PRICE209.66
DAY-1.59%
1M~+8%
YTD+15.50%
MCAP$5.078T
THESISQ2 $96.2B and Q3 $108B, China still at zero. Vera Rubin in production. The sequential dollar add accelerated. That is still the scarce AI compute platform.
RISKA GM slide past 74%, a hyperscaler digest, or the working-capital/debt raise becoming the tape.
JPMOverweight / $280 (Harlan Sur; last verified pre-print ~24 Aug 2026). No post-print JPM PT found this morning.
GSBuy / $285 (James Schneider; last verified pre-print ~23 Aug 2026). No post-print GS note found this morning.
LASTQ2 FY27 (ended 26 Jul), reported 26 Aug 2026 AMC: rev $96.221B +18% q/q +106% y/y vs guide $91.0B ±2% and LSEG ~$92.2B. DC $89.0B +117% y/y.
NEXTlate Nov 2026 (Q3 FY27, est.)
PRICE313.45
DAY+1.15%
1M-5.86%
YTD+13.80%
MCAP$4.574T
THESISiPhone 17 cycle and Services still print records, but the stock already paid for that into $5T and then ate a soft 9–11% Q4 guide plus a 1 Sep CEO handoff.
RISKMemory/supply constraints and a Ternus day-one product/AI miss into the Oct print; 35x trailing leaves little room if September growth slips again.
JPMOverweight / $340 (31 Jul 2026; cut from $345). Demand cycle 'more momentum than investors anticipated'; supply/memory offset.
GSBuy / $360 (31 Jul 2026; cut from $370 after a pre-print lift from $340).
LASTFY Q3 (ended 27 Jun 2026), reported 30 Jul 2026: rev $109.4B vs $108.65B LSEG (CNBC), GAAP EPS $2.02 (incl. $0.11 tariff rebate);
NEXT29 Oct 2026 (est.; Yahoo/Public.com). One calendar (FXEmpire) says 28 Oct — treat as late-Oct, not confirmed by Apple IR.
VS STREETJPM Overweight · GS Buy
PRICE339.10
DAY-1.23%
1M~-5%
YTD+9.24%
MCAP$4.147T
THESISCloud just ran 82% with 35.6% op. margin and a $514B backlog; 17x trailing is the cheapest quality compounder in the top 10 after a capex/talent scare.
RISKFCF stays suppressed if 2026 capex sticks at $195–205B and 2027 'increases significantly', while Search AI disruption or more Gemini talent leakage hits the multiple.
JPMOverweight / $420 (23 Jul 2026; lowered from $460). Yahoo quote page confirms same mark.
GSBuy / $435 (Eric Sheridan, 23 Jul 2026; $440 → $435). Some secondary write-ups say 'Strong Buy' — GS scale is Buy; we use Buy / $435.
LASTQ2 2026, reported 22 Jul 2026: rev $119.8B vs $116.93B LSEG; adj EPS $2.85 vs $2.89 LSEG (miss); GAAP EPS $9.11 incl. ~$99B equity-securities gain.
NEXT28 Oct 2026 (Yahoo)
PRICE496.37
DAY+0.95%
1M+21.36%
YTD+0.44%
MCAP$3.685T
THESISAzure re-accelerated to 43% and Copilot is 30M paid seats, but the stock already ripped ~21% in a month off the print and sits only ~15% below a $570 street average.
RISKCloud gross margin (65% last qtr) and Copilot seat conversion stall while capex stays elevated; a 45% Azure guide that doesn't show up in FCF keeps the multiple capped.
JPMOverweight / $625 December 2027 target (Samik Chatterjee, 13 Aug 2026; raised from $550). This is a 2027 horizon, not a standard 12-month PT.
GSBuy / $640 and added to U.S. Conviction List (3 Aug 2026; PT raised from $610).
LASTFY Q4 (ended 30 Jun 2026), reported 29 Jul 2026: rev $90.01B vs $87.62B LSEG; adj EPS $4.74 vs $4.24. Azure +43% (cc +43%) vs ~40% expected.
NEXT28 Oct 2026 (est.; Yahoo)
VS STREETJPM Overweight · GS Buy
PRICE260.28
DAY-0.30%
1M~-4.2%
YTD+12.28%
MCAP$2.807T
THESISAWS just printed its fastest growth since 2021 (37% / $42.2B) and AI+chips are already >$25B run-rate each; 21x trailing is not a rich multiple for that inflection.
RISK$220B 2026 capex plus a light Q3 sales guide ($197–202B vs $204B Street) if retail North America margins don't hold while AWS soaks capital.
JPMOverweight / $365 (Doug Anmuth; raised from $330 after Q2, late Jul / ~1 Aug 2026). Kept on Best Idea list per secondary notes.
GSBuy / $375 (Eric Sheridan, 10 Aug 2026; $335 → $375). Confirmed on StockAnalysis analyst table.
LASTQ2 2026, reported 30 Jul 2026: rev $200.61B vs $196.47B LSEG; adj EPS $1.97 vs $1.82. GAAP EPS $5.75 incl. $53.4B Anthropic-related gain.
NEXT29 Oct 2026 (est.; Yahoo)
PRICE417.69
DAY+0.07%
1M+4.25%
YTD+40.71%
MCAP$2.166T
THESISThe only foundry that can actually ship the AI stack: Q2 $40.2B at 67.7% GM, FY26 growth raised to 'slightly above 40%', 2nm ramping now.
