Track market-moving stories before they get noisy

Intel (NASDAQ:INTC | INTC Price Prediction) reports Q2 earnings on July 23 before the closing bell. The Q2 print lands after market close that afternoon, and the setup into it is the cleanest we have seen from this name in a decade. Six straight quarters of revenue above expectations, an accelerating Foundry story, and prediction markets already leaning bullish make the setup compelling.

The Earnings Trigger Is Already Loaded Q1 2026 non-GAAP EPS came in at 29 cents versus a 12-cent consensus, good for a 2,183.46% surprise, on revenue of $13.58 billion (+7.18% YoY). Data Center and AI revenue jumped 22% YoY to $5.05 billion, and Intel Foundry grew 16% to $5.42 billion. The last time Intel beat, shares closed up 23.6% on the day and 47.53% over the next 30 days, dwarfing SPY’s 5.12% in the same window.

Prediction Markets Are Positioned Bullishly Polymarket contracts tied to the July 23 release put a 68.5% probability on Q2 Foundry revenue exceeding $5.5B and a 75.5% probability on Data Center & AI clearing $5B. Guidance from management already calls for revenue between $13.8B and $14.8B. The full-chain put/call ratio sits at 0.30, a decisive skew toward calls, and insider activity across 47 recent transactions is net buying.

Strategic Wins No Rival Can Match NVIDIA (NASDAQ:NVDA) invested $5.0 billion in Intel common stock and selected Intel Xeon 6 as the host CPU for its DGX Rubin NVL8 systems. SoftBank added another $2.0 billion equity stake. Google is co-developing custom ASIC IPUs with Intel, and $8.9 billion in CHIPS Act funding underwrites Fab 52 in Arizona, now running Intel 18A at high volume. Cash and equivalents sit at $17.25 billion, up 92.77% YoY.

Compare that to Advanced Micro Devices (NASDAQ:AMD), the reflex alternative. AMD has no in-house leading-edge US foundry, no CHIPS Act manufacturing base, and no NVIDIA equity stake underwriting its roadmap. Every AMD wafer still ships from TSMC. Intel’s 18A ramp in Arizona and Oregon is the only American answer to that dependency, and hyperscalers are voting with capital.

Momentum Is on Intel’s Side The stock is up around 167% year to date and more than 350% over the past year. CEO Lip-Bu Tan framed the setup plainly: “The next wave of AI will bring intelligence closer to the end user, moving from foundational models to inference to agentic. This shift is significantly increasing the need for Intel’s CPUs and wafer and advanced packaging offerings.”

Establish the position before July 23.

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American Express (AXP +0.90%) recently raised the price of its exclusive Platinum card from $695 to $895. It's the first increase since 2021, when it was raised from $550 to $695.

The company offers a long list of perks with the "refresh," worth $3,500 if used in full, plus the prestige of owning a Platinum card and miles for every dollar spent. But the major perk is for Amex, since card fees account for a major portion of total revenue and provide a recurring source of income. American Express will report second-quarter earnings on July 24. Here's why card fees matter.

The most prestigious card American Express pioneered the credit card fee model, which has evolved into a subscription model of sorts, with members paying an annual fee for the privilege of using an Amex card. Not all cards come with fees, but the company targets affluent spenders who crave prestige and perks. Seventy-three percent of the 3.1 million new cards in the 2026 first quarter were fee-based.

The highest-income earners account for the most spending, and American Express aims to capture this cadre of members by offering ever-expanding rewards and exclusivity that can't be matched. According to data from Moody's, the top 10% of earners accounted for 49.2% of spending in the 2025 second quarter, the highest percentage since it started compiling the data in 1989. This is who Amex is after.

Image source: Getty Images.

However, it's not just for the spending. The fees themselves are a major part of the model, since they provide a stable source of revenue independent of spending. As inflation stays strong and interest rates stay steady, fee income matters even more.

Since there aren't many costs associated with the fee, it goes straight to the bottom line, expanding net income. That's also important if the company needs to increase its loss provisions in a challenging economy.

What it's going to look like on the income statement In the 2026 first quarter -- the first quarter to include the higher annual fee -- revenue increased 11% year over year, and earnings per share (EPS) rose 18%. Card fees increased 18% and accounted for more than 14% of revenue. U.S. consumer Platinum spending accelerated by six percentage points, and retention rates remained stable near 100% despite the fee hike.

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These members are highly engaged with the rewards platform. In the first quarter, for example, spending on Resy restaurant spend, which is Amex's restaurant app, increased 20% year over year, double the 10% increase for U.S. consumer spend, and lodging spend increased 50%, whereas U.S. consumer spend was up 5%. In other words, the card and its rewards mean a lot to users, and the fee income is likely to continue adding to the total revenue.

The 29% fee hike for the Platinum card should add meaningful growth to the total this year, and the durable subscription model is an underrated feature that makes American Express stock compelling.

, /PRNewswire/ -- Habitat for Humanity International announced today that Lowe's has renewed its longstanding national partnership to support home repair and rehab projects undertaken by local Habitat affiliates. The renewed partnership will help more than 300 individuals remain in their homes.

Lowe's will fund grants supporting more than 200 projects across 20 Habitat for Humanity affiliates to address urgent needs that enhance the safety, health and resilience of owner-occupied homes. These investments support essential repairs such as roofing and HVAC, energy efficiency, accessibility and fall-prevention modifications and disaster preparedness upgrades that help homeowners remain safe in their homes.

This July, Lowe's will also help Habitat celebrate its 50th anniversary at 20 pop-up events at Lowe's stores across the U.S. These community engagement events will bring together families, volunteers, customers and local community members through hands-on activities and interactive build experiences designed to raise awareness of Habitat's mission, Habitat's 50th anniversary milestone and connect Lowe's customers with the opportunity to volunteer with Habitat.

"Our partnership with Habitat is rooted in helping our neighbors remain safe, independent and enjoy the homes they love. Together, over the last twenty years, we've helped build stronger homes, neighborhoods and communities," said Lindsey Haigler, Lowe's vice president of associate and community engagement. "We are thrilled to invite communities to our stores to celebrate Habitat's 50 years of impact and help connect neighbors with Habitat's important mission."

Lowe's and Habitat for Humanity have worked together for more than 20 years to help improve access to safe and affordable housing nationwide. Since the national partnership began in 2003, Lowe's has contributed more than $100 million to help more than 20,000 families improve their living conditions. Lowe's has also been a strong supporter of Habitat's Jimmy & Rosalynn Carter Work Project and has previously provided funding for Habitat's Cost of Home campaign, neighborhood revitalization and Women Build programs. Lowe's is currently supporting Habitat's Let's Open the Door campaign to help bring awareness of global housing need.

"It's with the support of partners like Lowe's that we can further our efforts to help homeowners improve their homes, as well as build stronger, more resilient communities," said Charlita Stephens-Walker, vice president of corporate partnerships and cause marketing at Habitat for Humanity International. "We are grateful to Lowe's for their ongoing support to help even more homeowners have a safe and strong place to call home."

About Habitat for Humanity

Habitat for Humanity is a movement of people in your local area and around the world, working together to build more prosperous and vibrant communities by making sure everyone has a safe, affordable place to call home. Since our founding in 1976 as a Christian organization, together we have helped more than 65 million people globally build their futures on their own terms through access to decent housing. We've done that by working alongside people of all walks of life to build, repair and finance their homes, by innovating new ways of building and financing, and by advocating for policies that make constructing and accessing housing easier for everyone. Together, we build homes, communities and hope. To learn more, visit habitat.org

About Lowe's

Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 100 home improvement company with total fiscal 2025 sales of more than $86 billion. Lowe's employs approximately 300,000 associates and operates over 1,750 home improvement stores, 540 branches and 120 distribution centers. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing, improving community spaces, helping to develop the next generation of skilled trade experts and providing disaster relief to communities in need. For more information, visit Lowes.com.

SOURCE Habitat for Humanity International

Typically, when a company releases preliminary financial results before its official earnings release date, it's not to brag. It's because it wants to cushion the looming blow for investors. And that's exactly what IBM (IBM +1.47%) did on Tuesday, releasing preliminary second-quarter results ahead of its scheduled earnings release on July 22.

IBM expects revenue of $17.2 billion (up 1% year over year) and adjusted earnings per share of $2.93. Both figures were below analysts' expectations, but the bigger problem for IBM is the "why" behind the shortfall: a shift in AI spending habits.

IBM's leadership says that AI spenders are redirecting more of their budgets away from software and toward servers, storage, and memory, offering insight into the current state of AI development.

Image source: The Motley Fool.

Companies are trying to be proactive As companies have continued to build data centers and other AI infrastructure, the need for storage and memory has increased dramatically, resulting in a severe shortage. And due to the law of supply and demand, that shortage has led to sharply higher prices for that hardware and these chips.

In his letter to shareholders published Tuesday, IBM CEO Arvind Krishna noted that many of its clients were rushing to purchase "servers, storage, and memory," anticipating more supply constraints and rising prices. If you know you'll need those products, it makes sense to buy them now before they become more expensive or simply unavailable.

Krishna noted that IBM didn't "anticipate the magnitude of the capex reprioritization" and was caught off guard. If this surprised IBM, it shows just how much companies are valuing data storage and memory hardware.

A zero-sum game for IBM In Tuesday's trading session, IBM's stock dropped by 25%, its largest single-day drop in company history. Sure, investors weren't happy about the company's minimal revenue growth or its earnings miss, but I'm sure the shock factor ahead of the earnings report also played a big role.

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On the other side of the coin, though, are flourishing memory companies such as SK Hynix, Micron, and Sandisk, which are some of the market's hottest stocks right now. SK Hynix just had its U.S. market debut after trading solely on the Korean Exchange for nearly three decades; Micron is up 728% in the past 12 months; and Sandisk is up by more than 4,700% since it was spun back off in February 2025 from Western Digital (which purchased it in 2016).

IBM's results and Krishna's letter reflect the changing priorities in the AI ecosystem, but it's important to remember how cyclical the memory and data storage space can be. Right now, the industry is riding high, but when supply eventually catches up with demand, the sector will likely cool off. Still, there's seemingly more value there now than in IBM's stock.

Key Takeaways IBM shares fell 25.2% after its AI spending warning.IBM said AI budgets are delaying traditional IT projects.IBM beat Q1 estimates in April despite weaker market sentiment. International Business Machines’ (IBM - Free Report) shares plunged 25.2% on July 14, 2026, marking one of the company's steepest single-day declines in decades after it issued a warning that highlighted a significant shift in corporate technology spending. Rather than reflecting a traditional earnings disappointment, the selloff was driven by management's indication that many customers are redirecting a larger share of their technology budgets toward artificial intelligence (AI) infrastructure, delaying or reducing spending on conventional software and IT projects.

