Spyre Therapeutics (SYRE) took a hit Wednesday after its experimental rheumatoid arthritis treatment failed to pass muster in midstage testing.
But **** ysts are far more interested in Spyre's inflammatory bowel disease drugs. These conditions include ulcerative colitis and Crohn's disease.
"Even excluding all non-UC (ulcerative colitis) indications, our PT (price target) would remain at ~$115, well above current trading levels," Wedbush **** yst David Nierengarten said in a client note. "While we view the RS (rheumatoid arthritis) results as disappointing, we see limited impact to our core IBD-driven (inflammatory bowel disease) thesis."
Still, Spyre stock fell 1.8%, closing at 93.61. Shares are highly rated with a strong IBD Digital Relative Strength Rating of 98, putting the stock's 12-month performance in the leading 2% of all stocks.
Spyre's drug, dubbed SPY072, actually showed some effectiveness in patients with rheumatoid arthritis. But the results didn't pass the company's internal bar for advancement. Spyre is still testing SPY072 in other rheumatology indications, including psoriatic arthritis and axial spondyloarthritis.

#arthritis #testing #bowel

NVDA has beaten EPS estimates five straight quarters yet fallen on earnings day four times, with declines reaching roughly 6%.
With roughly 70% year-over-year growth already baked into FY2027 consensus, it is guidance rather than reported beats that decides how NVIDIA's stock moves after earnings.
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NVIDIA (NASDAQ:NVDA) reports fiscal second-quarter results after the close on Wednesday, August 26, 2026, and the setup is unusual for a company this dominant. Over the past five quarters, NVIDIA has beaten Wall Street on both earnings and revenue every time. Yet in the four quarters since Q1 FY2026, the stock has fallen after earnings.
Consensus estimates call for non-GAAP earnings of roughly $2.09 per share on revenue near $92 billion, roughly double year over year. NVIDIA guided last quarter to $91.0 billion, plus or minus 2%, with non-GAAP gross margin around 75.0% and no China Data Center compute revenue in the outlook. Wedbush ***** yst Matt Bryson expects a beat on both the top and bottom line and carries a $330 price target. He captured the dynamic well, noting NVIDIA has "consistently exceeded consensus" the last three quarters "yet the stock is roughly unchanged from October of last year."

#year #Stock #revenue

Intel (INTC) is having one of the biggest turnarounds in the semiconductor market. The stock has climbed roughly 140% in 2026, but now another potential catalyst is grabbing investors' attention: GPU prices are rising sharply.
Wedbush ****** yst Matt Bryson says Intel's Arc Pro B70 workstation GPU has seen price increases of as much as 48% across markets in roughly one month. The move highlights how rising memory costs are being passed through the hardware market.
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#NVIDIA #earnings

Anxious about Nvidia's results? You're likely not alone.
The stock sold off in the wake of its last three quarterly reports. Another re-evaluation could come Wednesday, when the world's most valuable company hands in its second-quarter results.
The AI chipmaker has had an active summer. CEO Jensen Huang announced a new chip purpose-built to power on-device AI agents, while the company made progress on its attempts to sell chips in China, and struck deals to help finance the AI data center buildout. The stock, meanwhile, has had a volatile year, but it's mostly risen, up 15% in 2025 though off its May highs.
Last quarter, Nvidia beat expectations and brightened its outlook, with Huang saying demand "has gone parabolic" as companies race to build AI infrastructure. Revenue climbed 85% year-over-year, with data center sales nearly doubling.
There's a lot riding on Nvidia's performance. For every $1 it collects, another $8 to $10 is spent on other technology, according to Wedbush estimates. Much of the economy and stock market's recent growth has been driven by tech giants building AI data centers, pouring money into chips, memory and data storage technology, energy infrastructure and even construction equipment. The investment is so big that the Federal Reserve is monitoring its impact on inflation.

