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$NVDA CEO Jensen Huang just unveiled “NVIDIA CONSTELLATION” — a new HQ in Taipei’s Beitou-Shilin district — calling it one of the largest products we've ever built. https://t.co/KvbVJYU7V9
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$NVDA CEO Jensen Huang just unveiled “NVIDIA CONSTELLATION” — a new HQ in Taipei’s Beitou-Shilin district — calling it one of the largest products we've ever built. https://t.co/KvbVJYU7V9
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BT is close to selling its 50% stake in TNT Sports to Warner Bros Discovery $WBD, per FT. The deal could be announced alongside BT’s full-year earnings next week. TNT posted a £187.5M loss last year, and BT is expected to exit below its £750M valuation. WBD already has the option to buy by end of 2025.
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BT is close to selling its 50% stake in TNT Sports to Warner Bros Discovery $WBD, per FT. The deal could be announced alongside BT’s full-year earnings next week. TNT posted a £187.5M loss last year, and BT is expected to exit below its £750M valuation. WBD already has the option to buy by end of 2025.
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BOFA ON US CREDIT DOWNGRADE:
"Will there be forced selling due to the downgrade? Very unlikely. Our understanding from major fixed income indices (BofA ICE & Bloomberg / Barclays) is that they either require ratings of above investment grade or have no explicit sovereign ratings requirements. As a result, no forced selling from these indices is likely in our view. Other indices may have different requirements but likely have substantially lower associated AUM. Index requirements are more specific when they pertain to technical default. These are more relevant considerations around 'selective default' or 'restricted default.' Such ratings are relevant when considering very low probability outcomes related to the US debt limit; for detail see: Debt limit FAQ: spring 2025 update."
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BOFA ON US CREDIT DOWNGRADE:
"Will there be forced selling due to the downgrade? Very unlikely. Our understanding from major fixed income indices (BofA ICE & Bloomberg / Barclays) is that they either require ratings of above investment grade or have no explicit sovereign ratings requirements. As a result, no forced selling from these indices is likely in our view. Other indices may have different requirements but likely have substantially lower associated AUM. Index requirements are more specific when they pertain to technical default. These are more relevant considerations around 'selective default' or 'restricted default.' Such ratings are relevant when considering very low probability outcomes related to the US debt limit; for detail see: Debt limit FAQ: spring 2025 update."
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UBS Upgrades $DAL to Buy from Neutral, Says Corporate and Premium Travel Recovery to Drive Upside, Raises PT to $66 from $46
Analyst comments: "We now expect a recovery in corporate travel in 2H along with resilience in Premium/International vs. our previous expectation of deceleration for these segments in 2H. DAL has amongst the most leverage to each of these segments, putting it well placed to capitalize on any improvement. While main cabin could also improve in 2H, we think DAL can show RASM improvement even in the absence of main cabin improvement. We see consensus estimates moving higher in the coming months for DAL, which should be a catalyst to push the stock higher from here."
Analyst: Thomas Wadewitz
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UBS Upgrades $DAL to Buy from Neutral, Says Corporate and Premium Travel Recovery to Drive Upside, Raises PT to $66 from $46
Analyst comments: "We now expect a recovery in corporate travel in 2H along with resilience in Premium/International vs. our previous expectation of deceleration for these segments in 2H. DAL has amongst the most leverage to each of these segments, putting it well placed to capitalize on any improvement. While main cabin could also improve in 2H, we think DAL can show RASM improvement even in the absence of main cabin improvement. We see consensus estimates moving higher in the coming months for DAL, which should be a catalyst to push the stock higher from here."
