5 big analyst AI moves: Nvidia replaced as Top Pick, Pinterest downgraded

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• The iPhone Air delay in China was the primary reason for weaker China sales, but we're very enthusiastic about China and expect to return to growth in Q1

  80% confidence

• Cisco's installed base includes tens of billions in aging Cat 4K/6K gear (5-15 years old) with upgrades to AI-enabled Smart Switches to lift Campus growth from 5% in FY26 to about 7% in FY27

  80% confidence

• Nvidia has line of sight to fulfilling $500 billion of orders in 2025/2026 between Blackwell and Rubin

  80% confidence

• Competition remains fierce and the macro treacherous

  80% confidence

• Jefferies' bottom-up model projects around $464 billion in revenue for 2025-2026, with another $36 billion in upside if Nvidia hits the $500 billion estimate

  80% confidence

• Expect numbers will have to continue marching higher and see step function estimate revisions upward over the next year

  80% confidence

• Nvidia remains the clear leader in the AI accelerator market

  80% confidence

• Management's tone on the call was downtrodden with more cautious ad spending trends at larger U.S.-based retailers and cautious commentary around potential tariff impact on home furnishings category

  80% confidence

• Broadcom's AI-related revenue modeled at $10 billion in calendar 2027 but could easily scale to $40-50 billion per year in C28+ as hyperscaler expansion accelerates

  80% confidence

• Enterprise and sovereign demand is approaching $1 billion, up sharply from a couple hundred million dollars in the most recent quarter

  80% confidence

• There is a more challenging environment within certain advertising verticals and growing concerns around the competitive landscape in the gen AI era

  80% confidence

• iPhone revenue strength is expected to be driven by strong demand for the 17 lineup as well as some average selling price (ASP) tailwinds

  80% confidence

• There is a scramble to secure compute to meet demand as hyperscalers rush to lock in AI infrastructure deals

  80% confidence

• Pinterest tap danced around fulfilling long-term revenue growth targets

  80% confidence

• Cisco has secured more than $2 billion in AI orders in fiscal 2025, nearly all from hyperscalers, with two-thirds full systems running Silicon One

  80% confidence

• Apple struggled to keep up with demand for several iPhone 17 and older iPhone 16 models last quarter

  80% confidence

• Cisco is entering a multi-year growth cycle driven by AI infrastructure demand, a large-scale Campus refresh cycle, and momentum in Security

  80% confidence

• Apple has done a good job mitigating memory cost headwinds, as it was a tailwind in the Sep-qtr and it's expected to have no impact on the Dec-qtr

  80% confidence

• Google's TPU volumes could surge with 2026 shipments nearing 3 million units

  80% confidence

• Upside case envisions EPS of $20 in 2027 and potentially $30 in 2028 if OpenAI's capacity expands by 2-3 gigawatts annually

  80% confidence

• Jefferies expects 2027 EPS of $9 and model suggests $10+ in EPS in 2027

  80% confidence

• Broadcom is at an inflection point with larger upside to estimates as ASICs hit an inflection point

  80% confidence