Wells Fargo upgraded Alphabet to Overweight, citing the company's leadership in AI with its data, distribution, and computing scale. The analyst raised Google's price target to $387 from $354 and forecasted 60% year-over-year growth for Google Cloud Platform in 2026, 11% above consensus.

Jefferies downgraded four U.S. app software stocks to Hold, citing increasing AI disruption risks. Analyst Brent Thill flagged execution concerns for Workday, slower growth for DocuSign, and competitive pressures for Monday.com and Freshworks. Meanwhile, Morgan Stanley upgraded Booking Holdings, expecting it to remain a key player in the AI-driven travel ecosystem.

Goldman Sachs noted AI disruption fears will be difficult to disprove in the near term, while Bank of America trimmed Dell's price target to $135 from $150 due to rising memory costs. The market remains divided, with memory names rallying while software stocks face sell-offs as investors grapple with long-term disruption risks.