#data #results #company

Intel
Intel (NASDAQ:INTC) CEO Lip-Bu Tan bought about $10 million worth of INTC shares earlier this month at $95 a share, the same price at which Intel had just priced a $20 billion secondary offering days earlier.
Intel's Q2 revenue rose 25% year over year, a massive acceleration from Q1's 7% growth. Margins jumped to about 42% and AI segment grew 59%, while foundry revenue rose 31%.
Bulls are highlighting a new catalyst. Wedbush ****** yst Matt Bryson said Intel's advanced packaging technology, EMIB, could put the company in a position to win TPU orders from Google. If proven true, it would be the first real signal that an outside chip designer trusts Intel's manufacturing enough to bet its own products on it.
The Bear Case

#wedbush

CBRS slides 13% and AMD falls 5% in a classic buy-the-rumor unwind ahead of tonight's Supernova livestream at 6:30 PM ET.
Uniform selling in MU and COHR signals wholesale de-risking, not company-specific news, as the 30-year Treasury yield hits a 19-year high of 5.25%.
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Shares of AI hardware names are broadly lower at midday Tuesday, hours ahead of Cerebras' flagship SUPERNOVA product event, which begins at 3:30 PM Pacific Time (6:30 PM ET). Cerebras Systems (NASDAQ:CBRS) is down 13% to $220, while Intel (NASDAQ:INTC) has slid 7% and AMD (NASDAQ:AMD) is off 5%.
The selloff is a classic buy-the-rumor, sell-the-news setup layered on top of a broader macro rotation. Cerebras surged into Tuesday's event on a Wedbush endorsement and OpenAI's confirmation that its GPT-5.6 Sol Ultrafast mode, capable of up to 750 output tokens per second, will run exclusively on Cerebras' Wafer-Scale Engine. Morgan Stanley also reaffirmed Overweight and raised its price target Monday, projecting core revenue to more than triple by 2027.

#NASDAQ #classic #ahead

Applied Materials (AMAT) stock tumbled on Aug. 14 after the semiconductor equipment maker reported lower-than-expected revenue for its third financial quarter.
AMAT posted better-than-expected earnings of $3.50 on a per-share basis for its fiscal Q2, but a 25% year-over-year increase in revenue to $9.12 billion came in shy of the $9.18 billion that ****** ysts had forecast.
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Sandisk Stock Jumps on Its Investor Day Success. Why Wedbush ****** ysts Aren't 100% Buying the Story.

#analysts

Red Cat (RCAT) shares rallied on Friday after President Donald Trump signed a proclamation invoking Section 232 to slap ad valorem tariffs of up to 100% on imported drones and critical components.
The sweeping order targets military-grade foreign unmanned systems while imposing a 25% tariff on smaller commercial models as well to strengthen national security.
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Sandisk Stock Jumps on Its Investor Day Success. Why Wedbush ******* ysts Aren't 100% Buying the Story.

#Stock #president

SanDisk (SNDK) stock is inching higher on Friday following the flash memory specialist's bullish Investor Day presentation, featuring guidance for mid-to-high teens revenue growth through the end of this decade.
Still, Wedbush Securities' senior ****** yst Matt Bryson recommends some caution, citing lingering skepticism regarding management's ability to fully deliver on its long-term promises.
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#sndk #securities #matt

Dan Ives holds C3.ai's (AI) Street-high $15 target, but 13 of 14 ****** ysts rate Hold or worse with consensus implying 13% downside.
C3.ai's revenue fell 36% while peers Palantir (PLTR) and SoundHound (SOUN) posted 93% and 45% growth, making this an isolated execution story.
Siebel personally bought 6.17 million shares at $11.16 but called recent sales 'unspeakably horrible' as free cash flow deteriorated to negative $192 million.
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C3.ai (NYSE:AI) currently trades at $10.18, while Wedbush Securities ****** yst Dan Ives carries a Street-high price target of $15 on the enterprise AI software company, implying roughly 47% upside from here. That headline number sits far above the broader Wall Street consensus, which has drifted lower after a brutal fiscal 2026.