RISKSingle-island geopolitical risk plus customer concentration (NVDA/AAPL/AVGO); a US-China or Taiwan shock, or a 2nm yield slip, is the only thing that breaks this in 2–3 quarters.
JPMOverweight / NT$2,400 end-2026 target (raised around Q1 2026, Futunn/Zhitong). Earlier 7 Jan 2026 mark was OW / NT$2,100. No verified post-16 Jul 2026 JPM note found.
GSConviction Buy / NT$2,330 (4 Jan 2026; from NT$1,720). No verified post-16 Jul 2026 GS mark found — treat as stale vs 2,410 TWD last.
LASTQ2 2026, reported 16 Jul 2026: rev NT$1,270.38B / $40.20B (high end of $39.0–40.2B guide) vs ~$39.94B Street;
NEXT15 Oct 2026 (Yahoo)
PRICE139.63
DAY+1.22%
1M+10.24%
YTDListed 12 Jun 2026. Yahoo chart YTD/list…
MCAP$1.840T
THESIS$1.8T on $23B TTM sales, still losing money, $18B of quarterly capex and a lockup that just dumped ~912M shares — this is a story stock, not a 12-month equity.
RISKIf Starlink cash and the AI/Grok/Colossus narrative re-rate the multiple before the next unlock, a Sell is early; the bull case is $100B ARR pulled into 2027.
JPMOverweight / $240 (Doug Anmuth, ~6–7 Aug 2026; raised from $225 after Q2).
GSBuy / $220 (Eric Sheridan; raised from $205 after Q2, ~early Aug 2026).
LASTQ2 2026, first print as a public co., 4 Aug 2026: rev $7.81B vs $6.93B LSEG (+92% y/y); LPS -$0.09 vs -$0.26 LSEG; net loss $541M.
NEXT3 Nov 2026 (est.; Yahoo)
VS STREETJPM Overweight · GS Buy
PRICE355.59
DAY-0.32%
1M-5.04%
YTD+6.44%
MCAP$1.691T
THESISCustom AI (Google TPU and the Anthropic/OpenAI book) is real and FY26 AI semis are guided ~$56B, but they already refused to raise the FY27 >$100B AI number and the stock is a financing story into 2 Sep.
RISKCustomer concentration plus a $70–100B SPV debt package (Bloomberg/CNBC, 20–21 Aug) that puts leverage and Anthropic counterparty risk on the equity if the ASIC book slips.
JPMOverweight / $580 (Harlan Sur; raised from $500 after Q2, Jun 2026; reiterated mid-Jun). No verified Aug update found.
GSBuy / $525 (18 Aug 2026 note; FY27 AI rev model $133B, 12% above consensus).
LASTFY Q2 (ended 3 May 2026), reported 3 Jun 2026: rev $22.19B vs $22.27B LSEG (slight miss); adj EPS $2.44 vs $2.40 LSEG. AI semis $10.8B (+143%).
NEXT2 Sep 2026 (Yahoo / company calendar)
VS STREETJPM Overweight · GS Buy
PRICE6.95
DAY-0.71%
1M-1.49%
YTD+15.07%
MCAP$1.681T
THESISHormuz reroute plus $108/bbl realized crude just paid a $33.4B quarter and a ~5% dividend, but volumes are shut-in and the equity is a war-premium, not a growth compounder.
RISKA ceasefire / Hormuz reopening (Nasser: up to 18 months to refill inventories even then) collapses the $108 crude print faster than the 5% yield can compensate.
JPMBuy / SAR 30 (latest verified around Q1 2026, Economy Middle East citing the post-Q1 note). No verified post-4 Aug 2026 JPM mark found.
GSBuy / SAR 32 (12 May 2026; raised from SAR 29). No verified post-4 Aug 2026 GS mark found.
LASTQ2 2026, reported 4 Aug 2026: adj net income SAR 125.2B / $33.4B vs ~$31.59B consensus (+33% y/y). Revenue/other income $139.1B vs $108.6B y/y.
NEXT3 Nov 2026 (Yahoo)
VS STREETJPM Buy · GS Buy
PRICE345.82
DAY-1.26%
1M-3.63%
YTD-18.80%
MCAP$1.365T
THESISThe auto business is growing units and shrinking profit (adj $0.33 vs $0.51) while the $1.44T multiple is robotaxi/Optimus — 2.4M paid robotaxi miles is not a $1.4T business yet.
RISKNevada 5,000-robotaxi permit plus Cybercab/Semi ramps turn the autonomy story into revenue before the multiple compresses; we are short the calendar, not the technology.
JPMNeutral / $445 (Rajat Gupta; upgraded from UW in Jun 2026 at $475, later $445. MarketScreener 19 Aug 2026: Neutral, PT remains $445).
GSNeutral / $375 (latest verified; Q2-period note lifting delivery forecast, still Neutral). No later verified GS mark found.
LASTQ2 2026, reported 22 Jul 2026: rev $28.24B vs $25.71B CNBC / $26.42B FactSet; adj EPS $0.33 vs $0.51 CNBC / $0.53 FactSet. GAAP NI $1.11B / $0.32.
