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Luke Kawa4/29/25

UBS trims price target, cuts estimates on Amazon

Investors are a little too optimistic on how much Amazon will generate in sales and operating profits in a tariff-ridden world with a weaker US dollar, according to UBS.

Analyst Stephen Ju cut his price target on the e-commerce giant to $253 from $272, while reducing his estimates for operating income by 7.1% for 2025 and 10.6% for 2026.

“We make significant updates to our model once again — outside adjusting for FX — as we anticipate some level of tariff-driven demand destruction due to price elasticity,” he wrote. “Data from the Dept. of Commerce suggests goods that Americans have purchased have anywhere from 55-71% imported content across an array of categories, while food and beverage sit lower at 22%.”

That being said, Ju is still a bull on Amazon, with a “buy” rating and a price target that, while lowered, represents significant upside to where shares are currently trading.

“We believe that investor expectations for revenue is ~$155B or the higher end of the guidance range of $151B-$155.5B with operating income at ~$18.5B and also at the higher end of the $14B-$18B guide,” he added.

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Trump and RFK Jr.

Kimberly-Clark to buy Tylenol maker Kenvue, target of Trump’s autism attacks, in a deal worth $48.7 billion

Shares of Kimberly-Clark dropped sharply on the news, while Kenvue jumped.

markets

IREN surges on $9.7 billion deal to provide AI cloud capacity to Microsoft

IREN is surging this morning after inking an agreement to provide Microsoft with access to Nvidia Blackwell GPUs at a data center campus in Texas over a five-year period.

The total contract value is approximately $9.7 billion, per IREN, and includes a 20% prepayment. Dell also gets a piece of the action here, as Iren will purchase these GPUs as well as other equipment from the server maker for about $5.8 billion.

The bitcoin miner turned data center company said the GPUs will be deployed in phases through 2026.

“It marks another major step forward for IREN as we continue to expand large-scale GPU deployments across our 3GW secured power portfolio in North America, reinforcing our position as a leading AI Cloud Service Provider,” said IREN co-founder and co-CEO Daniel Roberts. He told Bloomberg that the deal accounts for about 10% of IREN’s total capacity.

That “secured power portfolio” reference in Roberts’ remarks is critical, and a key selling point for IREN here.

In a recent appearance on Brad Gerstner’s Bg2 Pod, Microsoft CEO Satya Nadella discussed how the key bottleneck for AI deployment doesn’t concern chips, but rather “the ability to get the builds done fast enough close to power. So if you can’t do that, you may actually have a bunch of chips sitting in inventory that I can’t plug in, and in fact, that is my problem today. It’s not a supply issue of chips, it’s actually the fact that I don’t have warm shelves to plug into.”

Jonathan Tinter, president of business development and ventures at Microsoft, echoed those comments in today’s press release, saying: “IREN’s expertise in building and operating a fully integrated AI cloud — from data centers to GPU stack — combined with their secured power capacity makes them a strategic partner.”

markets

US key mineral stocks dip as White House says China’s rollback of rare earth export curbs more comprehensive than previously thought

Shares of US rare earth and key mineral producers are lower in premarket trading after the White House said that China’s rollback of export curbs goes further than previously thought.

Initial news reports suggested that Chinese restrictions on rare earth exports from April would remain intact following last week’s meeting between Trump and Xi, while more recently planned curbs would be delayed. However, the White House’s fact sheet on the trade deal with China published this weekend says that the world’s second-largest economy “will issue general valid licenses” for many key minerals, which “means the de facto removal of controls China imposed in April 2025 and October 2022.”

MP Materials, Lithium Americas, Critical Metals are all more than 1% lower as of 7:10 a.m. ET, while United States Antimony Corp. is off double digits.

Tasha Matsumoto

Stocks climb higher as investors shake off hawkish Fed commentary

The S&P 500 and Nasdaq 100 continued their streak of monthly wins.

MADRID, SPAIN - JUNE 18: Actor Sacha Baron Cohen (C) attends "Bruno" photocall at Plaza de Toros de Las Ventas on June 18, 2009 in Madrid, Spain.

Western Digital Stock Rallies as Wall Street Raises Estimates

Western Digital rallies as Wall Street sees more gains ahead

Analysts responded to yesterday’s Western Digital earnings by rapidly ramping up price targets.

Matt Phillips10/31/25

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