#million

The robotaxi industry is currently tiny. But in the coming years, the market should scale significantly in size. Tesla (NASDAQ: TSLA) has quickly emerged as a serious competitor. And looking at various market forecasts, it's not hard to see why the market is so excited about this opportunity.
Goldman Sachs estimates the global robotaxi market will reach $415 billion by 2035. The U.S. portion represents just $48 billion of that entire pie, but autonomous trucking could add even more upside to that figure. "Autonomous trucking is expected to become cheaper per mile than human-driven trucks in 2028 in the U.S.," the bank predicts, "with the global AV trucking market potentially reaching $560 billion in 2035."
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
In my experience, plenty of bullish research on lucrative multidecade opportunities tends to overestimate near-term growth. But the opposite is happening with Goldman Sachs and its robotaxi forecasts. Previously, the bank estimated that the robotaxi market would reach $7 billion by 2030. More recently, it has been forced to up that figure to $19 billion -- not an insignificant change.
Many Wall Street **** ysts are highly optimistic about Tesla's ability to capture a disproportionate amount of value from the robotaxi opportunity. Wedbush **** yst Dan Ives, for example, believes Tesla will ultimately control 80% of the market. Yet Tesla has repeatedly faced challenges scaling its robotaxi business. These struggles have weighed heavily on its stock price, which has fallen nearly 30% year to date.

#tesla #NVIDIA #trucking

AI infrastructure spending is moving faster than anyone expected. Capital expenditure estimates for 2026 have risen to about $750 billion, which works out to 67% growth from last year. Forecasts for 2027 are already closing in on $1 trillion. With numbers that big, investors are starting to wonder whether all these data centers can actually get funded and built on time.
Nvidia Corporation (NVDA) is now caught up in that debate. Reports say the company may put up a credit backstop of as much as $250 billion for OpenAI's planned data center project in Ohio. Wedbush says the deal introduces a near-term risk for Nvidia, though the firm still sees the bigger picture for AI infrastructure demand as positive over the long haul.
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#infrastructure #capital #nvda #reports

Technology stocks, once the market's biggest winners thanks to the artificial intelligence (AI) boom, have suddenly fallen out of favor on Wall Street. Even companies posting blockbuster earnings are finding it difficult to impress investors, as lofty expectations, growing fears of an AI bubble and concerns over whether the industry's massive spending spree will ultimately pay off have made the market far less forgiving. And Advanced Micro Devices (AMD) is one of the latest casualties of this shift in sentiment.
Although the chipmaker has yet to report its next earnings results, investors have become increasingly cautious about AI-related financing deals and whether hyperscalers' enormous AI investments can deliver sustainable returns. As a result, AMD shares have fallen 17.2% from their June all-time high of $584.73. But while many investors have turned cautious, Wedbush Securities believes the market may be missing the bigger picture. The investment firm sees AMD's newly announced partnership with Core Scientific (CORZ) as a key step that could expand the company's AI reach beyond the largest cloud providers and fuel its long-term growth.
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#investors

Memory has become the latest pressure point in the AI hardware race. With demand for high-bandwidth memory (HBM) continuing to outstrip supply, soaring memory prices are beginning to ripple across the semiconductor industry, forcing companies to rethink product designs and pricing strategies. Even Nvidia Corporation (NVDA), the undisputed leader of the AI chip market, appears to be feeling the effects.
On Wednesday, Wedbush Securities highlighted how rising memory costs are increasingly influencing Nvidia's business, from changes to the configuration of its upcoming Vera Rubin platform to another reported round of price hikes for its consumer graphics cards. The brokerage believes the company is navigating not only higher costs but also persistent supply constraints in a market where memory has become just as critical as the GPUs themselves.
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Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now!