The announcement sent shockwaves across Wall Street, weighing heavily on the broader software sector as investors reassessed the near-term outlook for enterprise technology companies. The warning suggested that the rapid expansion of AI investments is reshaping corporate priorities, with businesses favoring spending on advanced computing infrastructure, specialized chips, cloud platforms and AI-enabled systems over legacy software deployments and traditional digital transformation initiatives.

While AI has been one of the strongest investment themes in the market over the past two years, IBM's comments underscored a growing divide within the technology sector. Companies directly involved in building AI infrastructure continue to benefit from surging demand, whereas businesses dependent on more conventional enterprise IT spending could face increasing pressure as customers reallocate capital toward next-generation technologies.

The market reaction reflected broader concerns that the AI investment cycle may temporarily disrupt spending patterns across the software industry. Investors now face the challenge of distinguishing between companies positioned to capitalize on AI-driven demand and those that could experience slower growth as enterprises prioritize foundational AI infrastructure over other technology initiatives.

IBM Underperforms Industry PeersIBM belongs to the Zacks Computer - Integrated Systems industry, and carries a Zacks Rank #3 (Hold). Its stock has declined 26.7% year to date against 115.4% growth in the industry. Two of its peers from the industry, Advanced Micro Devices, Inc. (AMD - Free Report) and Hewlett Packard Enterprise Company (HPE - Free Report) have gained 156% and 106.4%, respectively, in the same period. While AMD carries a #2 (Buy), HPE boasts a #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

IBM’s Mixed 2026 ContinuesBefore its historic July 14 plunge, IBM shares had already been under pressure in 2026 as investors questioned whether its AI strategy could generate meaningful revenue quickly enough to justify its valuation. Slower growth in consulting and legacy infrastructure businesses also weighed on sentiment.

Competition in cloud computing and cautious enterprise technology spending further pressured the stock, with many customers prioritizing AI infrastructure investments over traditional software and IT projects.

And yet, in April, the company had posted strong first-quarter earnings. IBM reported strong adjusted earnings of $1.91 per share, beating the Zacks Consensus Estimate of $1.81 and rising from $1.60 a year earlier. Revenue increased to $15.92 billion from $14.54 billion, topping the consensus estimate by 1.49% and marking its fourth straight quarterly revenue beat.

Bottom LineDespite the sharp decline, IBM's warning highlights the scale of the AI transformation underway. Rather than signaling weaker overall technology spending, the company's comments suggest that corporate investment is evolving rapidly toward AI-centric projects. As businesses continue to build the infrastructure required to support AI, Wall Street is likely to remain focused on which companies stand to benefit from this historic shift and which may need to adapt their business models to the changing technology landscape.

UnitedHealth Group Incorporated (NYSE:UNH) will release earnings for its second quarter before the opening bell on Thursday, July 16.

Analysts expect the company to report quarterly earnings of $4.85 per share, up from $4.08 per share in the year-ago period. The consensus estimate for UnitedHealth’s quarterly revenue is $110.82 billion. It reported $111.62 billion last year, according to Benzinga Pro.

Ahead of quarterly earnings, Keybanc analyst Matthew Gillmor maintained UnitedHealth with an Overweight rating on Tuesday and raised the price target from $400 to $475, while Truist Securities analyst David Macdonald maintained the stock with a Buy and raised the price target from $440 to $480.

With the recent buzz around UnitedHealth, some investors may be eyeing potential gains from the company’s dividends too. As of now, UNH has an annual dividend yield of 2.18%, which is a quarterly dividend amount of $2.32 per share ($9.28 a year).

To figure out how to earn $500 monthly from UnitedHealth, we start with the yearly target of $6,000 ($500 x 12 months).

Next, we take this amount and divide it by UNH’s $9.28 dividend: $6,000 / $9.28 = 647 shares.

So, an investor would need to own approximately $275,098 worth of UnitedHealth, or 647 shares to generate a monthly dividend income of $500.

Assuming a more conservative goal of $100 monthly ($1,200 annually), we do the same calculation: $1,200 / $9.28 = 129 shares, or $54,850 to generate a monthly dividend income of $100.

Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.

The dividend yield is calculated by dividing the annual dividend payment by the current stock price. As the stock price changes, the dividend yield will also change.

For example, if a stock pays an annual dividend of $2 and its current price is $50, its dividend yield would be 4%. However, if the stock price increases to $60, the dividend yield would decrease to 3.33% ($2/$60).

Conversely, if the stock price decreases to $40, the dividend yield would increase to 5% ($2/$40).

Further, the dividend payment itself can also change over time, which can also impact the dividend yield. If a company increases its dividend payment, the dividend yield will increase even if the stock price remains the same. Similarly, if a company decreases its dividend payment, the dividend yield will decrease.

UNH Price Action: Shares of UnitedHealth fell by 0.9% to close at $425.19 on Tuesday.

Photo via Shutterstock

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It’s hard to believe, but shares of Oracle (NASDAQ:ORCL | ORCL Price Prediction) have now lost more than 61% of their value from the peak hit last year when the firm pulled the curtain on a stunner of a quarterly earnings report. Since then, the company has only gotten even more aggressive with its push into the AI data center. And as shares look to implode to new multi-year depths, many investors might be wondering if the company has risked too much to get a better seat in this ongoing AI revolution.

The AI buildout continues to move at full steam, but Oracle has seemed to take it to the next level not only by cutting its workforce, but by taking on significant sums of debt to build the AI compute needed to serve frontier AI innovators, including OpenAI, which has become the company’s sore spot in recent months amid growing concern about the financial situation over at the frontier AI lab.

With OpenAI’s IPO delayed, Apple (NASDAQ:AAPL) takes OpenAI and Sam Altman to court over the alleged theft of secrets; it feels like being an OpenAI-adjacent company is the wrong place to be.

Of course, a few stumbles and delays might give off the impression that OpenAI might not be up for the money. And for Oracle, that’s a scary thought, especially when you consider the amount of leverage taken on to get infrastructure to where it needs to be.

The risks are already well-known and well-baked into shares Indeed, if it’s not the concerning headlines surrounding Oracle’s largest AI customer, the massive CapEx, the considerable dilution from the latest funding plan, or fears of a brain drain following the latest 21,000 mass layoff, perhaps it’s fears of the rapid obsolescence of hardware.

Unlike the hyperscalers, which are swimming in cash, Oracle is putting itself at great risk to hop aboard the AI compute train. And it’s unclear if it’ll reach the right destination before spending gets out of hand and bills come due.

For shareholders, it feels like Oracle is rolling the dice, rather than making a shrewd investment. At the same time, I think the shares have become way oversold, primarily over the same old headlines being regurgitated non-stop. Is a boat-load of debt scary?

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No doubt. Add AI uncertainties into the equation, and the uncertainty surrounding OpenAI’s ability to pay as its financial situation moves between a rock and a hard place, and it’s clear that Oracle isn’t going to be the right AI bet for everyone.

With shares going for 16.2 times forward price-to-earnings (P/E), though, the stock is starting to get too cheap for its own good. And as RPOs convert, Oracle might be a timelier V-shaped bounce candidate that could absolutely punish those who choose to sell at these depths.

Oracle’s $400 price targets aren’t getting slashed anytime soon In any case, Jefferies and other sell-side analysts are unmoved, staying in the bull camp, with a price target ($400 per share) that could entail 215% worth of gains from current levels. It’s not too often you see an implied triple (or a more than triple) when it comes to analyst targets. But that’s what Oracle has become after its latest vicious meltdown.

For Jefferies, it’s more about the AI data center pipeline and the coming conversion of the revenue backlog. As for Guggenheim, which shares that $400 target, it’s about having the “better” architecture. I couldn’t agree more. When it comes to renting out AI superclusters for training purposes, only the best will do. And Oracle has pretty much become the gold standard.

Of course, Oracle won’t turn overnight, but for those willing to hang on for the ride in the coming five years, I do think that the stock will find its way higher again. Perhaps the rally could be more furious than the descent, as Guggenheimer’s John DiFucci looks forward to that “cash flow waterfall” coming for Oracle.

I couldn’t agree more. Oracle is a name that demands patience. And while there is execution risk, I do think that the company continues to find itself on the right side of this revolution. That could make it far more resilient than markets give it credit for, even if the financials themselves aren’t in the prettiest spot.

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Key Takeaways WFC posted broad-based revenue growth, with loans up 12% and deposits rising 10% year over year.Wells Fargo expects modest Q3 margin compression before stabilization in the fourth quarter.WFC maintained its 2026 outlook and sustainable 17-18% ROTCE target amid stronger loan growth. Wells Fargo & Company (WFC - Free Report) used its second-quarter 2026 earnings call to press a single message: growth is broadening across the franchise, even as some of that expansion weighs on near-term margin optics. Management repeatedly framed the pressure on net interest margin as a deliberate byproduct of balance sheet deployment, not a deterioration in underlying demand.

That distinction mattered because investors focused heavily on margin trends in the Q&A. Management responded by emphasizing that loan, deposit and fee growth are producing stronger returns across businesses and keeping the company on track toward its medium-term profitability goals.

WFC Pushes a Broader Growth StoryChairman and CEO Charlie Scharf said every operating segment posted year-over-year growth in both net interest income and noninterest income, with total revenue up 9% to $22.62 billion in the quarter. The earnings release also showed average loans rose 12% and average deposits increased 10%.

Management tied that growth to stronger execution after the asset cap came off, with Scharf highlighting momentum in checking accounts, credit cards, auto lending, wealth management and investment banking. He also said the company is deploying capital selectively rather than chasing volume indiscriminately. 

WFC reported earnings per share of $1.96, surpassing the Zacks Consensus Estimate of $1.73, while revenues of $22.62 billion exceeded the Zacks Consensus Estimate of $21.8 billion. This resulted in earnings and revenue surprises of 13.3% and 3.8%, respectively. However, the earnings call centered less on the quarter's beat and more on how Wells Fargo intends to sustain loan, deposit and fee growth.

WFC Ties Results to Broader MomentumChief executive officer Charlie Scharf said revenue growth was broad-based, with every operating segment posting higher net interest income and non-interest income. He framed this as evidence that investments in talent, technology, marketing, AI and cyber defenses are beginning to show up more clearly in operating performance.

Chief financial officer Michael Santomassimo added that second-quarter net income rose 17% year over year to $6.4 billion, while earnings per share (EPS) reached $2.00. Total revenues increased 9%, net interest income rose 5% and non-interest income climbed 13%.

