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Matt Phillips

Bloom Energy earnings get warm reception from analysts

Fuel cell-based power provider Bloom Energy posted better-than-expected Q4 earnings and sales results after the bell on Thursday, sending the stock higher aftermarket and into early Friday trading. Here’s some of the positive chatter from analysts reacting to the bullish results:

Barclays: “What to know: 1) 2026 guide well above the Street for all metrics; 2) Product backlog comes in at $6.0bn with services backlog of $14.0 bn, reflecting 100% attach rate on new bookings.”

Morgan Stanley: “An inflection in growth is now beginning to show up in the financials. Significant 4Q25 earnings beat, product backlog up 2.5x, and 2026 revenue guidance meeting our Street-high forecast: >50% YoY as demand begins to ramp. We stay OW, raise PT to $184 on recent project wins.”

JP Morgan: “We are adjusting our estimates and introducing FY28 estimates with this note. Our YE26 price target goes to $166, from $154. While the stock has significantly outperformed YTD, we maintain our Overweight rating and believe that additional contract announcements should provide further positive catalysts and potentially increased visibility into our unit shipment vs margin sensitivity analysis (see below).”

Evercore ISI: “The most noticeable and arguably most anticipated metric Bloom provided was its current product backlog which currently stands at $6B representing a ~2.5x increase YoY, with total current backlog (product and services) ballooning to $20B. These impressive backlog metrics should provide confidence in the company’s ability to deliver on its newly established $3.1-$3.1B 2026 revenue target (vs. cons. of ~$2.1B) and double its non-GAAP operating income ($450M midpoint vs. $221M 2025A).”

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Luke Kawa

The AI supply chain is soaring thanks to Amazon’s capex budget

If tech companies are going to spend way more than expected on capex, well, that means other companies are poised to benefit from that massive spending spree.

Amazon’s plan for $200 billion in business investment this year was the exclamation point to end a reporting period that saw every Magnificent 7 hyperscaler that provides guidance offer a 2026 capex budget well above what Wall Street had anticipated.

Here’s a look at the different parts of the supply chain that are soaring on the persistent demand for, and seeming scarcity of, AI compute:

Big Tech capital expenditure soared in 2025. It’s going up another 50% in 2026.

Big Tech capital expenditure soared in 2025. It’s going up another 50% in 2026.

Here’s a look at the different parts of the supply chain that are soaring on the persistent demand for, and seeming scarcity of, AI compute:

markets
Matt Phillips

For memory chips, the “parabolic price hike” is continuing to ramp higher

The remarkable run-up in prices for memory chips continued into early February, analysts at Bernstein Research say, driven largely by data center demand from hyperscalers and cloud service providers (CSP).

Prices for NAND flash memory wafers — a type of memory used in devices, as it retains data even when powered down — soared 35% between the end of 2025 and February 2.

Spot prices for DRAM — ubiquitous short-term data storage chips — jumped about 28% in that period. But that massively understates the remarkable shift in pricing for what were long seen as commodity tech hardware inputs. DRAM prices are more than 2,000% over the last year, while NAND prices are up more than 600% in that period.

The ongoing momentum provides still more support for memory chip plays like Micron and Sandisk, which have been big market winners in recent months.

In a note published earlier this week, Bernstein Research analysts wrote:

“The parabolic price hike continued in Jan. Indicated price increase for 1QCY26 is much stronger than we expected and we hence see upside to our near term memory pricing projection. Unrelenting CSP demand remained the main driver. PC and Mobile demand hasn’t been destroyed yet because of lean inventory & pull-forward purchase. Going forward price hike is expected to continue but likely at a slower rate, as PC and Mobile demand should contract meaningfully this year. Price however may stay elevated throughout this year, supported by CSP demand.”

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Tech evangelists are hailing a Claude-fueled seismic shift in computer-based work. Investors are, by and large, selling AI stocks.

Luke Kawa1h
markets
Claire Yubin Oh

Stellantis dives after announcing €22 billion (~$26 billion) charge related to its EV pullback

Stellantis shares are tumbling on Friday, down as much as 25% in trading in Milan and its US listing suffering similarly in the premarket, after the Jeep owner announced it would take €22 billion (~$26.5 billion) worth of charges related to scaling down its electric vehicle ambitions.

Announcing a “reset” of its business, Stellantis detailed that the charges “largely reflect the cost of over-estimating the pace of the energy transition that distanced us from many car buyers’ real-world needs, means and desires,” as well as “previous poor operational execution.” The company’s board has also authorized the company to issue up to €5 billion of nonconvertible subordinated perpetual hybrid bonds, in order to preserve “a strong balance sheet and liquidity position” while the business looks to get back to positive free cash flow generation.

The breakdown of the losses are as follows:

  • €14.7 billion for changing product plans (largely reflecting significantly reduced expectations for battery electric vehicle products).

    • Write-offs related to canceled products of €2.9 billion.

    • Impairment of platforms of €6.0 billion.

    • €5.8 billion of the sum will be cash payments spread over the next four years, relating to “cancelled products as well as other ongoing BEV products whose volumes are now expected to be considerably below prior projections.”

  • €2.1 billion of charges related to the resizing of the EV supply chain.

    • €0.7 billion of that will be cash payments also spread over the next four years.

  • €5.4 billion related to other changes in the company’s operations.

Stellantis’ strong bet on electric vehicles under former boss Carlos Tavares has been de-emphasized since Antonio Filosa became the CEO in June 2025, but this morning’s announcement suggests a much more significant shift in strategy.

The company also noted that these initial measures have returned its business to positive volume growth, sharing in a separate report that the company notched 1.5 million units shipped in Q4 2025, up 9% year on year.

Stellantis will host a call at 8 a.m. ET to discuss the preliminary results, before releasing its full-year report on February 26.

The company also said it will not pay an annual dividend in 2026 and announced that it agreed to sell its 49% stake in battery manufacturer NextStar Energy to LG Energy Solution.

markets
Hyunsoo Rim

Novo and Lilly rise, Hims falls on FDA “illegal copycat drugs” warning

Investors are reacting premarket to US Food and Drug Administration Commissioner Marty Makary signaling a crackdown on unapproved drugs that are marketed as being similar to FDA-approved products.

In an X post on Thursday, Makary said the FDA would “take swift action against companies mass-marketing illegal copycat drugs, claiming they are similar to FDA-approved products,” adding that the agency “cannot verify the quality, safety, or effectiveness” of such products.

While Makary’s post didn’t single out specific companies, it came shortly after telehealth firm Hims & Hers rolled out a much cheaper compounded version of Novo Nordisk’s newly launched Wegovy pill, starting at $49 a month. Hims’ product is not FDA-approved and has not undergone clinical trials to prove safety and efficacy, and Novo yesterday threatened legal and regulatory action.

The launch had initially sparked a sell-off in shares of Novo Nordisk and Eli Lilly, the latter of which is expected to debut its own oral weight-loss pill in April and has pledged lower pricing.

Following Makary’s comments, Hims shares have fallen about 6% as of 6 a.m. ET, while Novo and Lilly partially erased earlier losses, rising 7.5% and 3.8%, respectively.

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