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Luke Kawa

Wedbush analyst Dan Ives adds CoreWeave, IREN, and Shopify to his list of top 30 AI stocks, removes SoundHound, ServiceNow, and Salesforce

Wedbush Securities analyst Dan Ives is still very bullish on the outlook for AI stocks as we creep closer to the start of another new year.

“In a nutshell, this AI Revolution is just beginning today and we believe tech stocks and the AI winners should be bought given our view this is Year 3 of what will be a 10-year cycle of this AI Revolution buildout,” the analyst wrote.

But he’s switching up his roster of potential stock market beneficiaries from the ongoing boom.

Ives added neocloud CoreWeave, bitcoin miner turned data center company IREN, and Shopify to his list of top 30 AI winners (which are held in the Dan IVES Wedbush AI Revolution ETF). To make room for the trio, he axed SoundHound AI, ServiceNow, and Salesforce from the list.

His rationale for the additions and removals:

  • 🟢 CoreWeave: Demand for AI compute will exceed supply in the near term.

  • 🟢 IREN: He’s a fan of its “differentiated approach to providing significant power supply necessary to fuel the AI Revolution.” IREN touted its 3-gigawatt secured power portfolio in North America by announcing a deal to provide compute to Microsoft in early November, and aims to vertically integrate power infrastructure into its data center business.

  • 🟢 Shopify: He’s optimistic on how aggressively the company is integrating AI into its business, both in terms of expanding buying channels and pursuing operational efficiencies.

  • ❌ SoundHound AI: Ives is worried that the company is “facing a difficult competitive landscape” over the coming quarters, noting that it’s leaned more into M&A to add customers.

  • ❌ ServiceNow: He says the company has a “choppy path to monetize on its increased usage.”

  • ❌ Salesforce: Ives says that its AI monetization has been slower than anticipated to date.

Of note: the analyst is leaning a little more into the upstream parts of the AI supply chain, rebalancing his ETF toward the facilitators rather than companies that are closer to end consumers.

“The ability to provide enough infrastructure for these AI initiatives becomes more critical with rising risks regarding keeping these facilities online,” he wrote. “We are incrementally positive on these AI Infrastructure names over the coming years as more enterprises go down the AI path which will only increase compute demand over time creating a larger disparity between supply and demand.”

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markets
Max Knoblauch

United beats Q1 earnings and revenue estimates, lowers full-year profit guidance amid surging jet fuel prices

United Airlines reported its first-quarter earnings results after the bell on Tuesday. The carrier’s shares ticked down in after-hours trading.

For Q1, United reported:

  • Adjusted earnings of $1.19 per share, compared to the Wall Street estimate of $1.08 per share compiled by FactSet.

  • $14.6 billion in revenue, compared to the $14.39 billion consensus estimate.

In the first quarter, United’s fuel expense grew 12.6% from the same period last year to $3.04 billion.

For the second quarter, United expects adjusted earnings per share of between $1 and $2, shy of Wall Street expectations of $2.08. For the full year ahead, United said it expects earnings between $7 and $11 per share, compared to its prior guidance of between $12 and $14 per share.

“Guidance assumes United’s revenue recovers 40% to 50% of the fuel price increases in the second quarter, 70% to 80% of the fuel price increases in the third quarter and 85% to 100% of the fuel price increases in the fourth quarter 2026,” read the company’s investor update.

Earlier this month, United was among the first major US airlines to hike its bag fees amid higher fuel costs. Its shares have fallen more than 15% from a February high days before the war in Iran began.

United has also made waves this month following reports that CEO Scott Kirby had floated the idea of a merger with American Airlines to President Trump. A merger between two of the big four airlines would create a true US behemoth, controlling more than a third of the American market. American Air last week said it wasn’t interested in merging with United and hadn’t held talks on the idea. On Tuesday, Trump told CNBC that he doesn’t like the idea either.

Tasha Matsumoto
4h
Stocks slip as peace prospects dim

Stocks swung from positive to negative as Vice President Vance’s trip to Pakistan for Iran peace talks was canceled.

Grizzly bear growling USA.
markets
Luke Kawa

Hedge funds are following retail traders into the Magnificent 7

Hedge funds are following retail traders into the stocks the masses never stopped buying.

“As we kick off earnings for megacap tech stocks, this stood out: [hedge funds] have started buying Mag7 stocks again this month though positioning remains well below the peak levels seen in early 2016,” wrote Goldman Sachs’ Cullen Morgan.

Goldman PB Mag 7
Source: Goldman Sachs

In early April, JPMorgan strategist Arun Jain noted that retail investors had basically been selling everything but the Magnificent 7 stocks as part of a more cautious stance due to the Iran war.

(Apple has been a long-standing exception to this trend, presumably because retail traders aren’t fond of its hands-off approach to AI.)

JPM Retail flows

Last August, Jain discussed how retail activity tended to “crowd in” institutional buyers in meme stocks, while Goldman’s John Marshall advised clients to piggyback on stocks beloved by retail traders. Speculative, retail-geared assets proceeded to go on a tremendous run that soured in October.

But there are some early indications that a similar bout of speculative fervor is bubbling up once more.

markets
Luke Kawa

POET Technologies surges above $10 for first time in 4 years amid explosion in call volumes

POET Technologies is up nearly 40% this week as options market activity goes haywire in a faint echo of what got the stock on retail traders’ radars in October.

As of 11:12 a.m. ET, more than 10 calls have changed hands for every put traded. This bullish impulse has propelled the stock above the $10 threshold for the first time since March 2022.

Shares of the optical communications firm briefly dipped last week after Wolfpack Research said it was short the company because its investors would be exposed to an “IRS tax nightmare.”

The company responded that day saying it was taking measures for US shareholders that “should mitigate certain potential adverse US federal income tax consequences to it that could otherwise result from the Company’s status as a passive foreign investment company.”

Luke Kawa
10h
The parabolic surge in Avis reached new heights, with shares halted for volatility

More motivated buyers than motivated sellers.

Travelers at Sacramento International Airport (SMF)

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