7 days ago
Apple Inc. (NASDAQ:AAPL) has officially entered its John Ternus era from a position of strength, but Wall Street believes that the next leg of growth depends on two unproven bets.
On September 2, DA Davidson ***** yst Gil Luria reiterated a Neutral rating on the stock with a $270.00 price target. The firm ***** erts that Apple's ability to get off to a strong start under the new CEO depends on the expected foldable iPhone Ultra and broad price increases.
Without these two factors, Luria said revenue declines would have been expected next year.
Apple Inc. (NASDAQ:AAPL) enters the Ternus era from a position of strength. For the fiscal Q3, revenue jumped 16% year-over-year to $109.4 billion, with iPhone revenues surging almost 22% to $54.25 billion.
Cook has already transformed the company from $350 billion to a $4.5 trillion behemoth. The next test for Ternus, therefore, is to not to make more cash but to prove there is enough growth and product innovation to keep the momentum strong for Apple.
#year #NASDAQ #luria #position
On September 2, DA Davidson ***** yst Gil Luria reiterated a Neutral rating on the stock with a $270.00 price target. The firm ***** erts that Apple's ability to get off to a strong start under the new CEO depends on the expected foldable iPhone Ultra and broad price increases.
Without these two factors, Luria said revenue declines would have been expected next year.
Apple Inc. (NASDAQ:AAPL) enters the Ternus era from a position of strength. For the fiscal Q3, revenue jumped 16% year-over-year to $109.4 billion, with iPhone revenues surging almost 22% to $54.25 billion.
Cook has already transformed the company from $350 billion to a $4.5 trillion behemoth. The next test for Ternus, therefore, is to not to make more cash but to prove there is enough growth and product innovation to keep the momentum strong for Apple.
#year #NASDAQ #luria #position
1 month ago
On August 7, Google Cloud switched on Google Security Operations in its new Taiwan Region, giving local banks, hospitals and chipmakers an AI-powered defense platform they can run without sending sensitive data offshore. It's a small announcement next to Alphabet's (NASDAQ:GOOGL) roughly $4.6 trillion market value, but it captures why investors are paying attention. Alphabet keeps turning AI into products regulated industries will pay to run on their own terms, and that pattern shows up across the business.
The Taiwan launch fits a broader push. Google Cloud revenue jumped 82% to $24.8 billion last quarter, and the segment's operating margin climbed from 20.7% to 35.6% over the same stretch, proof that scale is finally showing up in profit, not just growth. Part of that strength comes from a business model that doesn't depend on who wins the AI race. Anthropic pays Google Cloud for computing power even while competing against Alphabet's own models, and that kind of recurring usage revenue keeps flowing regardless of which lab's chatbot wins.
Alphabet is also pushing further into chips. The company recently began selling its custom Tensor Processing Units directly to outside customers for use in external data centers, a direct challenge to Nvidia's grip on the roughly $300 billion AI accelerator market. D.A. Davidson's Gil Luria has floated Alphabet capturing 20% of AI infrastructure spending, which would value the chip business near $900 billion, while Morgan Stanley expects custom silicon to reach 24% of accelerator sales by 2030, up from 15% today. The Taiwan security launch shows that same platform reach extending into compliance-heavy sectors like finance and healthcare, widening the base of customers Alphabet can sell to.
None of this comes cheap. Alphabet raised its 2026 capital expenditure guidance to a range of $195 billion to $205 billion, and quarterly capex has climbed for five straight quarters, doubling year-over-year to $44.9 billion last quarter. That spending eventually shows up as depreciation, a charge that grows every year and has to be outrun by profit growth.
The headline numbers also need a closer look. Net income nearly quadrupled to $112.1 billion last quarter, but $6.26 of the $9.11 in EPS came from a $99 billion gain on equity securities that is mostly unrealized. Strip that out and underlying earnings were closer to $2.85 per share, which puts the stock nearer 28x forward earnings than the 19x headline multiple suggests. On the chip side, Nvidia's CUDA software remains a deep moat, since switching a team's pipelines off it is expensive, and TPUs are built for narrower workloads than general-purpose GPUs.
#Google
The Taiwan launch fits a broader push. Google Cloud revenue jumped 82% to $24.8 billion last quarter, and the segment's operating margin climbed from 20.7% to 35.6% over the same stretch, proof that scale is finally showing up in profit, not just growth. Part of that strength comes from a business model that doesn't depend on who wins the AI race. Anthropic pays Google Cloud for computing power even while competing against Alphabet's own models, and that kind of recurring usage revenue keeps flowing regardless of which lab's chatbot wins.
