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Luke Kawa

Dan Ives freshens up list of favorite AI stocks with additions of CrowdStrike, Roblox, GE Vernova, and Nebius

Dan Ives, longtime global head of technology research at Wedbush Securities and recent fashion designer, is giving his “AI 30” list of companies he says will “define the future of the AI theme over the coming years” a fresh look.

In a note on Sunday, Ives announced that these stocks were coming in:

  • CrowdStrike, with the cybersecurity company a beneficiary of the growing importance of data protection as AI’s footprint increases.

  • Roblox, whose “AI-driven discovery initiatives are driving increased platform adoption leading to stronger monetization over the coming quarters.”

  • GE Vernova, a critical energy infrastructure provider to facilitate the AI data center build-out.

  • Nebius, an Nvidia-backed cloud infrastructure provider that sees “demand still outstripping supply,” per Ives.

The AI 30 list feeds into the Dan IVES Wedbush AI Revolution ETF, which launched in the second quarter. It’s up 11.4% since inception, outperforming the Invesco QQQ Trust by a little more than 2 percentage points over this time.

Other AI stocks are just so last season.

By far the biggest name scrubbed from the list is Adobe, which is “off to a slower AI start than we had anticipated,” according to Ives.

C3.ai — a company whose ticker is literally AI — is also getting booted after recently reporting quarterly results that were described as “catastrophic” by analysts at DA Davidson and restructuring its sales team in light of what the CEO called its “unacceptable” performance.

Elastic has been bounced from this circle of trust, with Ives saying the company “is seeing some slowdown in the public sector” while he now sees other companies with better AI prospects.

CyberArk, meanwhile, is getting cut for the best reason: it’s getting acquired by Palo Alto Networks, another stock in the IVES AI 30.

IVES AI 30

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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Paige Oamek

Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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