Management also pointed to balance-sheet growth as proof that the company is operating differently after the asset cap was lifted. Average loans rose 12% and average deposits increased 10% from a year ago.

Wells Fargo Defends the Margin Trade-OffThe sharpest investor focus in the call was on net interest margin. Santomassimo said the margin slipped because Wells Fargo is deliberately growing lower-spread but profitable businesses, particularly interest-bearing deposits and financing activity inside markets.

A UBS analyst pressed management on whether these were cyclical or structural pressures. Santomassimo said deposit costs should inch up in the second half as commercial and corporate interest-bearing balances continue to grow, while third-quarter margin compression should be modest, with stabilization expected in the fourth quarter.

Scharf was more direct in defending the strategy. He said the margin pressure is not something happening to the bank but the result of choices intended to drive stronger client share, future noninterest-bearing deposits, and better trading and fee revenues over time.

WFC Sees Consumer & Wealth GainsScharf pointed to a steadier consumer franchise than Wells Fargo has shown in years. Consumer primary checking accounts have now grown year over year for 13 straight quarters, while new credit card accounts jumped 46% and mobile active users reached 33.7 million.

He also said the company is willing to absorb near-term profitability pressure in cards because newer vintages carry upfront marketing, promotional, onboarding and reserve costs before seasoning into better returns over two to three years. Santomassimo echoed this point during the Q&A, saying profitability in cards should continue to improve over the next couple of years.

Wealth also remained a bright spot. Wells Fargo said client assets rose 15% to more than $2.4 trillion, helped by market gains and positive net flows, while adviser retention and recruiting remained strong as the firm rolls out upgraded technology such as Advisor Gateway.

Wells Fargo Presses Its Commercial BuildoutIn commercial businesses, the strongest tone came around corporate and investment banking. Scharf said the firm is seeing payoff from multiyear investments in senior bankers, product capabilities, and balance-sheet deployment, with banking revenue up 20% and markets revenue up 24%.

He highlighted share gains in leveraged finance, equity capital markets and M&A, while describing the quarter as a record for investment banking fees. Santomassimo added that investment banking fees exceeded $900 million in the period.
Asked by UBS about prime financing and investment banking opportunities, management said the pipeline remains strong and that clients want additional counterparties. Scharf stressed Wells Fargo is still early in building prime services, but sees a significant runway if it paces growth within its risk tolerance.

WFC Q&A Tests Expenses, Credit & CapitalQuestions from Truist and Evercore focused on whether efficiency gains can continue. Santomassimo said the company still sees room to run with lower headcount, more automation and methodical streamlining in risk and regulatory functions, extending a 24-quarter streak of headcount reductions.

Credit also drew scrutiny. In response to KBW and RBC, management said both consumer and commercial credit remain strong, with delinquencies running better than modeled and no meaningful broad-based deterioration across borrower cohorts. Net charge-offs fell to 0.34% of average loans.

On capital, Santomassimo said the bank is comfortable operating within its 10% to 10.5% CET1 target range after ending the quarter at 10.3%. He said buybacks will continue to balance client growth, market risk and the eventual finalization of capital rules.

Wells Fargo Keeps Its Return AmbitionManagement did not change its 2026 outlook. Santomassimo maintained guidance for net interest income of about $50 billion, plus or minus, and non-interest expense of about $55.7 billion, while saying second-half loan growth should be stronger than originally assumed.

Scharf’s closing tone was confident but disciplined. He said the bank remains focused on a sustainable 17-18% ROTCE target, with confidence rising as business trends broaden, even as Wells Fargo stays selective in a market where competitors are taking on more wholesale risk.

Zacks Signals on WFCWFC carries a Zacks Rank #3 (Hold), which points to a more neutral near-term earnings revision picture than a Zacks Rank #1 (Strong Buy) or Zacks Rank #2 (Buy). Its Momentum Score of A stands out positively, while Value, Growth and VGM Score of D suggest weaker style characteristics in those categories. You can see the complete list of today’s Zacks #1 Rank stocks here.

Based on Zacks’ framework, the strongest setups tend to combine a top Zacks Rank with Style Scores of A or B. A Rank #3 can still be held, but the current score mix indicates a more mixed near-term profile, and the Zacks Rank can change as analysts update estimates after the quarter.

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M&T Bank Corporation (MTB - Free Report) came out with quarterly earnings of $5.35 per share, beating the Zacks Consensus Estimate of $4.66 per share. This compares to earnings of $4.28 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +14.81%. A quarter ago, it was expected that this company would post earnings of $4.02 per share when it actually produced earnings of $4.18, delivering a surprise of +3.98%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

M&T Bank, which belongs to the Zacks Banks - Major Regional industry, posted revenues of $2.53 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.21%. This compares to year-ago revenues of $2.4 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

M&T Bank shares have added about 20% since the beginning of the year versus the S&P 500's gain of 10.2%.

What's Next for M&T Bank?While M&T Bank has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for M&T Bank was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.93 on $2.51 billion in revenues for the coming quarter and $18.81 on $9.96 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Major Regional is currently in the top 11% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Fifth Third Bancorp (FITB - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 17.

This company is expected to post quarterly earnings of $0.98 per share in its upcoming report, which represents a year-over-year change of +8.9%. The consensus EPS estimate for the quarter has been revised 0.4% higher over the last 30 days to the current level.

Fifth Third Bancorp's revenues are expected to be $3.25 billion, up 44.8% from the year-ago quarter.

Pfizer (NYSE:PFE | PFE Price Prediction) trades at $24.25, against a Wall Street consensus price target of $28.79, which represents implied upside of almost 19%. Gilead Sciences (NASDAQ:GILD) trades at $130.04 and has a $158.30 consensus target. Both stocks sit below sell-side fair value while flashing the same bearish technical warning.

Pfizer and Gilead Sciences are widely held large-cap pharma names, popular for yield, defensive characteristics, and late-stage pipelines. Investors are paying attention because both have seen a so-called death cross, the pattern where a stock’s 50-day moving average slips beneath the 200-day average. Pfizer’s 50-day is at 25.35, versus a 200-day of 25.87. Gilead’s 50-day is 129.85 against a 200-day of 130.44.

A death cross is a lagging indicator that says nothing on its own about valuation. Still, both names trade below analyst fair value with momentum rolling over. That puts the contrarian question squarely on the table.

What Broke the Bid Under Each Stock Pfizer’s weakness is the COVID hangover colliding with a policy overhang. Recent results still show growth, with quarterly revenue up 5.4% year over year. Yet the market is fixated on Most-Favored-Nation drug pricing, potential Section 232 pharma tariffs, the IRA Medicare Part D redesign, and international Eliquis generic entry. Management has also signaled no share buybacks in 2026, removing a support pillar.

Gilead’s story is more complex. First-quarter revenue topped expectations, but the company slashed non-GAAP EPS guidance from a profit of $8.45 to $8.85 down to a loss of $0.65 to $1.05, driven by roughly $11.5 billion in IPR&D charges tied to the Arcellx, Ouro Medicines, and Tubulis acquisitions. Those are non-cash accounting items, but Wall Street hated the optics. Add in Trodelvy’s ASCENT-07 primary endpoint miss and Veklury revenue dropping 52% year over year, and momentum turned quickly.

Both selloffs have been measured. Pfizer is down 7.5% over the past month, and Gilead is off 4.6% over the past week. The bearish signal reflects drift rather than capitulation.

Why Analysts Remain Constructive on Pfizer Wall Street analysts have mixed but generally positive views on Pfizer. The consensus target of $28.79 sits just above the 52-week high of $28.75. Ratings skew cautiously bullish.

The bull case rests on oncology (Padcev, Nurtec), the Metsera obesity acquisition, and the Vyndamax patent settlement extending U.S. exclusivity to 2031. At a forward P/E of just 8x and a 7.1% dividend yield, investors are effectively being paid to wait.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Pfizer didn't make the cut. Grab the names FREE today.

Gilead’s bull case leans on the Yeztugo launch as the first twice-yearly HIV PrEP, Biktarvy patents extended to 2036, and two major PDUFA decisions before year-end. Analysts largely framed the guidance cut as accounting noise rather than a change in underlying earnings power. HIV franchise sales grew 10% in Q1 and product gross margin expanded 200 basis points.

Readers who want the broader framework on yield-plus-growth pharma names should check out our research team’s 10 Dividend Kings to Buy Now and Hold Forever report.

How the Numbers Actually Stack Up Pfizer is down 2.6% year to date, and Gilead is 6.0% higher, while the S&P 500 has returned 10.3% over the same stretch. Both are lagging the broader market, though Gilead’s gap is modest. On a one-year basis, Gilead is up 16.0% while Pfizer is 4.3% lower.

Pfizer’s nearly 19% implied upside is backed by a beta of 0.31 and a trailing P/E of 18x. Analyst targets are one data point, and the Hold-heavy skew makes clear that conviction is thin.

One Contrarian Buy, One Show-Me Story The contrarian case for Pfizer rests on the COVID revenue base being fully washed through and the oncology and obesity pipeline offsetting biosimilar losses in 2027 and beyond. The forward P/E of 8x and 7% yield offer defensive cover while the pipeline matures. The bear case is that Most-Favored-Nation pricing and tariff risk structurally compress margins, in which case the dividend gets scrutinized fast if free cash flow softens.

The bull case for Gilead requires looking through the IPR&D charges and trusting that Yeztugo, Biktarvy’s 2036 patent runway, and the anito-cel and BIC/LEN PDUFAs land on schedule. The bear case is that the ASCENT-07 miss signals broader oncology execution risk, given that Gilead paid a premium for those assets.

So, Pfizer is the more compelling contrarian setup given valuation and yield support. Gilead has already recovered materially off its lows, so the easy money may already be behind it.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Pfizer didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

Palantir Technologies stock is trading near recent lows. Where is PLTR stock headed? Palantir, NVIDIA Bring AI to U.S. Sovereign EnvironmentsThe offering combines NVIDIA’s AI platform with Palantir’s AIP, Ontology, Foundry, and Apollo products, enabling government agencies to deploy models in classified and air-gapped environments while continually improving them based on mission-specific feedback.

Palantir, Surf Air Expand SurfOSThe expanded partnership builds on the successful commercial launch of BrokerOS and a recent multi-million-dollar contract with Wheels Up to serve as the launch customer for Enterprise BrokerOS.

Analyst Consensus & Recent ActionsThe stock carries a Buy rating with an average price target of $187.42. Recent analyst moves include:

DA Davidson: Upgraded to Buy (Raises Target to $175.00) (July 2) Wolfe Research: Upgraded to Peer Perform (June 16) Rosenblatt: Buy (Maintains Target to $225.00) (June 5) Palantir Shares Edge HigherPLTR Price Action: At the time of publication, Palantir shares are trading 0.02% higher at $133.75, according to data from Benzinga Pro.