Alphabet is also pushing further into chips. The company recently began selling its custom Tensor Processing Units directly to outside customers for use in external data centers, a direct challenge to Nvidia's grip on the roughly $300 billion AI accelerator market. D.A. Davidson's Gil Luria has floated Alphabet capturing 20% of AI infrastructure spending, which would value the chip business near $900 billion, while Morgan Stanley expects custom silicon to reach 24% of accelerator sales by 2030, up from 15% today. The Taiwan security launch shows that same platform reach extending into compliance-heavy sectors like finance and healthcare, widening the base of customers Alphabet can sell to.
None of this comes cheap. Alphabet raised its 2026 capital expenditure guidance to a range of $195 billion to $205 billion, and quarterly capex has climbed for five straight quarters, doubling year-over-year to $44.9 billion last quarter. That spending eventually shows up as depreciation, a charge that grows every year and has to be outrun by profit growth.
The headline numbers also need a closer look. Net income nearly quadrupled to $112.1 billion last quarter, but $6.26 of the $9.11 in EPS came from a $99 billion gain on equity securities that is mostly unrealized. Strip that out and underlying earnings were closer to $2.85 per share, which puts the stock nearer 28x forward earnings than the 19x headline multiple suggests. On the chip side, Nvidia's CUDA software remains a deep moat, since switching a team's pipelines off it is expensive, and TPUs are built for narrower workloads than general-purpose GPUs.
1 month ago
A ******* eX rocket crashed into the moon at 2 a.m. Wednesday, leaving a massive crater and another piece of "space junk" on its surface. But that will be only the second-biggest dump of ******* eX's week.
On Thursday, nearly a billion shares of ******* eX, held by early employees and pre-IPO investors, will finally break free from their lockups. The shares, totaling around $100 billion at current prices, are more of a supply shock than the entire IPO itself. And while ******* ysts worry that it will cheapen the stock—or, as Morgan Stanley suggests, provide an opportunity "to gain exposure to a potential generational compounder"—SpaceX avoided the worst of this moment by quietly lining up its buyers before the lockup clock even started running.
Every IPO eventually meets this moment, cautioned Gil Luria, head of technology research at D.A. Davidson. Early employees might believe wholeheartedly in the company, but after spending decades with most of their wealth tied up in a single stock, they may want to diversify—buy a house, maybe.
That transfer from private-company insiders to public-market investors is the "natural course of business," he said—but, by definition, it puts pressure on the share price as fresh supply enters the market.
Within 25 days of listing, four index providers—CRSP, FTSE Russell, MSCI, and Nasdaq—added the stock, forcing passive funds inside millions of 401(k)s to buy in. While it's unclear how much ******* eX stock passive funds took on, JPMorgan estimates that the Nasdaq inclusion alone transferred $4 billion of ******* eX into passive accounts. Luria calls the accelerated path into the indexes "a little bit of a bailout."
#Stock
On Thursday, nearly a billion shares of ******* eX, held by early employees and pre-IPO investors, will finally break free from their lockups. The shares, totaling around $100 billion at current prices, are more of a supply shock than the entire IPO itself. And while ******* ysts worry that it will cheapen the stock—or, as Morgan Stanley suggests, provide an opportunity "to gain exposure to a potential generational compounder"—SpaceX avoided the worst of this moment by quietly lining up its buyers before the lockup clock even started running.
Every IPO eventually meets this moment, cautioned Gil Luria, head of technology research at D.A. Davidson. Early employees might believe wholeheartedly in the company, but after spending decades with most of their wealth tied up in a single stock, they may want to diversify—buy a house, maybe.
That transfer from private-company insiders to public-market investors is the "natural course of business," he said—but, by definition, it puts pressure on the share price as fresh supply enters the market.
Within 25 days of listing, four index providers—CRSP, FTSE Russell, MSCI, and Nasdaq—added the stock, forcing passive funds inside millions of 401(k)s to buy in. While it's unclear how much ******* eX stock passive funds took on, JPMorgan estimates that the Nasdaq inclusion alone transferred $4 billion of ******* eX into passive accounts. Luria calls the accelerated path into the indexes "a little bit of a bailout."
#Stock
1 month ago
Big Tech just closed out its second-quarter 2026 earnings season, and the results looked, on paper, like a triumph. Microsoft, Amazon, and Alphabet all posted numbers that blew past Wall Street's estimates, and headlines celebrated growth rates that haven't been seen in years.
Dig one layer deeper, and a strange pattern connects all three reports. A meaningful chunk of that growth has nothing to do with ads, cloud contracts, or software subscriptions. It comes from something these companies don't even sell.
