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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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FED BOSTIC ON RATES AND TARIFFS:
IT IS UNCLEAR IF CONSUMERS TODAY CAN TAKE ON THE FULL COST OF TARIFFS GIVEN STATE OF HOUSEHOLD BALANCE SHEETS, RECENT INFLATION
NUMBER OF RATE CUTS THIS YEAR DEPENDS ON HOW THINGS TURN OUT, THE DETAILS OF THE TARIFFS WILL MATTER
LEANING MORE TOWARDS ONLY ONE CUT THIS YEAR BECAUSE IT WILL TAKE TIME TO UNDERSTAND TARIFFS
THERE IS A SCENARIO WHERE TARIFFS BECOME LESS OF A STORY OVER TIME
TREASURY MARKETS ARE FUNCTIONING QUITE WELL
INFLATION NOT MOVING TO TARGET AS FAST AS ANTICIPATED
UNCERTAINTY MEANS THERE IS HIGHER RISK, THE FED ONLY CONTROLS ONE PART OF THE PRICE OF CAPITAL
AS THINGS GET MORE EXPENSIVE ITS CHANGES THE CHOICES POLICYMAKERS, HOUSEHOLDS AND BUSINESSES FACE, THAT WILL INFLUENCE THE PATH OF THE ECONOMY
RIGHT NOW SEE MORE RISK OF HIGHER INFLATION THAN THE EMPLOYMENT SIDE OF THE MANDATE
INFLATION EXPECTATIONS ARE MOVING IN A TROUBLING WAY
HAVE NOT SEEN MUCH MOVEMENT ON THE JOBS SIDE, FIRMS SAY THEY DONT HAVE PLANS FOR LARGE LAYOFFS
DECLINE IN SENTIMENT IS NOT YET PLAYING OUT IN THE MARKETPLACE
MAY BE AT A POINT WHERE THE DISTANCE BETWEEN SENTIMENT AND DATA STARTS TO NARROW; INVENTORY RUNDOWN MAY BE NEARING AN END
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FED BOSTIC ON RATES AND TARIFFS:
IT IS UNCLEAR IF CONSUMERS TODAY CAN TAKE ON THE FULL COST OF TARIFFS GIVEN STATE OF HOUSEHOLD BALANCE SHEETS, RECENT INFLATION
NUMBER OF RATE CUTS THIS YEAR DEPENDS ON HOW THINGS TURN OUT, THE DETAILS OF THE TARIFFS WILL MATTER
LEANING MORE TOWARDS ONLY ONE CUT THIS YEAR BECAUSE IT WILL TAKE TIME TO UNDERSTAND TARIFFS
THERE IS A SCENARIO WHERE TARIFFS BECOME LESS OF A STORY OVER TIME
TREASURY MARKETS ARE FUNCTIONING QUITE WELL
INFLATION NOT MOVING TO TARGET AS FAST AS ANTICIPATED
UNCERTAINTY MEANS THERE IS HIGHER RISK, THE FED ONLY CONTROLS ONE PART OF THE PRICE OF CAPITAL
AS THINGS GET MORE EXPENSIVE ITS CHANGES THE CHOICES POLICYMAKERS, HOUSEHOLDS AND BUSINESSES FACE, THAT WILL INFLUENCE THE PATH OF THE ECONOMY
RIGHT NOW SEE MORE RISK OF HIGHER INFLATION THAN THE EMPLOYMENT SIDE OF THE MANDATE
INFLATION EXPECTATIONS ARE MOVING IN A TROUBLING WAY
HAVE NOT SEEN MUCH MOVEMENT ON THE JOBS SIDE, FIRMS SAY THEY DONT HAVE PLANS FOR LARGE LAYOFFS
DECLINE IN SENTIMENT IS NOT YET PLAYING OUT IN THE MARKETPLACE
MAY BE AT A POINT WHERE THE DISTANCE BETWEEN SENTIMENT AND DATA STARTS TO NARROW; INVENTORY RUNDOWN MAY BE NEARING AN END
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KLARNA HITS 100M USERS, POSTS $92M LOSS ON ONETIME IPO COSTS
Klarna reported a $92M pretax loss in Q1 due to costs tied to its now-paused US IPO, but underlying profitability continued for the fourth straight quarter. Revenue rose 15% YoY to $701M, with U.S. sales up 33%. CEO says AI is boosting efficiency, and revenue per employee is on track to hit $1M.
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KLARNA HITS 100M USERS, POSTS $92M LOSS ON ONETIME IPO COSTS
Klarna reported a $92M pretax loss in Q1 due to costs tied to its now-paused US IPO, but underlying profitability continued for the fourth straight quarter. Revenue rose 15% YoY to $701M, with U.S. sales up 33%. CEO says AI is boosting efficiency, and revenue per employee is on track to hit $1M.
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Polymarket’s odds of a U.S. 🇺🇸 recession are sitting at 37%, way down from their peak. https://t.co/MUXUeFUKVX
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Polymarket’s odds of a U.S. 🇺🇸 recession are sitting at 37%, way down from their peak. https://t.co/MUXUeFUKVX
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