NEXT21 Oct 2026 (Yahoo)
VS STREETJPM Neutral · GS Neutral
PRICE576.14
DAY+1.07%
1M—
YTD—
MCAP$1.467T
THESISAds still print ($60.8B, +28%) but operating margin fell 31% from 43%, FCF was $784m against $31.9B of operating cash, and 2026 capex is $130–145B. That is a financing story, not a 12-month Buy.
RISKAnother capex raise or a youth-safety verdict that hits the ad engine before FCF turns.
JPMNeutral / $640 (30 Jul 2026; cut from $725). Verified MarketScreener.
GSBuy / $725 (30 Jul 2026; cut from $815 after Q2). Verified TipRanks/The Fly.
LASTQ2 2026, 29 Jul: rev $60.80B (+28%), dil. EPS $6.18 vs $7.14 y/y, op. income $18.8B, margin 31%. DAP 3.60B. Q3 rev guide $61–64B. FY capex $130–145B.
NEXTlate Oct 2026 (est.)
VS STREETGS Buy
#12
005930.KS
Samsung Electronics
Hold
PRICE192.55
DAY+0.42%
1M—
YTD—
MCAP$1.264T
THESISMemory is throwing off record profit (2Q OP ₩89.5tn) but Monday's tape sold the ₩90–110tn return because it is cash dividend first, no cancel, rest parked until Jan 2027. That is not how you buy a peak-cycle name the morning after a governance miss.
RISKHBM/DRAM cycle turns, or January's leftover return is still light versus SK Hynix's ₩40tn buyback-and-cancel.
JPMOverweight / ₩400,000 (cut from ₩480,000; multiple 8x→6x, EPS estimates actually raised). Secondary research note; treat as last verified, not a fresh Monday mark.
GSBuy (reiterated after the Korea memory pullback; The 720 / Aug). PT not found in the notes we could verify.
LASTQ2 2026: rev ₩171.5tn (record, +28% q/q), OP ₩89.5tn (record), EPS ₩10,849. Samsung Newsroom.
NEXTlate Oct 2026 (est.)
VS STREETJPM Overweight · GS Buy
PRICE1,189.00
DAY-3.59%
1M—
YTD—
MCAP$1.060T
THESISMounjaro+Zepbound still compounding (Q2 rev $23.0B +48%, FY guide lifted to $85–87B) and retatrutide's Phase 3 obesity package is complete for a 1Q27 BLA. That is the cleanest growth equity in the top 20.
RISKRealized price keeps falling (US −3%, OUS −36% on China NRDL) faster than volume, or incretin competition/IRA pressure cuts the multiple.
JPMnot found
GSnot found
LASTQ2 2026, 5 Aug: rev $22.97B +48%, reported EPS $7.94 / non-GAAP $8.38 (incl. $3.03 IPR&D). Mounjaro $9.94B +91%, Zepbound $4.93B +46%.
NEXTlate Oct 2026 (est.)
PRICE938.40
DAY+0.58%
1M—
YTD—
MCAP$1.059T
THESISThis is the US listing of the memory super-cycle: FQ3 rev $41.46B, non-GAAP EPS $25.11, FQ4 guide $50B ±$1B at ~86% GM. SK Hynix is cheaper; Micron is the one you can actually buy in size in New York.
RISKThe cycle rolls over, or CHIPS-act limits keep buybacks capped while Korea pays cash.
JPMnot found
GSnot found
LASTFQ3 (ended 28 May 2026), 24 Jun: rev $41.46B vs $23.86B q/q / $9.30B y/y. GAAP EPS $24.67, non-GAAP $25.11. FCF $18.3B.
NEXTFQ4 print due late Sep 2026 (est.)
PRICE504.91
DAY+0.12%
1M—
YTD—
MCAP$1.080T
THESISA $1.06T compounding vehicle, not a 12-month alpha name. No edge versus the cash pile and the operating companies from here.
RISKA risk-off tape that re-rates the equity portfolio, or capital-allocation surprise after Buffett.
JPMnot found
GSnot found
LASTnot found this morning (Q2 2026 8-K not pulled)
NEXTnot found
PRICE356.50
DAY-0.05%
1M—
YTD—
MCAP$947.64B
THESISThe machine still prints (2Q NI $16.9B / $6.14 ex Visa+equity gains, ROTCE 23% ex items, CET1 14.1%). At $935B you are paying for quality, not a missized 12-month dislocation.
RISKCredit costs, NII, or a genuine risk-off in markets revenue. Reported $7.70 EPS was juice from a $4.6B Visa gain.
JPMnot found (self-covered)
GSnot found
LASTQ2 2026, 14 Jul: NI $21.2B, EPS $7.70; ex significant items NI $16.9B, EPS $6.14, ROTCE 23%. Managed rev $58.0B. Markets $12.1B +35% y/y.
NEXTmid-Oct 2026 (est.)
PRICE1,258.00
DAY+0.72%
1M—
YTD—
MCAP$893.18B
THESISHBM leader with a 76% operating margin, a ₩40tn buyback-and-cancel already on the tape, and JPM OW ₩2.75mn. Samsung just showed you what a weaker return looks like. Buy the one that is actually retiring stock.
RISKHBM pricing/LTA scare, or the ₩54tn capex headline morphs into a real 2026–27 overbuild.