S&P 500 earnings grew more than 48% year over year last quarter. Exclude the investment gains tied to private AI stakes, and that growth falls to roughly 29%, according to recent **** ysis, bringing underlying earnings growth much closer to expectations.
Gil Luria, managing director and head of technology research at D.A. Davidson, put it plainly. "The headline earnings numbers were very much inflated by equity gains in OpenAI, Anthropic and **** eX," he told CNBC, adding that these swings tend to even out over time, which is why most **** ysts strip them out of non-GAAP estimates.
Related: Jeff Bezos just named Amazon's next big pillar
#estimates #even
Dig one layer deeper, and a strange pattern connects all three reports. A meaningful chunk of that growth has nothing to do with ads, cloud contracts, or software subscriptions. It comes from something these companies don't even sell.
S&P 500 earnings grew more than 48% year over year last quarter. Exclude the investment gains tied to private AI stakes, and that growth falls to roughly 29%, according to recent **** ysis, bringing underlying earnings growth much closer to expectations.
Gil Luria, managing director and head of technology research at D.A. Davidson, put it plainly. "The headline earnings numbers were very much inflated by equity gains in OpenAI, Anthropic and **** eX," he told CNBC, adding that these swings tend to even out over time, which is why most **** ysts strip them out of non-GAAP estimates.
Related: Jeff Bezos just named Amazon's next big pillar
#estimates #even
2 months ago
Figma Inc. (NYSE:FIG) is one of the top 10 AI stocks that will skyrocket.
On June 25, Rishi Jaluria of RBC Capital reduced his target price for Figma Inc. (NYSE:FIG) from $28 to $22, resulting in an adjusted upside potential of more than 21%. Jaluria upheld his Sector Perform rating for the stock after taking part in the company's 2026 User Conference and Investor Session.
dboystudio/Shutterstock.com
The **** yst mentioned that during the session, management revealed some creative tools and materials, shed light on the company's extensive offerings, and how it plans to make progress toward a seat-plus-consumption framework. Despite having a sense of optimism regarding the company's product innovation, the **** yst views its offerings as being in an early stage. This makes it difficult to reliably estimate their impact on company financials.
Later on June 26, Michael Turrin from Wells Fargo also reduced his target price for Figma Inc. (NYSE:FIG) from $42 to $36, which still results in a lucrative upside potential of almost 100%. The **** yst reiterated an Overweight rating on the stock, following participation in Config '26, which has bolstered his confidence in the company's prospects. He highlighted Figma's impressive strategy around its design platform and intelligent canvas.
On June 25, Rishi Jaluria of RBC Capital reduced his target price for Figma Inc. (NYSE:FIG) from $28 to $22, resulting in an adjusted upside potential of more than 21%. Jaluria upheld his Sector Perform rating for the stock after taking part in the company's 2026 User Conference and Investor Session.
dboystudio/Shutterstock.com
The **** yst mentioned that during the session, management revealed some creative tools and materials, shed light on the company's extensive offerings, and how it plans to make progress toward a seat-plus-consumption framework. Despite having a sense of optimism regarding the company's product innovation, the **** yst views its offerings as being in an early stage. This makes it difficult to reliably estimate their impact on company financials.
Later on June 26, Michael Turrin from Wells Fargo also reduced his target price for Figma Inc. (NYSE:FIG) from $42 to $36, which still results in a lucrative upside potential of almost 100%. The **** yst reiterated an Overweight rating on the stock, following participation in Config '26, which has bolstered his confidence in the company's prospects. He highlighted Figma's impressive strategy around its design platform and intelligent canvas.
2 months ago
Palantir (PLTR) stock jumped more than 2% on Thursday after D.A. Davidson ****** yst Gil Luria upgraded it to a Buy rating from Neutral and raised his price target on the stock to $175.
Shares extended gains from the previous session, when it jumped 7% after the company unveiled a new AI partnership with Nvidia (NVDA) focused on government and other security-sensitive customers.
"Palantir has grown into its valuation as profits have soared, and the multiple has come in, providing investors with a gift just in time for the United States of America's 250th birthday," Luria wrote on Thursday morning.
"We believe Palantir's valuation is the most attractive it has been in a while, especially in relation to other high-growth software companies," he added.
Luria noted that while Palantir now trades in line with other AI-focused software companies such as Snowflake (SNOW), Shopify (SHOP), Datadog (DDOG), and CrowdStrike (CRWD), "it is growing twice as fast as any of them."
Shares extended gains from the previous session, when it jumped 7% after the company unveiled a new AI partnership with Nvidia (NVDA) focused on government and other security-sensitive customers.