Analyst: Thomas Wadewitz
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BERENBERG: CAUTIOUSLY OPTIMISTIC ON SEMICONDUCTOR CAPEX
"WFE spending set to be up 3% and 4% in 2025 and 2026: Our outlook for capex in the semiconductor sector is broadly unchanged since January, as the potential impact on its end-markets from US tariffs and the AI diffusion rules appears smaller than we feared in early April. We forecast spending on wafer fab equipment (WFE) to rise by 3% in 2025 and 4% 2026. We expect TSMC to expand 2nm production at its Fab 20 (mainly for Apple) and Fab 22. We also believe TSMC's US fab expansion is progressing, with a potential increase to 35,000 wafer starts per month (wspm) at Phase 1 (P1) and P2 of Fab 21, versus the initially planned 30,000. We still expect Intel and Samsung to reduce capex yoy in 2025 and 2026."
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BERENBERG: CAUTIOUSLY OPTIMISTIC ON SEMICONDUCTOR CAPEX
"WFE spending set to be up 3% and 4% in 2025 and 2026: Our outlook for capex in the semiconductor sector is broadly unchanged since January, as the potential impact on its end-markets from US tariffs and the AI diffusion rules appears smaller than we feared in early April. We forecast spending on wafer fab equipment (WFE) to rise by 3% in 2025 and 4% 2026. We expect TSMC to expand 2nm production at its Fab 20 (mainly for Apple) and Fab 22. We also believe TSMC's US fab expansion is progressing, with a potential increase to 35,000 wafer starts per month (wspm) at Phase 1 (P1) and P2 of Fab 21, versus the initially planned 30,000. We still expect Intel and Samsung to reduce capex yoy in 2025 and 2026."
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Piper Sandler Upgrades $SOLV to Overweight from Neutral, Says Visibility Improving on Growth and Tariff Risk, Raises PT to $87 from $78
Analyst comments: "Recent events (P&F sale, I-Day) had us warming to this stock the past few months, and we had been waiting for more visibility on a couple of items before adjusting our rating – another quarter of better top-line performance (1Q provided that a couple weeks ago) and clarity on the tariff risk for SOLV (addressed on the 1Q call, and the risk has clearly lessened in light of U.S./China tariffs easing).
As such, we see SOLV as a stock worthy of attention from value/GARP investors as top-line growth is likely on a slow climb higher, margins have a path paved for consistent improvement given a host of internal actions in motion (restructuring, TSA exits, separation initiatives from 3M), and capital allocation flexibility will increase meaningfully following the $4.1B sale of P&F to TMO."
Analyst: Jason Bednar
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Piper Sandler Upgrades $SOLV to Overweight from Neutral, Says Visibility Improving on Growth and Tariff Risk, Raises PT to $87 from $78
Analyst comments: "Recent events (P&F sale, I-Day) had us warming to this stock the past few months, and we had been waiting for more visibility on a couple of items before adjusting our rating – another quarter of better top-line performance (1Q provided that a couple weeks ago) and clarity on the tariff risk for SOLV (addressed on the 1Q call, and the risk has clearly lessened in light of U.S./China tariffs easing).
As such, we see SOLV as a stock worthy of attention from value/GARP investors as top-line growth is likely on a slow climb higher, margins have a path paved for consistent improvement given a host of internal actions in motion (restructuring, TSA exits, separation initiatives from 3M), and capital allocation flexibility will increase meaningfully following the $4.1B sale of P&F to TMO."
Analyst: Jason Bednar
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Wells Fargo Downgrades $RDDT to Equal Weight from Overweight, Says Search Traffic Changes Likely Permanent, Lowers PT to $115 from $168
Analyst comments: "Reddit user issues now likely more permanent; prepare for logged-out user declines as Google more aggressively implements AI features in search. Expect stock multiple to remain under pressure from user disruption, followed by lagged financial impact. Forecast ad revs 6%/14% and EBITDA 2%/15% below consensus in '26/'27, respectively."
"Expect search changes to also impact logged-in user growth and ultimately high-margin data licensing revenue as Reddit favors community health over licensing revs. View logged-out users (55% of total) as critical to extending scale of ad reach and sustaining LT growth of logged-in users, despite only contributing ~15% of ad revs. Monetization difference between logged-in & -out primarily driven by time spent and usage patterns. Logged-out time spent ~20% vs. logged-in & usage concentrated in comment pages with low ad load."