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SAN FRANCISCO--(BUSINESS WIRE)--Uber Technologies, Inc. (NYSE: UBER) and GameStop (NYSE: GME) today announced a new partnership that brings one of the largest gaming retailers to the Uber Eats marketplace. Customers can now order video games, gaming consoles, accessories, collectibles, and more from GameStop locations nationwide on Uber Eats for scheduled or on-demand delivery. GameStop is the latest retailer to join Uber Eats' rapidly growing marketplace, which now features thousands of storef.

SEATTLE--(BUSINESS WIRE)--Redfin (redfin.com), the real estate brokerage powered by Rocket, today announced a partnership with The Weather Company (weathercompany.com), which owns The Weather Channel app and weather.com, to bring local weather data to every for-sale home listing on Redfin. Homebuyers can now view zipcode-level weather metrics directly on home listings, including average temperature, precipitation, snowfall, humidity and UV index, helping them better understand what it's like to.

A construction boom helped hold the deficit nearly flat in 2024, growing by just 43,000 homes

According to new Zillow research, America's housing deficit grew by just 43,000 units in 2024 — down sharply from increases of 257,000 in 2022 and 159,000 in 2023 — as new multifamily construction reached a 50-year high. The deficit of 4.7 million homes remains the primary driver of the affordability crisis. In the four metro areas with the largest deficits — New York, Los Angeles, Boston and San Francisco — the share of listings affordable to a median-income household is far below the national figure of 35% , /PRNewswire/ -- America's housing deficit finally stopped growing in a meaningful way. The national housing deficit remained at 4.7 million units in 2024, rising by just 43,000 homes, according to a new Zillow® analysis of recently released data from the U.S. Census Bureau. That counts as a step in the right direction after years of the deficit deepening significantly.

The national housing deficit remained at 4.7 million units in 2024, rising by just 43,000 homes, according to a new Zillow® analysis. The 4.7 million shortfall is the root of our country's affordability crisis, and the product of nearly two decades of underbuilding that began after the 2008 financial crisis. For the first time in that period, new supply and new housing demand were roughly in balance in 2024.

"The country is not yet building its way out of the hole, but we stopped digging," said Orphe Divounguy, senior economist at Zillow. "Behind every missing home is a family doubling up, unable to find or afford a place of their own. Stopping the bleeding is progress, but making a real dent requires more than the status quo. We need flexible zoning to allow for more density, streamlined permitting and support for manufactured housing. It's been encouraging to see a bipartisan emphasis from Congress in finding solutions to the housing affordability crisis, because this is an issue that matters to everyone."

A building boom helped housing keep pace with demand

For more than a decade, homebuilding has not kept pace with family formation. That's forced millions to share housing with people outside their family — doubling up when they would likely prefer to have their own place. The deficit grew by 257,000 homes in 2022 and by 159,000 in 2023.

The 2024 increase of just 43,000 is small enough that after years of steady widening, the gap has effectively plateaued.

Year*

Housing deficit

Annual change

Families doubling up

Homes available to rent or buy

2019

3,788,409

—

7,835,677

4,047,268

2021

4,283,926

+495,517 (two-year change)

7,967,749

3,683,823

2022

4,540,773

+256,847

8,085,857

3,545,084

2023

4,699,836

+159,063

8,147,081

3,447,245

2024

4,743,274

+43,438

8,172,802

3,429,528

*2020 is omitted because of data-collection disruptions in that year's American Community Survey.

The deficit held steady primarily because of a homebuilding boom. The total number of housing units in the country increased by about 1.4 million in 2024, fueled by a 50-year high for newly finished multifamily homes. That was almost enough to absorb the year's increase in the number of families moving into new housing.

Affordability has improved in areas with the biggest construction booms

The leveling off of the deficit lines up with improving affordability. The share of for-sale listings on Zillow that were affordable to a median-income household — meaning they would spend no more than 30% of their income on the monthly mortgage, assuming a 20% down payment — had fallen sharply from a monthly average of about 54% in 2021 to roughly 33% in 2023 as home values and then mortgage rates surged. In 2024, that share held flat, and Zillow data shows it improving through today.

Where the housing deficit is most severe

Even with the national picture stabilizing, the deficit remains heavily concentrated in the country's most expensive markets. The most severe deficits in 2024 were in New York, Los Angeles, Boston, San Francisco and Washington, D.C. While 35% of for-sale listings in May were affordable to a median-income household nationwide, the shares are far lower in four of the five markets with the biggest deficits.

Builders responded faster to pandemic-era demand in areas with fewer building regulations. That has helped prices and rents ease in those metros and rebalanced those markets faster than in places with more stringent zoning.

Zillow supports making it easier to build

Closing a gap this large requires action on multiple fronts. Zillow advocates for measures that make it easier and less expensive to build, including modernizing zoning to allow more density, streamlining permitting and expanding financing options for manufactured housing. Together with the Casita Coalition, Zillow created the Build the Middle Playbook as a resource for advocates working to unlock more housing in their communities. The full case for what needs to change and why is laid out in Zillow's ongoing affordability research.

Metro area*

Housing deficit

Year-over-year change

Share of affordable listings (May 2026)**

Share of affordable listings (May 2025)**

United States

4,743,274

43,438

35.2 %

30.8 %

New York, NY

405,956

3,595

13.8 %

11.7 %

Los Angeles, CA

344,533

5,783

5.1 %

2.5 %

Chicago, IL

115,282

8,760

47.4 %

46.7 %

Dallas, TX

47,875

-1,329

31.2 %

25.1 %

Houston, TX

11,903

-8,261

37.4 %

31.2 %

Washington, DC

130,424

-1,814

41.8 %

34.4 %

Philadelphia, PA

80,675

-773

42.9 %

39.3 %

Miami, FL

68,324

-3,642

28.0 %

24.1 %

Atlanta, GA

66,346

23

39.8 %

36.7 %

Boston, MA

147,028

-3,513

14.8 %

11.4 %

Phoenix, AZ

96,038

-2,665

29.0 %

21.7 %

San Francisco, CA

132,116

-7,874

15.9 %

12.9 %

Riverside, CA

86,221

1,134

14.9 %

11.6 %

Detroit, MI

34,594

-1,593

55.9 %

53.5 %

Seattle, WA

97,380

-4,543

16.2 %

13.7 %

Minneapolis, MN

66,824

-6,235

44.4 %

41.2 %

San Diego, CA

97,465

1,634

10.2 %

5.9 %

Tampa, FL

33,878

678

32.3 %

27.1 %

Denver, CO

70,358

-561

28.9 %

22.4 %

Baltimore, MD

42,264

1,620

50.7 %

46.1 %

St. Louis, MO

16,976

-392

59.1 %

54.5 %

Orlando, FL

30,402

6,000

27.6 %

23.1 %

Charlotte, NC

22,545

447

34.6 %

29.5 %

San Antonio, TX

10,668

-2,890

37.9 %

30.9 %

Portland, OR

67,196

-3,289

21.2 %

16.4 %

Sacramento, CA

54,801

-5,630

13.9 %

9.7 %

Pittsburgh, PA

13,186

-2,234

57.0 %

54.8 %

Cincinnati, OH

29,983

-2,042

50.5 %

50.2 %

Austin, TX

60,359

-2,851

27.7 %

18.7 %

Las Vegas, NV

34,073

1,881

25.3 %

20.5 %

Kansas City, MO

26,107

-1,816

43.9 %

42.6 %

Columbus, OH

34,686

-1,533

46.5 %

42.3 %

Indianapolis, IN

15,831

826

50.5 %

44.4 %

Cleveland, OH

13,350

-424

48.6 %

44.3 %

San Jose, CA

55,594

-784

13.7 %

10.2 %

Nashville, TN

34,377

-466

24.3 %

19.3 %

Virginia Beach, VA

20,553

666

31.3 %

32.2 %

Providence, RI

31,180

1,389

7.9 %

7.4 %

Jacksonville, FL

10,328

-2,915

33.3 %

29.3 %

Milwaukee, WI

13,380

-549

38.6 %

36.1 %

Oklahoma City, OK

12,173

568

37.1 %

31.1 %

Raleigh, NC

10,736

-360

42.7 %

35.8 %

Memphis, TN

1,641

98

45.3 %

35.5 %

Richmond, VA

15,770

525

27.5 %

25.2 %

Louisville, KY

12,430

1,323

46.8 %

41.4 %

New Orleans, LA

2,948

-1,286

24.3 %

18.8 %

Salt Lake City, UT

35,676

2,418

23.8 %

17.2 %

Hartford, CT

13,171

40

30.7 %

28.2 %

Buffalo, NY

18,357

1,163

61.4 %

51.6 %

Birmingham, AL

6,779

813

51.6 %

47.8 %

*Ordered by market size

**A listing is considered affordable if a household making that metro area's median income would spend no more than 30% of its income on the monthly mortgage, assuming a 20% down payment.

About Zillow Group:

Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.

As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.

Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.

Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.

All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2026 MFTB Holdco, Inc., a Zillow affiliate.

(ZFIN)

SOURCE Zillow

Successful system tech demo proves range, accuracy and lethality of new surface-to-air missile

, /PRNewswire/ -- Raytheon, an RTX (NYSE: RTX) business, successfully demonstrated the company's Next Generation Short Range Interceptor (NGSRI), designed to replace Raytheon's Stinger® surface-to-air missile for the U.S. Army.

Multiple guided missiles were launched using the company's soldier-portable Command Launch Assembly (CLA) during the demonstration. Each shot showed the NGSRI system's ability to detect, track and intercept Army-simulated aerial threats with direct hits and target destruction.

The system's advanced performance is driven by the CLA and missile seeker's precision optics, paired with an innovative highly loaded grain solid rocket motor manufactured by Northrop Grumman. Together, these technologies significantly extend NGSRI's engagement range beyond current systems.

"Raytheon's NGSRI saw farther and locked faster, demonstrating superior target acquisition, longer range and greater lethality than Stinger – which is already the world's most in-demand and shoulder-fired air defense system," said Tom Laliberty, president of Land and Air Defense Systems at Raytheon. "Our NGSRI solution builds on Stinger's historic global success by being easier to build and field, resulting in a more capable, affordable and rapidly producible weapon."

Over the past year, Raytheon has conducted several company-funded tests to prove and enhance NGSRI, along with two incremental demonstrations under contract with the Army.