#market #costs #even #NVIDIA

Memory-chip stocks Micron Technology (MU) and SK Hynix (SKHY) fell Monday after Chinese rival ChangXin Memory Technologies, known as CXMT, rocketed in its initial public offering on the Shanghai Stock Exchange.
CXMT shares soared 466% in an IPO on Monday, giving the company a market capitalization of $484 billion, the Wall Street Journal reported. CXMT makes dynamic random-access memory (DRAM) chips, competing with Micron, Samsung and SK Hynix.
Another Chinese memory-chip maker, Yangtze Memory Technologies, is expected to conduct an IPO later this year, the Journal said. Yangtze, also known as YMTC, makes Nand flash memory chips and competes with Sandisk (SNDK) as well as Micron, Samsung and SK Hynix.
On the stock market today, Micron slid 2.3% to close at 900.20. SK Hynix dropped 7.5% to 143.02. Sandisk stock plunged 11% to 1,278.23.
In a client note, Wedbush Securities ******* yst Matt Bryson questioned how successful CXMT's business could be outside of China. Because of U.S. export restrictions, CXMT doesn't have access to ASML's (ASML) extreme ultraviolet (EUV) lithography gear so it can't make faster, higher-capacity chips to compete with Micron and its South Korean peers.

#micron #Stock

Nvidia Corporation's (NVDA) reported decision to delay the launch of its RTX 50 Super due to soaring GDDR7 memory prices may seem like bad news for the GPU market, but it could create an unexpected opportunity for Micron Technology (MU). According to Wedbush, the delay highlights just how tight the memory market has become, reinforcing the pricing power of memory suppliers like Micron rather than signaling weakening demand.
The reported issue is not with Nvidia's GPU chips themselves but with the cost of the new 3GB GDDR7 memory modules used in the upgraded graphics cards. Industry reports suggest these chips now cost roughly three times as much as traditional 2GB modules, making it difficult for Nvidia and its board partners to launch new products without significantly increasing retail prices. So, Nvidia has allegedly postponed the rollout despite hardware already being ready for distribution.
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#delay

Soon-to-be former Amazon (AMZN) Web Services (AWS) veteran Dave Brown will be joining Facebook parent Meta (META) to bolster the latter's cloud ambitions. Brown, who was with AWS for 19 years, will leave his post in July, according to internal communications at AWS.
Notable broker Wedbush has given this a thumbs up and has opined that Meta's desire to be a material player in the cloud industry is serious. In a note to clients, Matt Bryson of the firm said, "This addition builds on the narrative that Meta is serious in building out its own AI cloud offering (though ostensibly Dave Brown's expertise could be used to support the build-out of infrastructure for internal Meta use as well)."
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#cloud #internal

Intel (INTC) investors have a big few days ahead. The chipmaker reports quarterly results after the market closes on Thursday, and Wall Street is watching closely to see if the recent turnaround story keeps building momentum.
One firm already has a strong opinion. Wedbush believes Intel could beat expectations this quarter, pointing to stronger server demand, rising prices, and margins that may hold up better than consensus estimates.
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#billion

With artificial intelligence fueling upside, Taiwan Semiconductor (TSM) is still one of the hottest tech giants to buy and hold long-term. Furthermore, the company just posted strong earnings. EPS of $4.31 beat by $0.37. Revenue of $40.2 billion rocketed 33.7% higher year-over-year (YOY), beating estimates by $300 million. And ***** ysts are still incredibly bullish. For example, Wedbush reiterated an "Outperform" rating on the stock, with a price target of NT$3,000 from NT$2,900, thanks to strong, growing demand for artificial intelligence chips.
And while the stock did pull back on the company's plans to increase its 2026 capital expenditures to between $60 billion and $64 billion, up from $52 billion to $56 billion, I'd use recent weakness as an opportunity to buy for the long haul.
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#artificial #still #year #semiconductor