JPMOverweight / ₩2,750,000 (9 Aug 2026 note; said HBM discount chatter was overblown, returns landing ahead of schedule).
GSBuy (reiterated with Samsung after the Korea memory pullback). PT not found in the notes we could verify.
LASTQ2 2026, 29 Jul: rev ₩79.32tn +51% q/q / +257% y/y, OP ₩60.54tn, OP margin 76%, NI ₩93.92tn. Company newsroom.
NEXTlate Oct 2026 (est.)
PRICE104.34
DAY-0.99%
1M—
YTD—
MCAP$830.34B
THESISQuality compounder that just printed (US comps +2.6%, global eComm +23%) and raised FY. JPM kept Buy and cut the PT to $125 from $137 the same day. At $104 you are not stolen goods after a beat.
RISKUS traffic/health-and-wellness drag, or a consumer step-down that hits comps before the eComm mix pays.
JPMBuy / $125 (21 Aug 2026; Horvers, cut from $137, rating kept). MarketScreener.
GSnot found
LASTQ2 FY27, 20 Aug 2026: US comps +2.6% (80bp H&W headwind), global eComm +23%. Q3 net sales +3.0–3.75%, adj. OI +2.0–4.0%.
NEXTmid-Nov 2026 (est.)
VS STREETJPM Buy
#19
AMD
Advanced Micro Devices
Hold
PRICE480.93
DAY+0.37%
1M—
YTD—
MCAP$785.10B
THESISData center is real ($6.7B, +107%) and Q3 is guided $13.0B ±$0.3B. The stock is still a #2 GPU at $773B. JPM is Neutral $550. We will not chase a GS Buy after the print.
RISKMI450/Helios share vs NVDA, or a Q3 $13B that does not convert into 2027 rack-scale wins.
JPMNeutral / $550 (7 Aug 2026; raised from $385). MarketBeat/Benzinga.
GSBuy / $640 cited in July 2026 secondary notes. Treat as last verified, not a post-print confirm.
LASTQ2 2026, 4 Aug: rev $11.54B +50% y/y, GAAP EPS $1.38 / non-GAAP $1.66. Data center $6.7B +107%. Q3 rev ~$13B ±$300m, non-GAAP GM ~56%. Company IR.
NEXTearly Nov 2026 (est.)
VS STREETGS Buy
PRICE383.90
DAY-0.06%
1M—
YTD—
MCAP$716.75B
THESISThe payments compounder at $693B. No verified JPM/GS mark this morning and no fresh print on the weekend. Quality, not a call.
RISKCross-border, debit mix, or a regulatory hit to network fees.
JPMnot found
GSnot found
LASTnot found this morning
NEXTnot found
PRICE158.19
DAY-1.53%
1M—
YTD—
MCAP$650.46B
THESIS2Q printed $14.5B / $3.48 ($14.7B / $3.52 adj) on high crude and the highest production in 20+ years. Same tape as Aramco: you are long $100 oil and a war, not a growth equity.
RISKA ceasefire / crude mean-reversion takes the $164 print with it.
JPMnot found
GSnot found
LASTQ2 2026, 31 Jul: GAAP NI $14.525B / $3.48; adj $14.680B / $3.52. Upstream $7.93B. Revenue $114.5B. Company 8-K.
NEXTlate Oct 2026 (est.)
PRICE1,746.00
DAY+0.11%
1M—
YTD—
MCAP$670.50B
THESISThe only EUV machine. Q2 €9.3B / 54% GM beat, Q3 €11–12B, FY lifted to €43–45B. Memory capex (MU $50B, Samsung) is the order book. GS Buy €2,000.
RISKExport controls into China, or a memory-capex air pocket after the Korea/CXMT scare.
JPMnot found
GSBuy / €2,000 (raised from €1,770 on Micron/Samsung capex revisions; 43x 2027E). Secondary 2026 note.
LASTQ2 2026: net sales €9.326B, GM 54.0%, NI €2.918B, EPS €7.59. 86 new lithography systems. Q3 sales €11.0–12.0B, GM 55–57%.
NEXTmid-Oct 2026 (est.)
PRICE270.00
DAY-1.15%
1M—
YTD—
MCAP$650.67B
THESISQ2 $25.3B, raised to first-ever $100B+ year. Quality compounder. GS took it off the US Conviction List on 3 Aug (still Buy, allocation not a downgrade). No 12-month dislocation.
RISKPipeline/legal (talc, etc.) or a growth slip that knocks the $100B print.
JPMnot found
GSBuy, removed from US Conviction List 3 Aug 2026 (committee rebalance with AVGO/DKS/NOW; not a fundamental cut).
LASTQ2 2026, 15 Jul: sales $25.31B +6.6%, EPS $2.27 / adj $2.90. Raised FY reported sales to $100.8–101.4B, adj EPS $11.60–11.75. Company IR.
NEXTmid-Oct 2026 (est.)
VS STREETGS Buy
#24
688825.SS
CXMT (ChangXin Memory)
Sell
PRICE8.79
DAY+4.39%
1M—
YTD—
MCAP$622.14B
THESIS$590B on a July STAR IPO that went +466% from ₩8.66. Q1 profit is the DRAM cycle, not HBM. No iPhone qualification. This is the stock the MU complex sold yesterday. We own Micron and Hynix instead.