NGSRI is a U.S. Army program to develop a short-range missile that will eventually replace the Stinger system. The missile will be able to be fired from a vehicle or shoulder-mounted launcher. As the manufacturer of the Stinger missile and launchers, Raytheon is working to ensure full interoperability of NGSRI with both new and existing mounted platforms.

Raytheon's NGSRI design leverages more than 60 years of air defense experience to deliver the world's most advanced shoulder-launched air defense missile for the U.S. Army and Marine Corps. The company's use of modular system design and automated manufacturing enables faster development and production.

About Raytheon
Raytheon, an RTX business, is a leading provider of defense solutions to help the U.S. government, our allies and partners defend their national sovereignty and ensure their security. For more than 100 years, Raytheon has developed new technologies and enhanced existing capabilities in integrated air and missile defense, smart weapons, missiles, advanced sensors and radars, interceptors, space-based systems, hypersonics and missile defense across land, air, sea and space.

About RTX
With more than 180,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. With industry-leading capabilities, we advance aviation, engineer integrated defense systems for operational success, and develop next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2025 sales of more than $88 billion, is headquartered in Arlington, Virginia.

For questions or to schedule an interview, please contact [email protected]. 

SOURCE RTX

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The artificial intelligence boom has never been cheap, but the price of staying at the cutting edge is climbing even faster than many investors expected. Over the past two years, Big Tech has committed hundreds of billions of dollars to build the computing infrastructure needed to train increasingly powerful AI models. Those investments have fueled one of the strongest bull markets in technology history, with companies like Nvidia (NASDAQ:NVDA | NVDA Price Prediction), Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), and Meta Platforms (NASDAQ:META) leading the charge.

Now, new research from Morgan Stanley suggests those AI ambitions will cost even more than previously estimated. Rather than slowing the AI race, though, the higher price tag may reinforce one of the market’s biggest investment themes: only a handful of companies possess the financial strength to compete at the frontier of artificial intelligence.

AI Infrastructure Is Becoming Even More Capital Intensive Morgan Stanley updated its bottom-up estimates for next-generation AI clusters and found costs have risen across the board. According to the investment bank, Nvidia’s GB200 systems now cost about $35 billion per gigawatt (GW) of computing capacity, up 16% from prior estimates. GB300 clusters rise to $39 billion per GW, while Vera Rubin-based systems jump nearly 20% to $49 billion per GW.

Those estimates closely match Nvidia’s own guidance of $50 billion to $60 billion per GW for Rubin-era AI factories.

Those eye-popping figures include far more than graphics processors. They encompass networking equipment, storage, liquid cooling systems, electrical infrastructure, and power delivery needed to operate facilities consuming hundreds of megawatts — or even entire gigawatts — of electricity.

To put that into perspective, 1 GW can power roughly 700,000 to 1 million U.S. homes. AI campuses are increasingly reaching that scale.

OpenAI‘s Stargate initiative, backed by SoftBank and Oracle (NYSE:ORCL), plans to invest $500 billion through 2029 to build up to 10 GW of AI infrastructure. Meta is developing its Hyperion campus with plans to expand from 2 GW to 5 GW, while Microsoft and Google continue building multi-gigawatt data center campuses across the United States.

Building the future of AI is becoming an exclusive club where only the deepest pockets survive. High costs aren't a bug—they're the ultimate competitive moat for Big Tech. © 24/7 Wall St. Bigger Costs Could Create Bigger Competitive Advantages Higher infrastructure costs don’t necessarily weaken Nvidia’s outlook. Ironically, they may strengthen it.

Only companies generating enormous cash flows can comfortably finance these projects. Microsoft, Amazon, Alphabet (NASDAQ:GOOG), and Meta collectively produce hundreds of billions of dollars in annual operating cash flow. They also retain investment-grade credit ratings that allow them to borrow at favorable rates.

July 16 is the Final Day to Tap Into the Lithium Boom (sponsor)
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Here's why you should do the same before their July 16 investment deadline: lithium prices are up 75% this year, with demand projected to grow a staggering 5X by 2040.

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Smaller AI companies don’t enjoy those advantages. Instead of building billion-dollar campuses themselves, many will lease computing capacity from cloud providers or specialists like CoreWeave (NASDAQ:CRWV). That shifts even more demand toward the largest cloud operators while reinforcing Nvidia’s dominant ecosystem of GPUs, networking hardware, and software.

Morgan Stanley also noted that power availability — not financing — is increasingly becoming the biggest bottleneck. Utilities face multi-year delays adding new generation and transmission capacity, stretching construction timelines and increasing project costs.

The AI Investment Thesis Remains Intact Granted, rising costs raise the bar for earning attractive returns. Companies must generate enough AI revenue to justify infrastructure investments that now approach $50 billion per GW.

That said, demand continues moving in the opposite direction. McKinsey estimates cumulative AI infrastructure spending could reach trillions of dollars by 2030, while research from Epoch AI projects multiple frontier AI clusters exceeding 1 GW this year alone.

For Nvidia, more expensive AI factories often translate into higher revenue per deployment because its chips, networking products, and software remain at the center of those installations. Suppliers of high-bandwidth memory, power management systems, and liquid cooling equipment also stand to benefit as clusters become larger and more complex.

Key Takeaway In short, Morgan Stanley’s revised cost estimates don’t signal the AI boom is running out of steam. They highlight that building frontier AI has become an increasingly exclusive club.

That’s ultimately good news for companies with fortress balance sheets and established AI ecosystems. Nvidia, Microsoft, Amazon, and Meta remain among the best-positioned businesses to absorb higher costs while spreading those investments across massive cloud platforms and growing AI services.

For retail investors, the lesson is straightforward: the AI revolution isn’t getting cheaper — but its rising cost may widen the competitive moat around the industry’s biggest winners.

Meet America's Newest $1b Unicorn (Sponsor) A US startup just passed a $1 billion private valuation, joining billion-dollar private companies like OpenAI and ByteDance. Unlike those other unicorns, you can invest in EnergyX right now; but only until July 16.

Over 50,000 people already have, along with global giants like General Motors and POSCO.

Here's why there's so much interest: EnergyX's patented tech can recover up to 3X more lithium than traditional methods. That's a big deal, as demand for lithium is expected to 5X current production levels by 2040. Become an early-stage EnergyX shareholder before the 7/16 investment deadline.

Contact [email protected] for any questions or corrections.

FTSE 100 flat at 10,530 Miners fall on weaker China GDP Barratt Redrow, ICG, B&M, NextEnergy Solar publish updates  2.07pm: Oil calm despite new US-Iran strikes Oil prices are remaining relatively sanguine despite new daylight strikes by the US on Iran. 

Brent crude has eased back towards US$85 a barrel after earlier touching about US$86.50, although prices remained elevated compared to two weeks ago.

US Central Command said it had completed another round of strikes on Greater Tunb Island, near the Strait of Hormuz, targeting coastal defence systems and cruise missile storage and launch sites.

The operation was "designed to further degrade military capabilities Iranian forces have used to attack commercial shipping in the Strait of Hormuz", it said.

The latest strikes followed an earlier wave launched during daylight hours, marking a departure from previous US operations, which had taken place overnight.

Iran has vowed a "decisive response" after local media reported that seven military personnel were killed in a US strike on a military base in Bampur in the country's south-east, with several others wounded.

1.19pm: Ed Miliband no longer favourite to be Chancellor Prediction markets are still struggling to settle on who will become Britain's next chancellor.

On Polymarket, the favourite is now Shabana Mahmood, with an implied probability of 43.8% for the current Home Secretary, ahead of former home secretary Yvette Cooper on just over 35%.

Former Labour leader Ed Miliband is a distant third on 17%, having been favourite a week ago at over 65% implied probability, while previous favourite Wes Streeting is rated an outsider at 3.5%.

The market has been volatile over the past 24 hours, with Cooper briefly overtaking Mahmood before the latter regained the lead.

The market is likely to have turned amid Westminster reports that senior allies of Burnham believe they have succeeded in blocking Miliband from the Treasury, on concerns he would become a lightning rod for criticism of the government.

Elsewhere, a Bloomberg survey of market participants showed Miliband is investors’ least favoured choice, with Mahmood not far behind him. Wes Streeting is by far the most market-friendly choice, apparently.  

12.13pm: European stocks in the red, US futures green London's blue-chips and those in other European financial centres remain under pressure at midday trading, although losses have eased slightly, with the pan-European Stoxx 600 only down 0.1%

Germany's DAX continued to lag with a 0.8% decline, with falls of 0.5-0.6% in Madrid and Milan, while in Paris the CAC 40 is down 0.2%.

Wall Street looked set for a slightly more sanguine start, led by the tech sector, with Nasdaq futures up 0.5%, S&P 500 futures rising 0.1% and those for the Dow little moved.

Summing up yesterday's Wall Street session, market analyst Kenny Polcari of SlateStone Wealth said investors were able to look through IBM's record one-day share price drop thanks to stronger-than-expected bank earnings and easing US inflation.

"The banks steal the show as they kick off the earnings season," he says, with five of the largest banks in the country together earning roughly $49 billion in profits, a 39% annual increase, inclduing JPM and Goldman Cash posting the best quarters in their history.

Today's earnings include ASML Holding, Johnson & Johnson (NYSE:JNJ), Morgan Stanley (NYSE:MS), BlackRock and BNY Mellon.

11.53am: Save our stock market Ahead of Andy Burnham being confirmed as the new PM, which is expected on Friday, the Association of Investment Companies has drawn up its wish list to "save our stock market".

Top of it is a familiar demand from the City: scrap the UK's 0.5% stamp duty on share purchases.

The trade body for the investment trust sector argues the tax is making UK equities less attractive at a time when London is already losing listed companies to overseas buyers and struggling to attract new flotations.

AIC chief executive Richard Stone points to Peel Hunt analysis showing the value of takeover bids for UK-listed companies was 27 times greater than the value of IPOs in the first half of 2026.

He also wants Burnham to reverse the cut in venture capital trust tax relief from 30% to 20%, arguing it risks starving fast-growing businesses of funding before they reach the stock market.

Stone warned that London's challenges could intensify as blockbuster US listings continue to dominate global markets, citing the recent flotation of SpaceX and expected IPOs from Anthropic and OpenAI, which could further increase the weighting of US shares in global equity indices.

"The situation on the London market is now so serious that it requires bolder interventions to save our stock market," Stone says, adding that abolishing stamp duty "would give the biggest financial return to the UK economy by encouraging more investors to buy UK equities and drive economic growth."

He notes that investment trusts make up 36% of the FTSE 250 and seven constituents of the FTSE 100, saying they are subject to "onerous double taxation given that the trusts themselves pay stamp duty when they buy UK shares, then investors have to pay stamp duty on the shares of the investment trusts".