Dan Ives logs into the Zoom call in a loud, tropical shirt, the word "Margaritaville" splashed across the chest. He has spent the better part of 25 years as one of Wall Street's most recognizable tech bulls — a go-to voice on everything from Apple to Nvidia, a prolific note-writer who repeated the phrase "fourth industrial revolution" and has been telling investors, through every dip and correction, that they're still in the early innings. He has made a lot of people a lot of money by being consistently, loudly optimistic about technology stocks.
Now he is doing what he spent a decade and a half telling everyone else to do.
"Look, I'm an example of what I've preached over the years that AI will ultimately create more jobs than what it takes away," he told me in an interview, several weeks after leaving Wedbush Securities to launch Yorkville Ives, what he calls a "modern merchant bank" with Yorkville Securities. "If it wasn't for the AI revolution and it wasn't for this period … I couldn't do something like this."
That's the short version of what happened. The longer version, Ives told Fortune, is that after 25 years covering other people's companies, he realized he had never actually built one himself — and he wanted to. "As an ***** yst I always talk about companies, whether good or bad, what they've done. But I've never built anything," he said. He has helped institutional investors make money and CEOs shape narratives, he added, but he felt the itch. "I wanted to get off the treadmill and actually build something myself."
The first question, though, is just what he is building, actually. Ives said he traces the merchant bank concept back to Thomas Weisel and the early Jefferies era of the 1990s — outfits that didn't just publish research but put their own capital into transactions. "A lot of banks … they won't put their own money [in], they don't have the capital," he said. "That to me is really the key in terms of the difference with a merchant bank versus a typical investment bank."

Alphabet (GOOGL), Meta Platforms (META) and Amazon (AMZN) are each shelling out hundreds of billions to establish themselves as AI winners. ***** ysts at Wedbush Securities say Google and Amazon stocks are better picks in that race than Meta.
Wedbush ***** yst Ygal Arounian ***** umed coverage of the three internet-focused cloud hyperscalers with a new research note for clients Thursday. Google and Amazon were started at outperform ratings, while Meta got a neutral grade.
For Alphabet, the outperform call reflects "our view that Google has built the best-positioned full-stack AI franchise in our coverage," the Wedbush note said. Google was Wedbush's top mega-capitalization pick.
Arounian pointed to Google's wide distribution through its search, Android and YouTube products. That distribution is paired with Google's custom Gemini AI model and a full cloud infrastructure business with custom processors.
"Alphabet has become the clear leader in our view within the AI race offering a full-stack monetization opportunity around its AI spend," Arounian wrote.

Planet Labs PBC (NYSE:PL) is one of the Best ***** e Technology Stocks to Buy Now. Planet Labs PBC (NYSE:PL) has declined around 12% over the past month. However, the Street remains bullish on the stock, with ***** ysts' 12-month price target suggesting more than 37% upside.
Recently, on July 1, Wedbush initiated coverage of the stock with a Buy rating and a $50 price target. The firm noted that the company is strategically placed at the intersection of two major forces. Firstly, Wedbush noted that nations are increasingly seeking sovereign access to ***** e, and secondly, AI is unlocking value from data.
The firm noted that Planet Labs scans the entire Earth daily and that no competitor can replicate this dataset. Wedbush believes the company to be an indispensable data layer that sits at the intersection of ***** e and AI. Moreover, the firm also believes the stock to be undervalued at current levels, making it an attractive buying opportunity.
Notably, management has also raised its fiscal 2027 revenue guidance to a range of $425 million to $441 million and expects to achieve positive annual free cash flow.
Planet Labs PBC (NYSE:PL) offers Pelican, SuperDove, SkySat, and Tanager satellites for daily Earth imaging, high-resolution monitoring, and hyperspectral imaging. It also provides satellite services arrangements such as manufacturing, launch procurement, ground station infrastructure, and maintenance. It serves energy, forestry, agriculture, mapping, insurance, finance, and government sectors.