"However, see logged-out user pool as key user acquisition pool for logged-in, thus cut 3yr logged-in DAU CAGR to 10% vs. 13% prior. RDDT unlikely to fulfill market expectations for advertising growth on logged-in users alone, as comparison to market leader META suggests an unrealistic outcome. Believe 3-year revenue CAGR of 25% (Exh. 2/3) is necessary to achieve a 15% annual return, a reasonable hurdle for an OW-rated stock, at an exit FY+1 multiple of 15X FY28 EBITDA. See outcome as unrealistic, as achievement would require logged-in users monetize at ~75% of META in '28, or on par w/ META adjusted for time spent."
"See data licensing business as incompatible with maximizing value of the RDDT community and ad-based monetization. See increasing disintermediation risk driven by accelerating user adoption of AI-powered search tools that serve direct answers to queries using Reddit's data. While a difficult choice to forgo an entirely incremental, to date, ~$150M high margin revenue stream, believe Reddit should favor internal monetization of its valuable content & data to minimize LT risk to community growth."
"Est. Revisions, Rating, and PT: Cut '25 and '26 DAUq forecast by 2% & 12% to 110M & 115M, on accelerated search user behavior change. Reduce '26 / '27 ad revenue by 6% and 14% on slower user growth and lower monetization from logged-out users (logged- in monetization remains similar vs. before). Lower '26 / '27 EBITDA to $900M / $1.1B on slower revenue growth (vs. $986M / $1.4B prior), respectively. Downgrade to Equal Weight and cut PT to $115 (-$53), based on 20x (vs. 22.5x prior) 2027 EBITDA."
Analyst: Ken Gawrelski
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Wells Fargo Downgrades $RDDT to Equal Weight from Overweight, Says Search Traffic Changes Likely Permanent, Lowers PT to $115 from $168
Analyst comments: "Reddit user issues now likely more permanent; prepare for logged-out user declines as Google more aggressively implements AI features in search. Expect stock multiple to remain under pressure from user disruption, followed by lagged financial impact. Forecast ad revs 6%/14% and EBITDA 2%/15% below consensus in '26/'27, respectively."
"Expect search changes to also impact logged-in user growth and ultimately high-margin data licensing revenue as Reddit favors community health over licensing revs. View logged-out users (55% of total) as critical to extending scale of ad reach and sustaining LT growth of logged-in users, despite only contributing ~15% of ad revs. Monetization difference between logged-in & -out primarily driven by time spent and usage patterns. Logged-out time spent ~20% vs. logged-in & usage concentrated in comment pages with low ad load."
"However, see logged-out user pool as key user acquisition pool for logged-in, thus cut 3yr logged-in DAU CAGR to 10% vs. 13% prior. RDDT unlikely to fulfill market expectations for advertising growth on logged-in users alone, as comparison to market leader META suggests an unrealistic outcome. Believe 3-year revenue CAGR of 25% (Exh. 2/3) is necessary to achieve a 15% annual return, a reasonable hurdle for an OW-rated stock, at an exit FY+1 multiple of 15X FY28 EBITDA. See outcome as unrealistic, as achievement would require logged-in users monetize at ~75% of META in '28, or on par w/ META adjusted for time spent."
"See data licensing business as incompatible with maximizing value of the RDDT community and ad-based monetization. See increasing disintermediation risk driven by accelerating user adoption of AI-powered search tools that serve direct answers to queries using Reddit's data. While a difficult choice to forgo an entirely incremental, to date, ~$150M high margin revenue stream, believe Reddit should favor internal monetization of its valuable content & data to minimize LT risk to community growth."
"Est. Revisions, Rating, and PT: Cut '25 and '26 DAUq forecast by 2% & 12% to 110M & 115M, on accelerated search user behavior change. Reduce '26 / '27 ad revenue by 6% and 14% on slower user growth and lower monetization from logged-out users (logged- in monetization remains similar vs. before). Lower '26 / '27 EBITDA to $900M / $1.1B on slower revenue growth (vs. $986M / $1.4B prior), respectively. Downgrade to Equal Weight and cut PT to $115 (-$53), based on 20x (vs. 22.5x prior) 2027 EBITDA."