11.16am: Netflix earnings tomorrow  One of the first US tech companies stepping up to the plate is Netflix, though it's more media that tech.

Chris Beauchamp at IG says the Q2 numbers "are an opportunity for the company to stop the year-long decline in its shares that have seen them lose over 45%".

Cash flow and margins are holding up, "but in a world of growing competition and the inevitable creep of AI, Netflix has to show that it can retain the engagement of its subscribers", he says.

"That is a long and never-ending task, so while tomorrow's numbers provide a chance to tell that story, it won't be a one-and-done.

"Alongside progress on that front, investors will want to see how the firm can squeeze more cash out of advertising from its cheaper tiers - ad revenue is only 6% of sales, so there is more to be done.

"The current rout in the shares is nowhere near as bad as 2022 yet, but unless Netflix can convince shareholders that it has a workable plan, then more losses seem likely."

10.59am: PayPal is 'dirt cheap' The reported bid for PayPal from Stripe would put the payments group "out of its misery" after years of miserable share price performance, says Dan Coatsworth at AJ Bell.

"The payments sector has long been a hive of activity for takeover activity, and one must wonder why PayPal hasn’t already been picked off," he says, following its acquisition by eBay in 2002 for about US$1.5 billion then being spun back out in 2015.

The payments group was "merrily on its way to greatness when suddenly Apple Pay and Google Pay took off and grabbed some of PayPal’s market share", Coatsworth says, and has seemed to be further "left behind" in a busy market that has also seen the likes of Stripe, Block and Adyen become challengers.

"If the bid rumours are true, Stripe and Advent obviously see an opportunity to buy a company that’s down but not out," he says.

"The brand still has considerable trust among the public and business community, and it makes a decent profit. It is plugged into many of the hot payment themes including mobile payments, digital wallets and buy now, pay later. For Stripe, it provides a consumer-facing brand.

"Importantly, PayPal is dirt cheap. At its peak, the shares traded on more than 60 times earnings. They’re now on less than nine times which is the sort of rating that’s rarer than hen’s teeth in the payments sector."

10.43am: NextEnergy Solar sale process  Shares in NextEnergy Solar Fund are shining 5% brighter after the investment trust launched a formal sale process.

Jefferies analyst Matthew Hose says a sale "appears to be the best way forward", based on the valuation implied by Drax's offer for Bluefield Solar Income Fund as evidence of what solar assets are worth to trade buyers.

A sale would allow NextEnergy to repay its preference shares, Hose adds, avoiding potential dilution to ordinary shareholders at a later stage.

It might not be the simplest process, with the analyst flagging several complications in sourcing bids, though on the plus side the notice period under the management contract is only 12 months

10.27am: PayPal bid reported Across the pond, PayPal shares have surged 16% in pre-market trading after reports that Irish-US payments startup Stripe has teamed up with private equity firm Advent International to make a joint $53 billion takeover bid.

According to Reuters, Stripe and Advent have offered US$60.50 a share, representing a 28% premium to PayPal's closing share price on Tuesday.

A proposal was submitted earlier this month, the report said, following an initial approach in early April.

10.15am: ICG is top riser Alternative asset manager ICG is now top of the Footsie leaderboard, after a Q1 trading update. 

The private credit investor reported fundraising of $4.1 billion, towards management's guidance for the full year to be below last year's $17 billion.

Analyst Abid Hussain at Panmure Liberum said this was "strong" and realisations were ahead of expectations at $1.98 billion, compared to his forecast of $1.68 billion.

Fee-earning AUM was in line at $88.1 billion, with total AUM at $126 billion versus his $127 billion estimate. 

"Overall a solid, low drama quarter from management," Hussain said, with the shares trading on a nine-times two-year forward PE and the stock down 13%, "derating alongside the sector despite solid underlying performance, leaving today's numbers reinforcing what we see as a widening valuation opportunity".

10am: China thoughts Various thoughts on China are appearing in my inbox, after GDP growth slowed to 4.3% in the second quarter, its slowest pace since 2023, below the official target range of 4.5-5% for this year.

Construction was the main drag, with growth in industrial output and construction slipping to 3.0% from 4.9% in Q1, while services sector growth was steady.

Retail sales rose 1.0% in June, after falling 0.5% in May, with sales of autos, household appliances and construction materials all posted double-digit falls.

Duncan Wrigley at Pantheon Macroeconomics says: "We had expected accelerated local government bond issuance in June to drive a modest improvement in infrastructure investment, but this has yet to appear".

Manufacturing output surged 6.0% y/y in June, up from 4.4% in May, as strong export demand outweighing sluggish domestic demand, he notes.

"Policymakers will see a ‘K’-shaped economy: vibrant high-tech manufacturing and exports in stark contrast with anaemic domestic demand, dull traditional industries and falling construction activity."

He adds: "We are hopeful of fresh thinking to tackle the underlying causes of weak consumption activity, namely the soft jobs market, the prolonged property sector downturn and people’s worries about future outlays as they age.

"More targeted property market support is likely. Meaningful social security reform, however, remains a longer-term project."

Laurence Booth, market analyst at CMC Markets, says: "Markets are trying to reconcile two very different signals. China's weaker growth figures point to softer global demand, while rising oil prices are putting inflation back on investors' radar.

"Until recently, markets were becoming more comfortable with the idea that inflation was steadily moving lower. Higher energy prices now challenge that view, particularly in Europe and the UK, where central banks remain wary of second-round inflation effects.

"That leaves investors in an uncomfortable position. Slower global growth would normally support the case for lower interest rates, but if energy prices remain elevated, policymakers may have less room to ease than markets currently expect."

9.19am: FTSE down, DAX down further The FTSE 100 was down more than 80 points a short while ago, but has cut that deficit to around 35 points now. 

Miners are being hit by weaker-than-expected Chinese GDP, with concerns about economic growth generally immediately seen by investors as likely to hit demand from the world's biggest consumer of industrial metals.

China's economy grew 4.3% in the second quarter, down from 5.0% in the first three months of the year and marking its weakest pace of expansion in three years, prompting investors to sell mining shares.

Precious metals also gave back some of the previous day's gains as risk appetite improved and rate expectations eased following softer US inflation. 

A drop of 0.3% for London blue-chips compares to a 0.9% fall for Germany's DAX, which is the worst performing of the European markets this morning. 

The DAX is underperforming due to falls for semiconductor group Infineon Technologies (XETRA:IFX, OTC:INFNNY), online retailer Zalando and defence contractor Rheinmetall, while chemicals groups BASF and Bayer also declining possibly reflecting the China growth angle.

This is despite Dutch semiconductor equipment maker ASML raising its 2026 guidance for a second time.

After yesterday's mildly positive session, European shares are lower this morning as the US continued to launch strikes on Iran overnight.

Crude oil prices are a bit firmer, with Brent up 1.5% to $86 a barrel, "though oil prices are trading a range and not taken out yesterday’s one-month high after Trump rowed back threats to impose 20% tolls on ships transiting the Strait," says market analyst Neil Wilson at Saxo. "Classic TACO Tuesday I guess."

After the softer CPI reading, Wilson also picks up on Fed chair Kevin Warsh's message that it is not mission accomplished yet.

After Warsh reiterated that the Fed has "no tolerance for persistently elevated inflation", Wilson wonders if this is "the Mario Draghi ‘whatever it takes’ approach or does it mean July is still live". 

8.57am: B&M shares fall despite 'solid' quarter B&M shares are down 4% after the Q1 trading update, but analyst Jonathan Pritchard at Peel Hunt says it was a "solid" quarter.

He says that the 2.3% UK LFL decline "is in line with forecasts, following the shape of the weather, up against a huge prior-year comparative from April last year (+10.9%)".

Overall, he sees B&M entering Q2 "with less seasonal volatility and a more stable base", with France (+5.3%) and Heron Foods (+2.6%) both ahead of his forecasts.

"In conclusion, it was a solid first quarter, with performance in keeping with our forecasts, and the wider market, and we expect consensus is likely to be largely unchanged following today’s update."

8.33am: Barratt Redrow - what analysts are saying Some analysis of the Barratt Redrow numbers.

Clyde Lewis at Peel Hunt notes that completions were slightly ahead of the guided range, with adjusted PBT expected to be in line with the current City consensus forecast, and the order book is "only modestly lower" than the prior year.

With the planning backdrop continuing to pose difficulties, minimal growth in house prices and build cost inflation likely to be 3-4%, the business is "likely to see further gross margin pressure in FY27E", he reckons.

With admin costs and interest charges guided to increase by circa £40-45 million, this implied downgrades to its current PBT forecast of £568 million.

But Charlie Campbell at Stifel sees the outlook is "broadly where consensus is already" and growth "not predicated on better sales rates". Build cost inflation of around 3-4% compares to consensus at around 4%.

The shares trade at 0.6x book value, an 8% discount to the sector, "and only a little up on its lowest valuation since May 2012", Campbell says. 

"We expect the shares to perform well in the next twelve months if the UK's inflation shock is short and sharp rather than prolonged."

8.15am: FTSE 100 opens lower as miners weigh The FTSE 100 has dropped 65 points to 10,464 in opening trades, led by the mining sector. 

Precious metals miners Fresnillo and Endeavour, along with copper-focused Antofagasta, make up the bottom three, with Anglo American and Rio Tinto a little behind. Gold, silver and copper are down 0.6-0.3% this morning. 

Also among the bigger fallers are telecoms pair BT and Vodafone, along with defence and aerospace names Melrose, Babcock and BAE Systems.

Topping the leaderboard is Barratt Redrow, up just over 4% as its results impressed. Sector peer Persimmon is carried up 1.5% from read-across. 

Only 15 of the index are in positive territory so far this morning. 

7.57am: B&M mixed B&M European Value Retail has reported first-quarter sales growth of 2% as strong trading in France and steady growth at Heron Foods helped lift the top-line revenue despite continuing soft trading in its core UK business.

The discount retailer said revenue rose to £1.43 billion in the 13 weeks to 27 June from a year earlier.

Revenue at B&M UK increased 0.3% to £1.14 billion, although like-for-like sales, which measure performance at stores open for at least 14 months, fell 2.3%. The decline was said to reflect a comparison with a stronger start to the garden season last year.

7.46am: Barratt bets on buybacks over dividends Barratt Redrow has pledged to return £400 million to shareholders after deciding buybacks represent better value than paying larger cash dividends, as the housebuilder reported annual profits in line with expectations.

The FTSE 100 group completed 17,667 home sales in the year to 28 June, at the top end of its guidance range and up from 16,826 a year earlier.

