Dec. 12 at 4:44 PM
JPM: AI spending in 2026 will break new records, w/ over
$400B spent b/n
$GOOGL $AMZN &
$META - aong those names, Alphabet & Amazon are poised to deliver the best return on investment - cap-ex will pay off w/accelerating cloud growth & expanding margins.
Google Cloud could see rev growth accelerate to over +40% next year, as enterprise demand for AI compute explodes. Gemini gaining share (650M MAUs) - Gives TP of
$385
Top Pick: Amazon is improving its AI positioning w/ its custom Trainium chips, foundational model platform Bedrock & expanded partnerships. AWS rev growth will reaccelerate to +23% in 2026 (conservative est). FCF to more than double to
$59B in FY26
JPMorgan's "Best Ideas in 2026" list also includes
$DASH &
$SPOT