Analyst: Ken Gawrelski
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$AAPL isn’t expected to talk much about Siri upgrades at next month’s WWDC, according to Bloomberg’s Mark Gurman. Promised features from last year are still months away, and Apple now plans to separate “Apple Intelligence” branding from Siri in its marketing.
The report says Apple was slow to get serious about AI—software chief Craig Federighi was initially reluctant to invest, and AI chief John Giannandrea faced roadblocks. A new Siri powered by large language models is still in the works, but don’t expect a big showing yet.
(Source: Bloomberg)
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$AAPL isn’t expected to talk much about Siri upgrades at next month’s WWDC, according to Bloomberg’s Mark Gurman. Promised features from last year are still months away, and Apple now plans to separate “Apple Intelligence” branding from Siri in its marketing.
The report says Apple was slow to get serious about AI—software chief Craig Federighi was initially reluctant to invest, and AI chief John Giannandrea faced roadblocks. A new Siri powered by large language models is still in the works, but don’t expect a big showing yet.
(Source: Bloomberg)
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NVIDIA has unveiled ISAAC GR00T N1.5 — its latest foundation model for humanoid reasoning — alongside GR00T-Dreams, a blueprint to generate synthetic motion data that trains robots in hours, not months. The update boosts success rates in real-world tasks like sorting and object handling.
Robot makers like Boston Dynamics, Foxconn, and XPENG are already adopting the platform. Paired with new RTX PRO 6000 Blackwell systems, NVIDIA is building out a full-stack cloud-to-robot ecosystem, powering what Jensen Huang calls the next industrial revolution: Physical AI.
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NVIDIA has unveiled ISAAC GR00T N1.5 — its latest foundation model for humanoid reasoning — alongside GR00T-Dreams, a blueprint to generate synthetic motion data that trains robots in hours, not months. The update boosts success rates in real-world tasks like sorting and object handling.
Robot makers like Boston Dynamics, Foxconn, and XPENG are already adopting the platform. Paired with new RTX PRO 6000 Blackwell systems, NVIDIA is building out a full-stack cloud-to-robot ecosystem, powering what Jensen Huang calls the next industrial revolution: Physical AI.
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Wall St Engine
$NVDA UNVEILS NVLINK FUSION TO POWER SEMI-CUSTOM AI INFRASTRUCTURE
Nvidia just launched NVLink Fusion, new silicon that lets companies build custom AI infrastructure by tightly linking CPUs and GPUs across its ecosystem. Partners like MediaTek, Marvell, and Qualcomm are already on board, integrating their chips with Nvidia GPUs for high-performance AI factories.
The platform supports rack-scale AI with 1.8TB/s GPU bandwidth, 14x faster than PCIe Gen5. Hyperscalers can now scale AI compute using Nvidia's architecture while tapping into NVLink Fusion for flexibility and speed.
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$NVDA UNVEILS NVLINK FUSION TO POWER SEMI-CUSTOM AI INFRASTRUCTURE
Nvidia just launched NVLink Fusion, new silicon that lets companies build custom AI infrastructure by tightly linking CPUs and GPUs across its ecosystem. Partners like MediaTek, Marvell, and Qualcomm are already on board, integrating their chips with Nvidia GPUs for high-performance AI factories.
The platform supports rack-scale AI with 1.8TB/s GPU bandwidth, 14x faster than PCIe Gen5. Hyperscalers can now scale AI compute using Nvidia's architecture while tapping into NVLink Fusion for flexibility and speed.
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$NVDA CEO Jensen Huang says there’s “no evidence” Nvidia’s AI chips are being rerouted to 🇨🇳 China, stressing the scale of systems like Grace Blackwell — which weigh nearly two tons — makes quiet diversion unrealistic. He added that customers carefully monitor compliance with export rules.