Kratos Defense & Security Solutions Inc. (NASDAQ: KTOS) is one of the top mid-cap stocks to own for decades, according to hedge funds. On July 1, Wedbush initiated coverage of Kratos Defense & Security Solutions Inc. (NASDAQ: KTOS) with an Outperform rating and an $85 price target.
The positive stance underscores the research firm's confidence in the company's prospects as a merchant arms supplier to the US defense complex. The company sells critical subsystems, engines, hypersonic vehicles and ground software to prime and new entrant players. While the market views Kratos as a drone company jostling for platform dominance, management has built a robust business across hypersonic missile defense ***** e and microelectronics.
Kratos Defense & Security Solutions' edge also stems from its decision to sell its solutions and products to every player in the defense sector rather than act as a prime contractor. The strategy is paying off as revenue has grown by 22% over the past 12 months.
Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) is an American technology company that develops and manufactures transformative, affordable systems for the U.S. Department of Defense, allied nations, and commercial enterprises. They specialize in hardware-software convergence, focusing on rapid development rather than traditional, lengthy military procurement cycles.
While we acknowledge the potential of KTOS as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

Wedbush research **** yst Dan Ives recently initiated coverage on **** e Exploration Technologies (NASDAQ: SPCX), marking a notable moment for Elon Musk's newly public company. Following **** eX's historic IPO, Ives published an upbeat **** sment emphasizing the company's **** e industry heritage and its emerging role in artificial intelligence (AI) infrastructure.
Ives' **** ysis frames **** eX as more than a rocket and satellite operator, highlighting its status as a vertically integrated technology business with recurring revenue streams and strategic depth that could deliver long-term gains.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Ives **** igned **** eX an outperform rating and a 12-month price target of $190. This implies roughly 18% upside from where it closed Monday's trading session. His optimism is supported by a sum-of-the-parts valuation model anchored to fiscal 2028 estimates, projecting an enterprise value near $2.5 trillion.
Central to the thesis is Starlink's potential to mature into a durable profit engine through steady subscription revenue. Interestingly, Ives is not the only **** yst on Wall Street who sees game-changing potential from Starlink. Timothy Horan of Oppenheimer also cites Starlink's potential to disrupt the telecommunications industry as a major driver of **** eX's future growth.

Co-developed with Broadcom (AVGO), ChatGPT-maker OpenAI recently announced its first-ever custom AI chip, Jalapeño. Built for large language model (LLM) inference rather than training, the chip comes amid the company's broader ambitions of reducing dependence on GPUs.
Analysts at Wedbush believe this is a win for Broadcom, although they were mindful of curbing expectations for the near term. "Net, we see this development as a probable positive for AVGO (and OpenAI ******* uming the silicon eventually works as presented), but also wouldn't be surprised if initial shipments are more modest in scale and broader adoption requires a 2nd or 3rd (or 4th) iteration of the design," said ******* yst Matt Bryson in a note to clients.
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The rocket blasters have fallen off the stock of AI software maker Palantir (PLTR).
Quick insight: From a stock perspective, it has been a terrible year for former highflier Palantir. The company's shares have plunged 34%, versus an 9.5% gain for the S&P 500 (^GSPC), and tanked 45% from their 52-week high.
The sell-off can't be blamed on Palantir's fundamentals.
Palantir delivered a blockbuster first quarter, generating $1.63 billion in revenue. It marked a 85% year-over-year increase, driven heavily by a 104% surge in its US business.
"I think that Palantir has been a victim of the SaaS apocalypse a little, which I think is basically a fictional narrative," Wedbush tech **** yst and Palantir bull Dan Ives said on Yahoo Finance's Opening Bid (video above).