"Palantir has grown into its valuation as profits have soared, and the multiple has come in, providing investors with a gift just in time for the United States of America's 250th birthday," Luria wrote on Thursday morning.
"We believe Palantir's valuation is the most attractive it has been in a while, especially in relation to other high-growth software companies," he added.
Luria noted that while Palantir now trades in line with other AI-focused software companies such as Snowflake (SNOW), Shopify (SHOP), Datadog (DDOG), and CrowdStrike (CRWD), "it is growing twice as fast as any of them."
2 months ago
What happened: Palantir (PLTR) stock jumped 5% on Thursday.
What's behind the move: The stock moved higher after D.A. Davidson ****** yst Gil Luria upgraded it to a Buy rating from Neutral and raised his price target to $175 from $165.
The stock extended gains from the previous session, when it jumped 7% after the company unveiled a new AI partnership with Nvidia (NVDA) focused on government and other security-sensitive customers.
"Palantir has grown into its valuation as profits have soared, and the multiple has come in, providing investors with a gift just in time for the United States of America's 250th birthday," Luria wrote on Thursday morning.
"We believe Palantir's valuation is the most attractive it has been in a while, especially in relation to other high growth software companies," he added.
What's behind the move: The stock moved higher after D.A. Davidson ****** yst Gil Luria upgraded it to a Buy rating from Neutral and raised his price target to $175 from $165.
The stock extended gains from the previous session, when it jumped 7% after the company unveiled a new AI partnership with Nvidia (NVDA) focused on government and other security-sensitive customers.
"Palantir has grown into its valuation as profits have soared, and the multiple has come in, providing investors with a gift just in time for the United States of America's 250th birthday," Luria wrote on Thursday morning.
"We believe Palantir's valuation is the most attractive it has been in a while, especially in relation to other high growth software companies," he added.
2 months ago
Figma, Inc. (NYSE:FIG) is one of the 10 Best New Stocks to Buy Other Than ***** eX.
On June 26, 2026, Wells Fargo ***** yst Michael Turrin lowered the firm's price target on Figma, Inc. (NYSE:FIG) to $36 from $42 and kept an Overweight rating. After attending Config '26, Turrin said Wells Fargo's confidence increased in Figma's intelligent canvas and design platform strategy, as well as its ability to capture additional spending.
On June 25, RBC Capital ***** yst Rishi Jaluria lowered the firm's price target on Figma to $22 from $28 and kept a Sector Perform rating after attending the company's Config 2026 User Conference and Investor Session. Jaluria noted that management introduced new creative materials and intelligent tools, with discussion focused on a shift toward a seat-plus-consumption model and a broader product suite extending the canvas into code, motion, and AI-native creative workflows. RBC Capital came away with a better appreciation for Figma's pace of innovation, though it noted that products remain early and their financial impact is unproven.
On June 17, Citi initiated coverage of Figma with a Buy rating and $36 price target. Citi said Figma's "ramping AI traction" could bring "significant upside" to consensus estimates, citing industry checks showing strong AI traction, including seat upgrades and credit pack utilization.
Figma, Inc. (NYSE:FIG) develops and sells a collaborative, browser-based platform for designing, prototyping, and building digital experiences, along with subscriptions for access to its platform.
On June 26, 2026, Wells Fargo ***** yst Michael Turrin lowered the firm's price target on Figma, Inc. (NYSE:FIG) to $36 from $42 and kept an Overweight rating. After attending Config '26, Turrin said Wells Fargo's confidence increased in Figma's intelligent canvas and design platform strategy, as well as its ability to capture additional spending.
On June 25, RBC Capital ***** yst Rishi Jaluria lowered the firm's price target on Figma to $22 from $28 and kept a Sector Perform rating after attending the company's Config 2026 User Conference and Investor Session. Jaluria noted that management introduced new creative materials and intelligent tools, with discussion focused on a shift toward a seat-plus-consumption model and a broader product suite extending the canvas into code, motion, and AI-native creative workflows. RBC Capital came away with a better appreciation for Figma's pace of innovation, though it noted that products remain early and their financial impact is unproven.
On June 17, Citi initiated coverage of Figma with a Buy rating and $36 price target. Citi said Figma's "ramping AI traction" could bring "significant upside" to consensus estimates, citing industry checks showing strong AI traction, including seat upgrades and credit pack utilization.
Figma, Inc. (NYSE:FIG) develops and sells a collaborative, browser-based platform for designing, prototyping, and building digital experiences, along with subscriptions for access to its platform.