RISKApple China DRAM actually ramps, or the cycle stays this tight through 2027 and the multiple never compresses.
JPMnot found (JPM was on the IPO syndicate per Reuters wrap; no post-listing rating found)
GSnot found (GS was on the IPO syndicate per Reuters wrap; no post-listing rating found)
LASTQ1 2026 (prospectus): revenue RMB 50.8B (+~700% y/y), net profit RMB 25.0B vs a year-ago loss. CNBC: op. profit RMB 35.43B.
NEXTnot found
PRICE598.47
DAY-0.15%
1M—
YTD—
MCAP$524.26B
THESISQ2 $9.3B +14% / adj $5.04 vs $4.77. Same call as Visa: quality network, 60%+ margin, no 12-month dislocation at $525B.
RISKCross-border, debit mix, or a fee-regulation hit.
JPMnot found
GSnot found
LASTQ2 2026, ~30 Jul: net rev $9.3B +14% (12% ccy) vs ~$9.06B Street, adj EPS $5.04 vs $4.77. Op. margin 60.2%. Company / Yahoo.
NEXTlate Oct 2026 (est.)
PRICE56.46
DAY-0.12%
1M—
YTD—
MCAP$508.42B
THESISQ2 12 Aug: revenue RMB 204.8B +11% beat, IFRS profit miss vs street. Games +17%, ads +22%. Capex ~RMB 53B, FCF −RMB 13.8B (ex-prepay +RMB 37.6B). JPM is OW HK$690 through the AI spend. We wait for the spend to show up in profit, not pay $515B for a 2026 trough.
RISKAI capex stays at RMB 200B with no ad/gaming offset, or WeChat AI never monetizes.
JPMOverweight / HK$690 (13 Aug 2026 post-print; secondary wrap, not a JPM PDF). Sees 2026 as EPS trough (~2% growth), 10–15% in 2027.
GSnot found
LASTQ2 2026, 12 Aug: revenue RMB 204.8B +11% (CNBC: vs RMB 202.2B). IFRS NI to holders RMB 56.0B (CNBC: vs RMB 61.8B).
NEXTmid-Nov 2026 (est.)
VS STREETJPM Overweight
PRICE262.90
DAY-1.09%
1M—
YTD—
MCAP$464.57B
THESISQ2 $17.0B +10.2%, GAAP $2.03 / adj $3.65. Immunology cash-flow, Apogee deal in the FY guide. Quality compounder at $467B, not a 12-month dislocation.
RISKApogee dilution, Humira remainder, or IRA.
JPMnot found
GSnot found
LASTQ2 2026, 31 Jul: net rev $16.990B +10.2% reported / +9.5% operational. GAAP EPS $2.03, adj $3.65 (includes $0.17 IPR&D).
NEXTlate Oct 2026 (est.)
PRICE88.24
DAY+0.87%
1M—
YTD—
MCAP$466.44B
THESISQ2 rev $16.1B +25%, non-GAAP $0.42, but GAAP −$11.0B / −$2.16. JPM is still Underweight ($85). GS Neutral $150. At $87 / $461B the turnaround is in the price, not a 12-month Buy.
RISKFoundry losses stay GAAP-ugly, or server share that just printed does not stick.
JPMUnderweight / $85 (Harlan Sur, 24 Jul 2026; raised from $45 after Q2 cleared by a wide margin). Still UW.
GSNeutral / $150 (initiated 25 Jun 2026, Schneider; reiterated Neutral 23 Jul). Valuation vs NVDA/AVGO/AMD.
LASTQ2 2026: rev $16.1B +25% y/y, GM 40.4%, GAAP EPS −$2.16 / non-GAAP $0.42. Q3 rev $15.8–16.8B, non-GAAP EPS $0.38. Company IR.
NEXTlate Oct 2026 (est.)
VS STREETJPM Underweight
PRICE62.23
DAY-0.32%
1M—
YTD—
MCAP$435.15B
THESISQ2 $31.7B / $1.19 vs ~$1.12. A clean bank print. At $436B you own NII and a 12-month hold, not a dislocation.
RISKNII, credit, or a rates path that flattens the curve they need.
JPMnot found
GSnot found
LASTQ2 2026: rev ~$31.7B vs ~$30.6–30.8B, EPS $1.19 vs ~$1.12–1.13. Secondary scorecard (LSEG consensus vs actual).
NEXTmid-Oct 2026 (est.)
PRICE112.36
DAY+1.13%
1M—
YTD—
MCAP$442.85B
THESISFY26 Q4 $17.3B +18%, GAAP $0.97 / non-GAAP $1.22. Full year $63.3B +12%. JPM OW $150 after the print; GS last Neutral $125 (3 Jun). At $110 / $434B the AI-networking beat is in the tape. Hold, not a chase.
RISKEnterprise spend or AI switching share that does not show up in product orders next quarter.
JPMOverweight / $150 (from $145; MarketScreener 13–14 Aug 2026 post-print).
GSNeutral / $125 (from $116, 3 Jun 2026; MarketScreener / MT). No post-print GS note found this morning.
LASTQ4 FY2026 (ended 25 Jul, reported 12 Aug): rev $17.3B +18%, GAAP NI $3.9B / $0.97, non-GAAP $4.9B / $1.22.