There was net cash of £772 million at year-end, well ahead of the £550-650 million range it guided to in April, helped by lower land spending and delayed building safety remediation payments.

Looking ahead, completions are seen increasing to 17,700-18,200 in the new financial year, with "minimal" house price inflation but 3-4% build cost inflation. 

7.28am: Rates in focus The boost to the market from the US CPI inflation is not likely to last long, reckons market analyst Ipek Ozkardeskaya at Swissquote.

A softening in the annual rate of CPI and a month-on-month fell tamed hawkish Federal Reserve expectations, leading to a sharp pullback at the short end of the US Treasury yield curve.

The US two-year yield, which best captures Fed rate expectations, fell 10 basis points yesterday, with Fed funds futures now pricing out a July hike and sending the probability of a September rate hike down to 60% from 77% before the CPI release.

"But because the drop in US inflation was largely driven by the sharp pullback in energy prices, the inflation relief will probably not last long," Ozkardeskaya says. 

"Middle East tensions are escalating. The US President walked back his latest – and perhaps one of the most absurd proposals yet – to charge a 20% fee on all ships transiting the Strait of Hormuz (we did the math yesterday: it would amount to a $30–34 million fee per oil tanker and would be against international law).

"Yet strikes in the region continue, energy infrastructure is being damaged, and oil and gas prices are rising. US crude is consolidating its rebound near $80 per barrel, Brent is trading near $85pb. NYMEX natural gas remains stable below $3, yet European TTF futures are up more than 30% since the June dip."

Deutsche Bank's Jim Reid notes that the 10-year US Treasury yield traded low as 4.521% post-CPI but it then climbed somewhat, "in part as Fed chair Kevin Warsh continued to strike a tough note on inflation as he delivered his first testimony as Chair before the House Financial Services Committee".

Reid says Warsh refrained from any direct policy guidance, but stressed that the softer CPI print did not mean "mission accomplished".

The central bank chief also said that "members of our Committee have no tolerance for persistently elevated inflation". 

In all, says Reid, "the new Chair looked to cement inflation-fighting credibility. But he was fortunate to be making these tough remarks in a day of soft CPI, with the inflation data easing the pressure for any immediate policy tightening".

FTSE 100 Live pre-open London and European shares are predicted to struggle on Wednesday morning, in contrast to gains for most Asian and US stocks after a shift in rate expectations following US inflation data yesterday. 

The FTSE 100 is expected to open around 40 points lower, according to the futures market, more than erasing the 31 points added yesterday when the index closed at 10,529.39.

Wall Street enjoyed a positive session overnight, following the biggest monthly fall in US CPI inflation for six years, which boosted hopes that the Federal Reserve may not need to raise interest rates this month.

The Nasdaq led the gains, climbing 0.9% as semiconductor stocks rallied, while the S&P 500 added 0.4% and the Dow Jones edged up just 10 points, held back by a big fall for IBM.

Asian markets are mostly higher, led by the tech sector, with Korea's Kospi jumping 7.3% and Japan's Nikkei up 1.45%, with US futures also positive, again led by the tech-powered Nasdaq, up 0.8% currently. 

Stock futures are pointing to a higher open as investors digest a flurry of earnings reports from major companies; oil prices are higher as the U.S. and Iran continue to trade strikes; PayPal shares are surging following a report that Stripe and Advent International have made a joint offer to buy the payments giant; ASML shares are gaining after the maker of chip manufacturing equipment reported strong results and lifted its sales forecast; and Morgan Stanley, Johnson & Johnson, Conagra and United are among the other big names reporting earnings today. Here's what you need to know today.

Morgan Stanley (MS - Free Report) came out with quarterly earnings of $3.46 per share, beating the Zacks Consensus Estimate of $2.89 per share. This compares to earnings of $2.13 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +19.72%. A quarter ago, it was expected that this investment bank would post earnings of $3.06 per share when it actually produced earnings of $3.43, delivering a surprise of +12.09%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Morgan Stanley, which belongs to the Zacks Financial - Investment Bank industry, posted revenues of $21.35 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 8.90%. This compares to year-ago revenues of $16.79 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Morgan Stanley shares have added about 28.2% since the beginning of the year versus the S&P 500's gain of 10.2%.

What's Next for Morgan Stanley?While Morgan Stanley has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Morgan Stanley was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.89 on $18.99 billion in revenues for the coming quarter and $11.98 on $77.67 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Bank is currently in the top 22% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, BGC Group (BGC - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 30.

This brokerage company is expected to post quarterly earnings of $0.34 per share in its upcoming report, which represents a year-over-year change of +9.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

BGC Group's revenues are expected to be $814.9 million, up 3.9% from the year-ago quarter.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Broadcom (NASDAQ:AVGO | AVGO Price Prediction) has become the purest AI infrastructure play outside of NVIDIA (NASDAQ:NVDA), and its custom accelerator business is scaling at a pace few semiconductor stories have ever matched. Shares change hands at $391.30, giving the chip designer a market cap near $1.86 trillion. The question for a retail investor putting $5,000 to work today is simple: what could that stake look like by 2031?

The Base-Case Projection Using the 247Wall St. price prediction engine’s five-year horizon, a $5,000 investment in Broadcom could be worth about $6,575 by July 14, 2031, a total return of 31.5%. That reflects a base-case share-price target of $514.55 and an annualized return of 5.63%. Model confidence sits at 90%, with the underlying 247Factor rated High.

Bull, Base, and Bear Scenarios by 2031 Because five years is a long runway for a semiconductor cycle, the range of outcomes is wide. Here is how a $5,000 stake maps to each modeled scenario.

This infographic projects how a $5,000 investment in Broadcom (AVGO) could grow by 2031, detailing bull, base, and bear case scenarios alongside key financial metrics. Scenario 2031 Share Price Total Return Ending Value of $5,000 Bull $815.35 108.37% $10,418.50 Base $514.55 31.50% $6,575.00 Bear $393.55 0.57% $5,028.50 For added context, Wall Street’s 12-month consensus target sits at $523.73, with 92% bullish sentiment across 7 Strong Buy, 37 Buy, and 4 Hold ratings. No sell ratings currently exist on the name.

Why the Model Sees Upside Three drivers underpin the five-year setup. First, AI semiconductor revenue is compounding at a pace rarely seen in mature chip franchises. Q2 FY2026 AI revenue hit $10.8 billion, up 143% year-over-year, and management guided Q3 AI revenue to $16 billion, growth of more than 200%. CEO Hock Tan told analysts that “2027 will exceed, very easily, $100 billion” in AI semiconductor sales, with Q2 AI bookings of over $30 billion providing visibility into 2028.

Second, the customer roster reads like a who’s-who of frontier compute. Broadcom now has multi-generation, multi-gigawatt commitments with Google, Anthropic, OpenAI, and Meta, including OpenAI’s 1.3 gigawatts in 2027 and Meta’s 3 gigawatts through the end of 2028. Retail investors also cheered a $30 billion-plus Apple chip deal running through 2031, which drove r/wallstreetbets sentiment to 75 (Bullish) on July 9.

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Third, the financial model is throwing off cash. Q2 free cash flow reached $10.26 billion at a 46% margin, adjusted EBITDA ran at 69% of revenue, and the company has raised its dividend for 15 consecutive years. The 247Factor picks this up as +0.03 earnings-growth contribution and a 1.15 technology-sector momentum multiplier.

What Could Sink the Projection Broadcom’s setup is impressive, but the bear case is not hypothetical. Roughly half of revenue now comes from a handful of hyperscale customers, and any pause in AI capex, particularly among frontier labs, would land directly on the P&L. Management explicitly cited dependence on a limited number of large customers and cyclicality in the semiconductor industry as top risks.

Valuation is the second concern. AVGO trades at a trailing P/E of 67 and roughly 21x forward earnings, so any miss on AI shipments or gross-margin compression from the semiconductor mix shift, which management already flagged as pulling consolidated gross margin down to approximately 74%, could reprice the stock quickly. Add in supply-chain and contract-manufacturing dependencies, global trade restrictions, and a beta of 1.46, and the bear-case flatline in the table above becomes easier to picture.

The Bottom Line By 2031, the model’s range for a $5,000 stake in Broadcom runs from roughly $5,029 in the bear case to about $10,419 in the bull case, with a base case near $6,575. Analyst consensus is emphatically constructive, model confidence is high, and the AI order book gives management visibility that few chip companies enjoy. These figures are projections built on today’s inputs, not guarantees, and this article is not investment advice. Investors sizing an entry should watch AI shipment guidance, hyperscaler capex commentary, and gross-margin trajectory as the next signals that will move this range.

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90 per cent of Canadians have visited a hotel restaurant even when they weren’t staying at the property.¹OpenTable launches its second annual Top 50 Hotel Restaurants in Canada for 2026.Canadians spend nearly an hour researching and booking restaurants for a trip¹ - OpenTable also unveils an evolution to Concierge to help give that time back TORONTO, July 15, 2026 (GLOBE NEWSWIRE) -- Hotel restaurants are playing an increasingly central role in how Canadians dine and travel. New OpenTable data shows hotel dining is on the rise across Canada, with dining at hotel restaurants in 2026 up seven per cent, year-over-year.² To help diners discover standout spots near and far, OpenTable launches its second annual Top 50 Hotel Restaurants in Canada for 2026.³

Alongside the list, OpenTable is spotlighting new insights into how Canadians are embracing hotel restaurants across travel, staycations or everyday dining experiences that feel like a getaway.

The destination is dinner: Nearly half (49%) of Canadians have dined at a restaurant located in a hotel within the last six months and 90 per cent have said they visited a hotel restaurant even when they weren’t staying at the property.¹ Much of that momentum is being driven by locals, not just out-of-town guests, with dining in Canada seeing a 13% increase from locals, year-over-year.²

“Don’t sleep on the hotel restaurant. Some of the best tables are just past the lobby, and you don't need a room key,” says Matt Davis, Head of North America Hotels at OpenTable. “These venues have become dining destinations in their own right, pulling in locals just as much as travellers. With 44 per cent of Canadians booking a hotel in their own city or nearby area for a staycation,¹ a great hotel restaurant turns a regular night out into something that feels like a trip, no check-in required.”

"A great hotel restaurant feels intrinsically connected to its city, brought to life through excellent food, quality cocktails and thoughtful service,” says William Kresky, Executive Chef at Café Boulud Toronto. “By balancing consistency with innovation and letting the seasons shape the menu, we continue to welcome a diverse mix of loyal locals, international travellers and business guests.”