Micron Technology, Inc. (NASDAQ:MU) is one of the 15 Best AI Stocks That Will Make You Rich in 10 Years.
On June 25, 2026, DA Davidson raised its price target on Micron Technology, Inc. (NASDAQ:MU) to $2,000 from $1,500 and kept a Buy rating after the company's Q3 earnings beat. DA Davidson said Micron has entered a period with some of the semiconductor industry's best visibility, a shift from its historical role in the market. The firm also noted that another blowout quarter and positive forward-looking commentary suggest the memory cycle is far from over.
Also on June 25, Deutsche Bank ***** yst Melissa Weathers raised the firm's price target on Micron to $1,550 from $1,500 and maintained a Buy rating. Weathers said the earnings report "cleared a high bar," pointing to financial and strategic performance. Deutsche Bank viewed the quarter as "stunning," citing favorable pricing dynamics that drove revenue and gross margins to "extraordinary levels," and raised its estimates after the report.
Wedbush also raised its price target on Micron to $1,400 from $1,300 and kept an Outperform rating. Wedbush said Micron delivered another earnings beat with stronger-than-expected forward guidance, but highlighted the company's detailed disclosure of long-term forward contracts covering a significant portion of bit output as the key takeaway. The firm said those contracts meaningfully increase visibility into future revenue, margins, and earnings.
Micron Technology, Inc. (NASDAQ:MU) designs, develops, manufactures, and sells memory and storage products in the United States, Taiwan, ***** an, Mainland China, Hong Kong, Europe, and internationally.

Dan Ives of Wedbush Securities has a specific name for what is happening to tech stocks right now. In a note published June 26, he called it a "Twilight Zone market," Seeking Alpha reported, and the phrase is more specific than it sounds.
Microsoft (MSFT), Nvidia (NVDA), Meta Platforms (META), and Palantir (PLTR) have all sold off sharply in recent weeks. At the same time, Micron Technology (MU), which supplies memory chips to the AI infrastructure those same companies are building, just reported blowout earnings and hit fresh highs.
Ives thinks investors have run out of patience at a specific moment in a much longer cycle. The AI story, in his reading, is still intact.
Wedbush's note traced the disconnect to two specific concerns, Benzinga reported. The first is the lag between Big Tech's massive capital spending and any visible payoff in revenue. Microsoft and Meta, in particular, are in a six- to 12-month window where data center and compute buildouts are scaling up, but the monetization wave investors are waiting for has not yet arrived.
Ives put it directly in the note. "We are in an 'air pocket stage' right now where the $700 billion of Big Tech cap-ex this year is fueling the AI buildout… and tech investors are growing increasingly frustrated by the patience needed around Microsoft and Meta in particular seeing the fruits of their labor," Benzinga reported.

After decades of declining costs, consumer electronics ranging from computers to video game consoles are jumping in price as the artificial intelligence boom drives a global shortage of memory and storage chips.
"The vast majority of the chips are going to the AI buildout and the data center revolution we're seeing," Wedbush Securities ***** yst Dan Ives told CBS News. "That's [fewer] chips for these regular consumer devices. That just further drives up prices."
On Thursday, Apple and Microsoft each said they were hiking prices on core products, including iPads, certain MacBook models and Xbox consoles, as strong demand for chips drives up the cost of electronic device components. Apple could also raise iPhone prices to offset rising manufacturing costs, according to ***** ysts at market researcher International Data Corporation (IDC).
IDC ***** yst Nabila Popal said Apple's price hikes were higher than she had expected. That suggests any iPhone price increases may also be higher than expected, perhaps as much as $200 for the iPhone Pro and Pro Max models.
"I think the days of $50 price increases are over," she said.

The semiconductor industry rarely offers an easy trade. But Wedbush may have pointed to a real opening for United Microelectronics (UMC).
The idea floated by Wedbush is simple. As geopolitical risk pushes chip buyers to spread out supply, more companies want older chips made in safer, more reliable locations. UMC already has factories in Singapore, ****** an, and other markets, which puts it in a strong spot.
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