I’ve been highlighting this frequently the past few months. That Percentage Price Oscillator (PPO) at the bottom is about as rough a view as I’ve seen, maybe ever. That has everything to do with the dominance of index investing and algorithmic trading. And that is what helped spur the S&P 500’s transition during March. Not in direction, but in cause. It entered March concerned about the ability of AI to do more than change our lives. If stocks are to flourish, the companies changing our lives need to profit ...

The most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly.Top Upgrades: Citi upgraded Ralph Lauren (RL) to Buy from Neutral with a price target of $400, up from $360. The firm expects the company to report a fiscal Q4 beat and says the year-to-date share selloff offers an "attractive buying opportunity." BofA upgraded CoreWeave (CRWV) to Buy from Neutral with a $100 price target aft ...

Bloomberg Tech Host Ed Ludlow and Jay Goldberg, Senior Analyst at Seaport Research Partners, react as Nvidia earnings cross the wire. The world's most valuable company says fiscal first-quarter sales will be about $78 billion and customers are racing to invest in AI compute. ...

Shares of AI neocloud CoreWeave (NASDAQ: CRWV) were falling on Friday, down as much as 13% at one point, before finishing the day down 8.1%. CoreWeave has been highly volatile since going public about a year ago. This is because its tantalizing growth prospects as the largest neocloud serving the AI build-out are running into the complications of securing sufficient funding and permits to build its data centers. Will AI create the world's first trillionaire? Our team just released a report on the one lit ...

Core Viewpoint - Iren Limited is transitioning from Bitcoin mining to AI compute, with a significant decline in revenue due to lower Bitcoin prices and operating hash rate, but presents a buying opportunity following a price target reduction by Cantor Fitzgerald [1][2][3]. Financial Performance - In FQ2 2026, Iren Limited reported revenue of $184.7 million, a 23% decrease from the previous quarter, primarily due to lower Bitcoin mining revenue and a reduction in operating hash rate [2]. - The decline in revenue was partially offset by growth in AI cloud revenue, attributed to the commissioning of new GPUs at the Prince George site [2]. Strategic Direction - The company is strategically pivoting towards AI compute, targeting an annualized revenue run rate (ARR) of $3.4 billion by the end of 2026 [3]. - Currently, Iren has approximately $2.3 billion in ARR under contract, including a significant $9.7 billion AI agreement with Microsoft, expected to ramp up progressively throughout the year [3]. - To support this growth, Iren has expanded its secured power capacity to over 4.5 gigawatts, including a new 1.6 gigawatt site in Oklahoma [3]. Business Operations - Iren Limited operates in the vertically integrated data center business in Australia and Canada, owning and operating computing hardware, electrical infrastructure, and data centers [4].

Core Viewpoint - Iren Limited (NASDAQ:IREN) is facing mixed analyst opinions, with price target adjustments reflecting concerns over its performance in the AI and cryptocurrency sectors [1][2][3]. Group 1: Analyst Ratings and Price Targets - Macquarie analyst Paul Golding lowered the price target for Iren from $95 to $70 while maintaining an Outperform rating [1]. - B. Riley raised its price target for Iren to $83 from $74, despite the company's Q2 adjusted EBITDA of $75.3 million falling short of estimates [2]. - Cantor Fitzgerald reduced its price target on Iren to $82 from $136 while keeping an Overweight rating, citing a decline in revenue and adjusted EBITDA due to lower Bitcoin prices [3]. Group 2: Company Performance and Developments - Iren Limited operates in the vertically integrated data center business in Australia and Canada, owning computing hardware and data centers [5]. - The company reported significant milestones, including $3.6 billion in GPU financing and 1.6 GW of new power capacity in Oklahoma [2]. - The decline in revenue and adjusted EBITDA is attributed to a reduced operating hash rate as the company shifts capacity toward AI compute [3].

Core Idea - CoreWeave transitioned from a private AI infrastructure provider to a publicly traded entity, becoming a significant player in the AI compute ecosystem by the end of 2025, with substantial revenue growth and expanded customer commitments [1]. Revenue Growth and Backlog - CoreWeave's revenue growth in 2025 was notable, with a contracted revenue backlog exceeding $55 billion as of September 30, 2025, driven by major deals with clients like OpenAI and Meta Platforms [2]. - The company's revenue generation of approximately $1.4 billion per quarter during the year, combined with long-term contracted commitments, indicates a strong growth trajectory even if new customer acquisition slows [4]. Demand and Execution - Demand for AI compute is not a limiting factor; instead, the focus has shifted to execution risks, including capital expenditures, data center buildouts, and GPU deployment timelines [5]. - The market has shown sensitivity to any updates regarding potential delays or increased spending, which can lead to volatility despite ongoing revenue and backlog growth [5].

Group 1 - NVIDIA Corp. and Eli Lilly and Co. have announced a $1 billion AI co-innovation lab aimed at integrating AI into drug discovery, indicating the expansion of AI applications beyond data centers into the medical field [1][2] - The partnership is expected to enhance the commercial potential for companies providing AI computing, software, and healthcare solutions, thereby broadening the market for AI technologies [2][6] Group 2 - The development is influencing ETF investments, with a focus on capturing various layers of the AI value chain, particularly through semiconductor ETFs like the VanEck Semiconductor ETF and the iShares Semiconductor ETF, which are crucial for powering AI applications [3] - AI thematic ETFs, such as the Roundhill Generative AI & Technology ETF and the Global X Robotics & Artificial Intelligence ETF, are appealing to investors by offering diversified exposure to AI growth across sectors, including drug discovery and automation [4] - Although no specific ETF directly combines biotech and AI, interest in healthcare and biotech sector ETFs may rise if AI significantly accelerates drug development timelines, potentially increasing valuations in these sectors [5]

Core Insights - Shares of Nebius Group (NASDAQ: NBIS) increased by 13.7% on Friday, reflecting positive market sentiment in the AI infrastructure sector [1] - Nebius is identified as a potential acquisition target for 2026 by analysts, with major cloud hyperscalers like Amazon or Microsoft being potential buyers [4] Industry Performance - The AI infrastructure sector has experienced significant growth this year, although it faced recent challenges due to debt investors' hesitance to finance AI data centers [2] - Despite recent pullbacks, demand for AI compute remains strong, as indicated by positive analyst coverage of Nebius' peer, CoreWeave, which received a "Buy" rating and a price target of $135 [3] Market Dynamics - Nebius has seen a remarkable 220% increase in stock value this year, although it has retraced approximately 45% from its all-time highs in mid-October [6] - The ongoing demand for AI compute, the longevity of AI GPUs, and supply constraints for data center land will influence future stock performance [7]

Company Insights - Oracle announced a need to raise capital expenditure by an additional $15 billion for its current fiscal year and increase lease commitments for data centers, turning to debt for financing [2] - CoreWeave's shares dropped around 8%, while Broadcom retreated about 5.6% due to concerns over margin compression [2] - The stock performance of AI infrastructure companies indicates a shift in investor sentiment away from these stocks [1][2] Market Performance - Major indexes like the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite experienced minor declines of 0.16%, 0.09%, and 0.59% respectively, suggesting that fears are primarily contained within the AI infrastructure sector [3] - Despite the declines in AI-related stocks, investors are rotating into sectors such as consumer discretionary and industrials, indicating a broader market resilience [3] Investment Outlook - The head of late-stage growth at Wellington Management emphasized the importance of return on investment (ROI) for continued funding in AI investments, noting that the ROI is currently favorable [4] - There is a bullish sentiment in the AI sector, with companies asserting that increased computing resources will lead to higher revenues, highlighting the need for financial stability among AI infrastructure providers [4]