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$NVDA CEO Jensen Huang says there’s “no evidence” Nvidia’s AI chips are being rerouted to 🇨🇳 China, stressing the scale of systems like Grace Blackwell — which weigh nearly two tons — makes quiet diversion unrealistic. He added that customers carefully monitor compliance with export rules.
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Evercore’s Amit Daryanani maintains an Outperform rating and $250 price target on $AAPL, saying Services headwinds are front and center but manageable. Risks around the App Store and Google search deal impact ~20% of EPS in the bear case, but in the bull case, with no major legal hits and strong AI/iPhone tailwinds, EPS could hit $9 in FY26—pointing to a $300 stock. Daryanani notes sentiment has turned negative, but even partial wins in court or tariffs could be meaningful upside.
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Evercore’s Amit Daryanani maintains an Outperform rating and $250 price target on $AAPL, saying Services headwinds are front and center but manageable. Risks around the App Store and Google search deal impact ~20% of EPS in the bear case, but in the bull case, with no major legal hits and strong AI/iPhone tailwinds, EPS could hit $9 in FY26—pointing to a $300 stock. Daryanani notes sentiment has turned negative, but even partial wins in court or tariffs could be meaningful upside.
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Michael Wilson says the Moody’s downgrade may trigger a pullback, but “we would be buyers of such a dip,” as the US-China trade truce lowers recession risk. He adds the market is more likely to “look through such weakness and deem it temporary” given improving earnings and profit upgrades.
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Michael Wilson says the Moody’s downgrade may trigger a pullback, but “we would be buyers of such a dip,” as the US-China trade truce lowers recession risk. He adds the market is more likely to “look through such weakness and deem it temporary” given improving earnings and profit upgrades.
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UBS Upgrades $ADM to Buy from Neutral, Says Policy Tailwinds and Nutrition Recovery Support Upside, Raises PT to $60 from $55
Analyst comments: "We upgrade to Buy with $60 PT based on underappreciated policy tailwinds and as we see better Nutrition results in the future. The Budget Reconciliation bill drafted by the the House Ways and Means Committee, makes it clear that no production tax credit will be given to renewable diesel made from imported feedstocks. If the Bill passes, it eliminates credit for imported UCO and Tallow and could create incremental demand for domestic soybean oil. Based on preliminary reports , Required Volume Obligation (RVO) for biobased diesel will be revised to 4.65Bn gal from 3.35Bn gal,if finalized this would be a material demand tailwind for soybean oil. This will benefit both the crush and RPO margins. We expect Agricultural (AG) services earnings to start moving higher in 2H 2025. Animal nutrition segment earnings are already off the bottom and with additional cost ADM is taking out, human nutrition should also improve. As business conditions improve, investors are getting paid to wait. We are modeling ~3.2% dividend growth (CAGR) between 2026 and 2028. We model post dividend FCF of $396M, $715M and $785Min 2026, 2027 and 2028. We believe this leaves the door open for buybacks. We are 6.7% above the Street for 2027 EPS and 15% above the Street for 2028 EPS."
Analyst: Manav Gupta
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UBS Upgrades $ADM to Buy from Neutral, Says Policy Tailwinds and Nutrition Recovery Support Upside, Raises PT to $60 from $55
Analyst comments: "We upgrade to Buy with $60 PT based on underappreciated policy tailwinds and as we see better Nutrition results in the future. The Budget Reconciliation bill drafted by the the House Ways and Means Committee, makes it clear that no production tax credit will be given to renewable diesel made from imported feedstocks. If the Bill passes, it eliminates credit for imported UCO and Tallow and could create incremental demand for domestic soybean oil. Based on preliminary reports , Required Volume Obligation (RVO) for biobased diesel will be revised to 4.65Bn gal from 3.35Bn gal,if finalized this would be a material demand tailwind for soybean oil. This will benefit both the crush and RPO margins. We expect Agricultural (AG) services earnings to start moving higher in 2H 2025. Animal nutrition segment earnings are already off the bottom and with additional cost ADM is taking out, human nutrition should also improve. As business conditions improve, investors are getting paid to wait. We are modeling ~3.2% dividend growth (CAGR) between 2026 and 2028. We model post dividend FCF of $396M, $715M and $785Min 2026, 2027 and 2028. We believe this leaves the door open for buybacks. We are 6.7% above the Street for 2027 EPS and 15% above the Street for 2028 EPS."
