). While the $1B Elliott investment and $2B buyback plan provide downside protection, structural challenges from LLMs remain a concern.
GitLab (GTLB): Beat Q4 estimates and hit $1B in ARR, but the stock is pressured by lower-than-expected FY2027 revenue guidance.
Ross Stores (ROST): Target raised to $200 by Bernstein. Strong comps (9% growth) and solid Q1 guidance (7-8%) suggest a sustainable high-performance structure.
Abercrombie & Fitch (ANF): Beat Q4 earnings, but shares are under pressure due to a slowing 2026 growth forecast (3-5% vs 6% in 2025).
CoreWeave (CRWV): Announced a strategic partnership with Perplexity to support AI inference workloads using dedicated Nvidia GB200 clusters.
[Crypto & Others]
Bitcoin: Reclaimed the $70,000 level. Related stocks like COIN and MSTR are showing strength.
indie Semiconductor (INDI): Priced a $150M private placement of convertible notes to refinance 2027 debt.