NEXTmid-Nov 2026 (Q1 FY27, est.)
VS STREETJPM Overweight
PRICE956.12
DAY-0.41%
1M—
YTD—
MCAP$424.01B
THESISQ3 in-line $4.93, comps 6.6% ex-gas/FX. Q4 prints 24 Sep. Quality membership machine at ~48x trailing. JPM is OW $1,100. The multiple is the 12-month problem, not the business.
RISKA sub-6.5% ex-gas comp on 24 Sep, or the 48x multiple compressing if traffic slips.
JPMOverweight / $1,100 (from $1,110; TheFly 9 Jul 2026).
GSnot found
LASTQ3 FY2026 (ended 10 May), 28 May: net sales $69.15B +11.6%, NI $2.19B / $4.93 (in line). Membership fee income $1.37B +10.7%.
NEXT24 Sep 2026 AMC (confirmed). Street ~$6.43–6.55 EPS vs $5.87 year-ago.
VS STREETJPM Overweight
PRICE148.87
DAY+2.84%
1M—
YTD~−22%
MCAP$428.81B
THESISQ4 cloud infra +93% to $5.8B, RPO $638B, FY27 $90B guide. Stock $145 after a capex/FCF scare (JPM still OW, PT cut to $200). The spend is the bear case and it is in the price.
RISK~$40B FY27 capex / annual ~$20B raise that keeps FCF negative and the multiple capped.
JPMOverweight / $200 (Samik Chatterjee; cut from $210 on 13 Aug 2026). Still sees ~30%+ upside; capex/financing the drag.
GSnot found
LASTQ4 FY2026, 10 Jun: rev $19.2B +21%, non-GAAP EPS $2.11 (ex-gains $2.03). Cloud infra $5.8B +93%.
NEXT10 Sep 2026 (company, Q1 FY27).
PRICE177.50
DAY+2.76%
1M—
YTD—
MCAP$426.54B
THESISQ2 $1.935B +93%, adj $0.41 vs $0.34, FY lifted to $8.15B. Real growth. $415B is still a 50x-sales tape. GS Neutral $204. We wait.
RISKCommercial deceleration or a multiple reset if AI software comps re-rate.
JPMnot found
GSNeutral / $204 (from $183, 4 Aug 2026; MarketScreener MT). 60x fwd FCF, down from 65x on peer multiples.
LASTQ2 2026, 3 Aug: rev $1.935B +93% vs ~$1.812B, adj/GAAP EPS $0.41 vs $0.34. US comm $764M +149%. Adj op. margin 62%. FY rev $8.150–8.158B.
NEXTearly Nov 2026 (est.)
#34
601939.SS
China Construction Bank
Hold
PRICE1.56
DAY-1.27%
1M—
YTD—
MCAP$407.50B
THESISQ1 NI RMB 86.8B +3.7%, NIM 1.36%, NPL 1.31%. A $413B Chinese SOE bank. No H1 print yet. Not a 12-month call.
RISKChina credit cycle, NIM, or property.
JPMnot found
GSnot found
LASTQ1 2026, 29 Apr: op. income RMB 206.4B +11.0%, NI RMB 86.821B +3.68%, EPS RMB 0.33. NIM 1.36%, NPL 1.31%, PCR 234%. Assets RMB 47.13tn.
NEXTlate Aug 2026 H1 (not found this morning)
PRICE90.08
DAY-1.70%
1M—
YTD—
MCAP$387.57B
THESISQ2 $13.4B +7% / organic +6%, raised FY. JPM OW $96, GS Neutral $86. Stock $92 sits between them. Quality, not a dislocation.
RISKVolume, concentrate timing, or FX that knocks the 5% organic guide.
JPMOverweight / $96 (from $90, 29 Jul 2026; Ticker Report wrap).
GSNeutral / $86 (from $82, 28 Jul 2026; Ticker Report wrap).
LASTQ2 2026, 28 Jul: net rev $13.4B +7%, organic +6% (concentrate +4, price/mix +2). GAAP EPS $1.03 +16%, comparable $0.97 +11%.
NEXTlate Oct 2026 (est.)
VS STREETJPM Overweight
PRICE312.88
DAY-0.57%
1M—
YTD—
MCAP$391.51B
THESISJune Q $6.72B / non-GAAP $1.82 vs $1.68. Sept guide $8.1B ±$0.4B vs street ~$7.1B. Memory WFE + HBM etch. JPM OW $340, GS Buy $380. Same tape as ASML.
RISKA memory-capex air pocket (Korea/CXMT) or China export controls.
JPMOverweight / $340 (Harlan Sur; from $315 post-print, secondary).
GSBuy / $380 (from $290, 6 Jul 2026; MarketScreener). Jim Schneider on the call. No later GS PT found.
LASTQ4 FY2026 (ended 28 Jun), 29 Jul: rev $6.72B vs ~$6.67B, GAAP EPS $1.81 / non-GAAP $1.82 vs $1.68. GM 51.7%. FY26 rev $23.2B, GAAP EPS $5.76.
NEXTlate Oct 2026 (est.)
PRICE200.21
DAY+0.16%
1M—
YTD—
MCAP$392.73B
THESISQ2 $12.1B / $6.11, production +20% on Hess. Same call as XOM/Aramco: you are long $100 oil and a war, plus a 20-year Microsoft power PPA. Not a growth equity.
