ARM Holdings - HSBC upgraded ARM to a buy from reduced, nearly doubling its price target to 205, citing underestimation of ARM's shift from smartphones to AI-driven data centers [2][3] - HSBC noted that all major hyperscalers are now using ARM-based server CPUs, which could potentially double royalty revenue per chip, indicating stronger monetization as AI infrastructure spending increases [3] - ARM is transitioning from a mobile-centric narrative to becoming a core player in the AI buildout, which is reflected in its market performance, outperforming the S&P 500 year-to-date [4] Chipotle - Mizuo upgraded Chipotle to outperform with a price target of 40, despite the fast-casual landscape being challenging [5][6] - Sales trends are reportedly improving, with margins coming back into focus, and first-quarter same-store sales expected to be flat, which is better than previous estimates [6] - Marketing, value offerings, and menu innovation are identified as key drivers for Chipotle's potential sales acceleration throughout the year [7][9] Chevron - HSBC upgraded Chevron to a buy, raising its price target to 215, citing a favorable setup as oil prices surge [12] - Chevron is seen as having a key advantage over ExxonMobil due to lower exposure to the Middle East, which is significant amid rising geopolitical risks [13][14] - The stock is expected to benefit more from elevated oil prices compared to Exxon, with shares of Chevron moving higher by nearly 1% following the upgrade [15]

SHARES ARE MOVING LOWER BY ABOUT 2% IN THE AFTER-HOURS TRADE. TIM: SHOULD WE TALK ABOUT LUNCH. CAROL: APPARENTLY EVERYONE IS OVER THOSE BULLS WHERE YOU THROUGH SOME RICE AND OTHER STUFF AND EVERYTHING ON TOP OF IT, APPARENTLY PEOPLE ARE OVER IT.THEY WANT SOMETHING YOU CAN HOLD IN YOUR HAND LIKE A SANDWICH. TIM: THE BURRITO BOWL HAS MOVED ON. THERE IS A RED NEON SIGN AT CHIPOTLE WITH A RED/THROUGH THE BOWL.ROMAINE: THE PROBLEM WITH THE BULLS IS THEY WERE SO PROLIFIC. EVERYONE DOES THIS. IT WAS UNIQUE AT ONE ...