Analyst: Manav Gupta
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Loop Capital Raises Instacart $CART Price Target to $58 from $52, Keeps Buy Rating — Wonders Why Uber Hasn’t Made a Move
Analyst comments: "Why wouldn’t Uber acquire Instacart? Uber is clearly committed to the grocery category for its large TAM, advertising opportunity and potential synergies. Both companies report solid progress with the partnership thus far. DoorDash is ahead and appears to be moving faster than Uber Eats as a challenger in the grocery delivery space. Instacart has majority share of order value, extensive category expertise and deep relationships with grocers – a supply advantage for at least the next 1-3 years in our view. The cost synergies between Uber and Instacart are likely significant, and user/ channel synergies could be as well. Instacart has a performance-driven advertising business driven by shopper data and a retail media strategy. Uber is historically acquisitive. With Instacart’s CEO Fidji Sumo set to leave for OpenAI, it seems to us that the only reason would be price. Instacart trades at half the EBITDA multiple of Uber with a 600bps slower growth outlook in consensus. This is before any cost, upsell or operational synergies. It seems to us that an eventual combination is more likely than not."
Analyst: Rob Anderson
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Loop Capital Raises Instacart $CART Price Target to $58 from $52, Keeps Buy Rating — Wonders Why Uber Hasn’t Made a Move
Analyst comments: "Why wouldn’t Uber acquire Instacart? Uber is clearly committed to the grocery category for its large TAM, advertising opportunity and potential synergies. Both companies report solid progress with the partnership thus far. DoorDash is ahead and appears to be moving faster than Uber Eats as a challenger in the grocery delivery space. Instacart has majority share of order value, extensive category expertise and deep relationships with grocers – a supply advantage for at least the next 1-3 years in our view. The cost synergies between Uber and Instacart are likely significant, and user/ channel synergies could be as well. Instacart has a performance-driven advertising business driven by shopper data and a retail media strategy. Uber is historically acquisitive. With Instacart’s CEO Fidji Sumo set to leave for OpenAI, it seems to us that the only reason would be price. Instacart trades at half the EBITDA multiple of Uber with a 600bps slower growth outlook in consensus. This is before any cost, upsell or operational synergies. It seems to us that an eventual combination is more likely than not."
Analyst: Rob Anderson
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FED BOSTIC ON MOODY'S D/G:
MOODY'S DOWNGRADE WILL CUT ACROSS ECONOMICS, FINANCIAL MARKETS... WILL HAVE IMPLICATIONS FOR COST OF CAPITAL, COULD RIPPLE THROUGH ECONOMY
WILL HAVE TO WAIT AND SEE ABOUT IMPACT OF DOWNGRADE ON DEMAND FOR U.S. DEBT
THE FED WILL HAVE TO DETERMINE HOW THE DOWNGRADE EFFECTS AN OUTLOOK THAT IS ALREADY IN FLUX
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FED BOSTIC ON MOODY'S D/G:
MOODY'S DOWNGRADE WILL CUT ACROSS ECONOMICS, FINANCIAL MARKETS... WILL HAVE IMPLICATIONS FOR COST OF CAPITAL, COULD RIPPLE THROUGH ECONOMY
WILL HAVE TO WAIT AND SEE ABOUT IMPACT OF DOWNGRADE ON DEMAND FOR U.S. DEBT
THE FED WILL HAVE TO DETERMINE HOW THE DOWNGRADE EFFECTS AN OUTLOOK THAT IS ALREADY IN FLUX
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