RISKA ceasefire / crude mean-reversion. Hess integration.
JPMnot found
GSnot found
LASTQ2 2026, 31 Jul: GAAP $12.1B / $6.11, adj $12.0B / $6.06. Production +20% y/y (Hess + Permian + GoA).
NEXTlate Oct 2026 (est.)
PRICE153.10
DAY-2.14%
1M—
YTD~+47%
MCAP$377.72B
THESIS19 Aug Phase 3 INTerpath-001: intismeran + Keytruda beat Keytruda alone on RFS/DMFS in melanoma. That is the Keytruda-cliff bridge. Q2 $16.6B +5%, sales guide up. GS Buy $160. JPM OW $140 is stale vs $156.
RISKOS not in yet, 50/50 economics with Moderna, and Keytruda LOE in 2028 still the P&L.
JPMOverweight / $140 (from $135, 13 Jul 2026; MarketBeat). Below spot after the vaccine move; no post-19 Aug JPM note found.
GSBuy / $160 (from $140, ~21 Aug 2026; MarketBeat/Benzinga). Still Buy through the melanoma print.
LASTQ2 2026, 4 Aug: sales $16.61B +5%. GAAP NI −$1.34B / −$0.54 on Terns $5.7B R&D charge. FY sales $66.3–67.3B (raised).
NEXTlate Oct 2026 (est.)
PRICE479.76
DAY-0.06%
1M—
YTD—
MCAP$380.73B
THESISQ3 $9.12B / non-GAAP $3.50. Next-Q guide $10.25B vs street ~$9.7B. GS Conviction Buy $670, JPM OW $660. Stock $480. Best WFE name on this tape.
RISKChina (30% of sales) export controls, or a 2027 WFE miss vs GS's $218B call.
JPMOverweight / $660 (Harlan Sur; from $515, 14 Aug 2026; MarketScreener).
GSBuy / Conviction List / $670 (from $645, 13 Aug 2026; GS note via Finvaulta). Top pick in global WFE.
LASTQ3 FY2026 (ended 26 Jul), 13 Aug: rev $9.12B +25%, GAAP EPS $3.17 / non-GAAP $3.50 +41%. GM 50.3%.
NEXTmid-Nov 2026 (est.)
PRICE465.22
DAY-1.57%
1M—
YTD—
MCAP$370.67B
THESISH1 sales CHF 30.4B, +6% CER / −2% CHF on the franc. Core EPS +9% CER. Outlook confirmed. Vabysmo US miss in the tape. Quality Swiss pharma, not a 12-month dislocation.
RISKCHF, Vabysmo, or a pipeline miss that knocks the high-single-digit core EPS guide.
JPMnot found
GSnot found
LASTH1 2026, 23 Jul: group sales CHF 30.364B, +6% CER / −2% CHF / +8% USD (in line vs ~CHF 30.31B). Core OP CHF 11.86B +10% CER.
NEXTOct 2026 9M (est.)
PRICE821.93
DAY1.31%
1M—
YTD—
MCAP$377.82B
THESISQ2 $20.5B +24% / adj $8.17. Energy and construction volume. JPM OW $1,100 (cut from $1,165). At $822 / $378B you own a cycle, not a 12-month dislocation.
RISKA capex air pocket or oil/construction fade after a 24% growth print.
JPMOverweight / $1,100 (from $1,165, 5 Aug 2026; MarketScreener).
GSnot found
LASTQ2 2026, 4 Aug: sales $20.5B +24% (volume +$3.1B, price +$595M). GAAP EPS $7.77 / adj $8.17 vs $4.72. Adj op. margin 21.9%. OCF $4.4B.
NEXTlate Oct 2026 (est.)
VS STREETJPM Overweight
PRICE354.39
DAY1.39%
1M—
YTD—
MCAP$367.70B
THESISQ2 adj rev +24%, adj EPS $2.02, FCF $3.0B. Raised FY op. profit to $10.55–10.75B / adj EPS $7.65–7.85. Services + shop visits. JPM OW $400, GS Buy $410. Stock $354 underperformed the print. That is the 12-month gap.
RISKLEAP/shop-visit execution, or a civil OEM air pocket.
JPMOverweight / $400 (from $335, 20 Jul 2026; MarketScreener / TheFly). Said the stock underperformed a good print.
GSBuy / $410 (from $395, 20 Jul 2026; MarketScreener).
LASTQ2 2026, 16 Jul: GAAP rev $13.3B +21%, adj rev $12.6B +24%. GAAP EPS $2.30 / adj $2.02 +22%. Op. profit $2.7B. FCF $3.0B +43%.
NEXTlate Oct 2026 (est.)
PRICE401.01
DAY1.11%
1M—
YTD—
MCAP$359.94B
THESISQ2 adj $6.38 vs ~$4.90, MCR 86.7% vs ~88.5%, FY adj lifted to $19.50–20.00. The medical-cost scare is fading. MS $529. JPM/GS not found. $401 is the recovery, not a chase.
RISKMCR re-widens, or commercial cost trend that knocks the raise.