Holiday planning, food-first: For many Canadians, restaurants are becoming a reason to book the trip, not just part of the plan. Forty-three per cent say they have chosen a travel destination because of its food or restaurant scene and over a quarter (28%) have booked a hotel specifically because of its restaurant.¹ Food also plays a key role in pre-travel planning, with 39 per cent saying they research restaurants and bars the most before a trip.¹

Beyond where they eat, travellers are also exploring what they eat. Contemporary Asian cuisine is one of the trending cuisines for travellers, up 71 per cent year-to-date, year-over-year, ³ with hotel restaurants like Masaki Sushi & Sake Bar in Niagara-on-the-Lake on the top list offering a bold, globally inspired menu.

Experience is on the menu: OpenTable data shows experiential dining is up 76 per cent year-over-year among travellers.² Spots on the list that offer unique experiences include Marcus in Montreal with Sommelier Soirées, Langdon Hall in Cambridge with its grand tasting experience and Wild Blue Restaurant + Bar in Whistler with a Mountaintop dinner.

Less scrolling, more savouring: For almost half of Canadians (47%), finding restaurants near their hotel or activity is the hardest part of planning where to eat while travelling, with travellers spending an average of 55 minutes researching and booking a restaurant for a trip.¹ Nearly a third of Canadians (31%) plan to use AI tools to discover and book reservations while travelling this year, rising to 53 per cent among Gen Z.¹

Introducing Concierge: With summer travel season in full swing, OpenTable is launching a new evolution of Concierge, its AI-powered dining assistant, now available directly on the OpenTable homepage. Diners can describe exactly what they are looking for using natural language, from a spot locals love to the perfect date night nearby, and Concierge will surface options across OpenTable's global network of more than 65,000 restaurants, powered by verified reviews, menus and real-time availability.

Explore OpenTable’s full Top 50 Hotel Restaurants in Canada for 2026³ for your next dining adventure. The list, organized in alphabetical order per province, features 24 restaurants in Ontario, 12 in British Columbia, eight in Alberta, five in Quebec and one in Atlantic Canada.

To explore the full list, city-specific guides, and understand flight and hotel pricing with the help of KAYAK, visit OpenTable’s top hotel restaurant hub at https://www.opentable.ca/c/en/top-restaurants/top-50-hotel/ 

Alberta

1888 Chop House, Fairmont Banff Springs, Banff

Castello Italiana, Fairmont Banff Springs, Banff

Fairview Bar & Restaurant, Fairmont Chateau Lake Louise, Lake Louise

Lakeview Lounge, Fairmont Chateau Lake Louise, Lake Louise

Post Hotel Dining Room, Post Hotel & Spa, Lake Louise

Rundle Bar, Fairmont Banff Springs, Banff

The Keg Steakhouse + Bar - Calgary 4th Ave, The Westin Calgary, Calgary

Waldhaus, Fairmont Banff Springs, Banff

British Columbia

ATLAS steak + fish, Delta Hotels Burnaby Conference Centre, Burnaby

Botanist, Fairmont Pacific Rim, Vancouver

Boulevard Kitchen & Oyster Bar, The Sutton Place Hotel Vancouver, Vancouver

Gordon Ramsay Steak, River Rock Casino Resort, Richmond

Hawksworth Restaurant, Rosewood Hotel Georgia, Vancouver

Hy's Steakhouse Whistler, Delta Hotels by Marriott Whistler Village Suites, Whistler

Mott 32, Paradox Hotel Vancouver, Vancouver

Prophecy, Rosewood Hotel Georgia, Vancouver

Reflections The Garden Terrace, Rosewood Hotel Georgia, Vancouver

Tableau Bar Bistro, The Loden Hotel, Vancouver

The Victor - Parq Vancouver, JW Marriott Parq Vancouver, Vancouver

Wild Blue Restaurant + Bar, Aava Whistler Hotel, Whistler

Atlantic

The Little Sparo, DoubleTree by Hilton St. John's Harbourview, St. John’s

Ontario

21 Club, Fallsview Casino Resort, Niagara Falls

Abrielle, The Sutton Place Hotel Toronto, Toronto

Akira Back, Bisha Hotel, Toronto

Alder, Ace Hotel Toronto, Toronto

Café Boulud, Four Seasons Hotel Toronto, Toronto

Cannery Restaurant, Pillar and Post Inn & Spa, Niagara-on-the-Lake

CLOCKWORK, Fairmont Royal York, Toronto

Don Alfonso 1890, The Westin Harbour Castle, Toronto

Isabelle Restaurant + Lounge, The Pearle Hotel, Burlington

KŌST, BISHA, Toronto

Langdon Hall Dining Room, Langdon Hall Country House Hotel & Spa, Cambridge

Library Bar, Fairmont Royal York, Toronto

LOUIX LOUIS, The St. Regis Toronto, Toronto

Masaki Sushi & Sake Bar, Moffat Inn, Niagara-on-the-Lake

Morton's The Steakhouse, Park Hyatt Toronto, Toronto

Neros Steakhouse, Caesars Windsor, Windsor

Ponte Vecchio, Fallsview Casino Resort, Niagara Falls

REIGN, Fairmont Royal York, Toronto

Rooftop Bar at the Broadview Hotel, The Rooftop, Toronto

Sportsnet Grill at Toronto Marriott City Centre, Marriott Hotel, Toronto

The Drawing Room, Prince of Wales Hotel, Niagara-on-the-Lake

The Tea Room, Windsor Arms Hotel, Toronto

TOCA - The Ritz-Carlton, The Ritz-Carlton, Toronto

TONO by Akira Back, W Toronto hotel, Toronto

Quebec

Bar George, Le Mount Stephen, Montreal

Le Champlain, Hotel Le Champlain, Quebec City

Maison Boulud, The Ritz-Carlton, Montreal, Montreal

Marcus, Four Seasons Hotel Montréal, Montreal

Terrasse William Gray, Hôtel William Gray, Montreal

Notes to Editors

Consumer Research Methodology: An online survey was conducted by Ripple Research amongst 1500 CA residents who have dined in a restaurant located in a hotel within the last 5 years or less, and major cities weighted to 200. Fieldwork was carried out between May 28, 2026 and June 2, 2026. All data was collected in accordance with MRS (Market Research Society) and ESOMAR guidelines, ensuring ethical standards and robust data quality.OpenTable Dining Data: OpenTable looked at seated diners from online reservations for all active hotel restaurants, and by traveller type and Experiences, on the OpenTable platform in CA from January 1, 2026 - April 19, 2026, and compared it to the same time period the year prior.The Top 50 Hotel Restaurants in Canada: The Top 50 Hotel Restaurants in Canada for 2026 list is generated from over 1,100,000 reviews from verified OpenTable diners and dining metrics from May 1, 2025 - April 30, 2026. Restaurants with a minimum threshold of diner reviews were considered and evaluated by a compilation of unique data points, including diner ratings and the percentage of five star reviews. Metrics were weighted to comprise an overall score. The resulting list appears A-Z, not in ranked order.

Providers give a 6.1 payer trust score, up from 5.4 in the previous study Providers weigh in on the potential of technology-enabled solutions to reduce administrative burden and save valuable time , /PRNewswire/ -- Aetna®, a CVS Health® company (NYSE: CVS) today announced findings from the second Aetna Provider Survey. The Aetna Provider Survey is a quarterly study that polls the U.S. provider market to better understand their perceptions on payers and the industry, today and into the future. This survey series is intended to solicit timely, objective feedback from the U.S. provider market so we can identify opportunities to change the provider-payer dynamic and deepen trust over time.

The study revealed the average provider-payer trust score on a scale from 1-10 is now 6.1, up from 5.4 in the first quarter (Q1), with 38% of providers ranking payers 8 or higher. Providers are also recognizing that payers are making strides in several areas:

52% agree payers consistently deliver on their promises, an increase of 16 percentage points from Q1 56% agree payers provide clear coverage information, an increase of 12 percentage points from Q1 44% agree payers help patients navigate the health care system, an increase of 6 percentage points from Q1 "Trust is a foundational element of health care today. To truly transform the system, we need to continue to deepen the provider-payer relationship," said Steve Nelson, Executive Vice President and President of Aetna, "At Aetna, we've invested significant time and resources to listen to our provider partners and take actions accordingly.  I'm encouraged to see that these efforts are being acknowledged and, while there is more work ahead, we are heading in the right direction today and into the future."

Reducing administrative burden to unlock more time for patient care
Providers continue to rank administrative burden as their top challenge, pointing overwhelmingly to managing patient records or prior authorization as the single biggest contributor — together, 84% of responses. They identified submitting prior authorization requests (58%), re-entering patient information (42%) and submitting claims (41%) as key pain points that can be unlocked by technology. 

By rolling out technology enabled solutions, providers saw meaningful time savings for clinicians that can be redirected to patient care. More than 30% of respondents expect to save more than an hour and 80% expect to save more than 30 minutes daily. 

Improving interoperability to help improve patient care
The majority (68%) of providers cited interoperability and data integrity as their top technology challenge, with almost a third (29%) stating that providing real time patient data is the most important action payers can take to help their clinical teams.  In fact, almost half of respondents (47%) believe that having this data could save more than 10 minutes per appointment.

Providers cited other tangible benefits to their patients, with the top three answers including:

More informed treatment decisions at the point of care (63%) Fewer claim denials and resubmissions (54%)  Reduced patient wait times for treatment approvals (47%) Leveraging digital tools to help members access care 
Providers believe that new digital tools from payers – which include apps, portals and messaging tools – can make a significant improvement in patient navigation and engagement.

71% agree that payers' digital services help patients better understand benefits and care options 68% agree payers' digital services help patients better understand status of a prior authorization 72% agree that payers' digital services help patients understand their claims status Over the next five years, 84% agree that advances in technology will lead to better health outcomes, and 72% expect both population health and the patient experience to improve.

Survey methodology and the Aetna Provider Survey
The national study was conducted in Q2 2026 by Morning Consult, a global decision intelligence company. The survey polled a representative sample of U.S. providers comprised of 723 participants, including hospital system executives, physicians, nurses, pharmacists, and health IT leaders (CTO/CIOs) nationwide. The overall margin of error is ±4 percentage points. 

The Aetna Provider Survey is a quarterly study that polls a representative sample of the U.S. provider market to better understand their perceptions, opportunities, and challenges today and into the future. This survey series is intended to solicit timely, objective feedback from the U.S. provider market so we can identify opportunities to change the provider-payer dynamic and deepen trust over time.

About CVS Health
CVS Health is a leading health solutions company simplifying health care one person, one family and one community at a time. As of March 31, 2026, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 88 million plan members. The Company also serves an estimated more than 37 million people through a broad range of health insurance products and related services. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.

Media contact
Phil Blando
[email protected]

SOURCE CVS Health

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