NVDA+10%
NVIDIA Corporation
Designs GPUs, rack-scale AI systems, networking and software, and is the largest supplier of AI data-centre compute.
Semiconductors · Target $252.00Latest: Initiation, Oct 9, 2026
Theme
AI infrastructure stocks
Companies selling the chips, systems and cloud capacity that AI models run on. Our research weighs how long data-centre spending lasts, who wins inference, and whether contracted backlog turns into cash.
- Companies covered
- 5
- Our ratings
- Buy 0Hold 5 100%Sell 0
- Median implied return
- +5%
- Latest research
- Oct 23, 2026
Companies
By implied returnCBRS+6%
Cerebras Systems Inc.
Builds wafer-scale AI chips and sells high-speed AI inference through its own cloud. Listed in May 2026 at $185.
Semiconductors · Target $180.00Latest: Earnings review, Oct 20, 2026
GOOGL+5%
Alphabet Inc.
Owner of Google Search, YouTube, Android and Google Cloud, selling advertising, subscriptions and devices, and cloud compute and AI infrastructure.
Interactive media · Target $340.00Latest: Initiation, Oct 23, 2026
MSFT+0%
Microsoft Corporation
Software and cloud company selling Azure compute and AI services, Office, Teams, LinkedIn and Dynamics subscriptions, Windows licences, Xbox content…
Software · Target $530.00Latest: Initiation, Oct 19, 2026
ORCL-5%
Oracle Corporation
Enterprise database, applications and cloud infrastructure company with $664bn of remaining performance obligations.
Software · Target $130.00Latest: Initiation, Sep 28, 2026
Latest research
Alphabet: the AI capex bill lands before the AI revenue
We initiate Alphabet at Hold with a $340 target, a 5.1% total return from $324.22. Our FY27E EPS of $12.54 is 17% below consensus of $15.12 because $200bn of 2026 capex takes depreciation from $21bn to $75bn by FY28E and leaves free cash flow negative for two years.
Cerebras 3Q26: the build stayed on schedule, which is what our target already assumes
Core cloud revenue of $223m was 4% above our estimate and 205MW was energised, with the 330MW target for 1Q27 intact. Backlog rose to $26.1bn. Hold and $180 target unchanged. Sample update with illustrative figures and sources.
Microsoft: guidance is now in the numbers, and $529 already pays for it
Microsoft is doing what the bulls say, but the price already pays for it. Free cash flow holds at $68bn in FY27 before more than doubling to $148bn by FY30, and the shares trade at 58x FY27 free cash flow. We initiate at Hold with a $530 target, a 0.9% expected total return.
NVIDIA: the toll road of the AI build-out
Data-centre demand is supply-constrained through FY2028, but at 18.2x our FY2028E EPS the stock already prices much of our base case. We initiate at Hold with a $252 target.
Cerebras Systems: the contract is signed, the build is the risk
Demand is signed and the speed edge is real, but turning a $25.4bn backlog into revenue depends on the build-out. At $169.52 the shares already price our base case, so we initiate at Hold with a $180 target.
Oracle: AI demand is contracted; the cash return is not
Oracle has the most visible backlog in enterprise infrastructure, but we think the Street is capitalising it too quickly. Our FY28E revenue is 13% below the Street estimate, and cash flow stays negative until FY30E. We initiate at Hold with a $130 target.