JPMnot found
GSnot found
LASTQ2 2026, 16 Jul: rev $112.0B vs ~$110.9B. GAAP EPS $6.04 / adj $6.38 vs ~$4.90 LSEG. EBIT $8.0B. MCR 86.7%. OCF $11.1B.
NEXTmid-Oct 2026 (est.)
PRICE103.65
DAY0.70%
1M—
YTD—
MCAP$355.19B
THESISH1 PBT $19.5B +23% vs ~$18.9B. Banking NII guide ≥$46B, $1B buyback restarted. A $355B global bank print. Quality, not a dislocation.
RISKCredit (ECL), HK/China, or a rates path that knocks NII.
JPMnot found
GSnot found
LASTH1 2026, 4 Aug: PBT $19.5B +23% (Reuters: vs ~$18.9B). Revenue $37.7B +11%. Diluted EPS $0.85. NIM 1.61%. Banking NII H1 $22.9B.
NEXTlate Oct 2026 (Q3, est.)
#45
601288.SS
Agricultural Bank of China
Hold
PRICE1.01
DAY1.02%
1M—
YTD—
MCAP$353.56B
THESISQ1 NI RMB 75.6B +4.8%, NIM 1.26%. Same SOE-bank call as CCB. $354B. Not a 12-month call.
RISKChina credit / property / NIM.
JPMnot found
GSnot found
LASTQ1 2026, 29 Apr: op. income RMB 206.3B +10.5%, NI RMB 75.58B +4.80%, EPS RMB 0.20. NIM 1.26%. Company IR.
NEXTlate Aug 2026 H1 (not found this morning)
PRICE81.46
DAY0.94%
1M—
YTD—
MCAP$339.19B
THESISQ2 $12.56B (slight miss) / $0.80 vs $0.79. Growth slowed to ~11% FX-neutral. Street cut PTs, kept ratings. JPM OW $85, GS Buy $94. Stock $81. We sit with the multiple reset, not chase the old $118.
RISKEngagement / ads that do not re-accelerate, or another guide that looks like more of the same 11%.
JPMOverweight / $85 (from $118, 17 Jul 2026; Gate / Investing.com wraps).
GSBuy / $94 (from $110, 17 Jul 2026; Gate wrap). Pre-print Sheridan had already cut $120→$110.
LASTQ2 2026, 16 Jul: rev $12.56B +13% vs ~$12.59B, EPS $0.80 vs $0.79. NI $3.40B. FY rev narrowed to $51.0–51.4B. Q3 rev +12% reported / +11% FX-n.
NEXTmid-Oct 2026 (est.)
VS STREETJPM Overweight · GS Buy
PRICE145.00
DAY0.28%
1M—
YTD—
MCAP$337.04B
THESISFY26 $87.0B +3%, organic +1%, core EPS $6.89 +1%. FY27 core in-line to +3%. JPM OW $162. Stock $145. A staple with no 12-month dislocation.
RISKVolume stays zero and the multiple compresses further.
JPMOverweight / $162 (from $164, 16 Jul 2026; TickerNerd).
GSnot found
LASTFY2026 / Q4, 29 Jul: FY net sales $87.0B +3% (FX +2, price +1, volume/mix 0). Organic +1%. Diluted EPS $6.62 +2%, core $6.89 +1%.
NEXTlate Oct 2026 (Q1 FY27, est.)
VS STREETJPM Overweight
PRICE214.08
DAY1.24%
1M—
YTD—
MCAP$336.22B
THESISQ2 record $21.3B / $3.46 vs $2.94 on equities +69%. Same tape as JPM/BAC: a clean bank print at $336B, not a dislocation.
RISKEquities/IB fade, or a rates path that hits wealth NII.
JPMnot found
GSnot found
LASTQ2 2026, 15 Jul: rev $21.3B vs ~$19.64B, EPS $3.46 vs $2.94. NI $5.6B, ROTCE 26.6%. IS $11.0B (equities strength). WM $8.9B, 30.5% margin.
NEXTmid-Oct 2026 (est.)
PRICE0.94
DAY2.32%
1M—
YTD—
MCAP$335.05B
THESISQ1 NI ~RMB 87–88B, +~3–4%. JPM Buy HK$8.40, GS Hold HK$6.96. We sit with GS on a $335B SOE bank.
RISKChina credit / NIM / property.
JPMBuy / HK$8.40 (13 Jul 2026; secondary wrap).
GSHold / HK$6.96 (1 May 2026; secondary wrap).
LASTQ1 2026, 29 Apr: op. income RMB 222.0B +8.45%, NI to holders RMB 86.94B (+3.31% in one wrap; group NI RMB 88.01B +3.9% in another).
NEXTlate Aug 2026 H1 (not found this morning)
VS STREETJPM Buy
PRICE334.85
DAY0.90%
1M—
YTD—
MCAP$334.07B
THESISQ2 $47.9B +5.7%, comps +1.7% / US +1.3%, EPS $4.79. Reaffirmed FY. Housing/repair at $334B. No 12-month dislocation.
RISKA housing/comp miss, or tariff/fuel costs that the IEEPA refunds do not offset.
JPMnot found
GSnot found
LASTQ2 FY2026, 18 Aug: sales $47.9B +5.7%, comps +1.7% (US +1.3%). NI $4.8B / $4.79 vs $4.58.
NEXTmid-Nov 2026 (est.)