Analysts reshuffled AI‑focused portfolios this week, flagging Apple for further downside amid rising NAND costs, while ASML received an Overweight upgrade to €1,500 after record order intake. Applied Materials moved to Outperform on a projected 13% WFE spend lift, and Snowflake stayed a top software pick.

Apple’s margin squeeze stems from a breakdown in talks with long‑time supplier Kioxia, forcing the company to source flash from Samsung at potentially 100% higher prices. The shift threatens performance, could trigger returns, and leaves investors wary that the 10% year‑to‑date decline may deepen.

ASML’s €13.2 billion order book, nearly double last year, underpins a 2026 revenue forecast of €34‑39 billion and a 1,700‑job cut plan. Barclays cites AI‑driven data‑center buildouts, consumer AI, and robotics as upside drivers, while China‑related concerns appear overstated.

Applied Materials earned an Outperform rating after Mizuho projected 13% WFE growth in 2026, driven by TSMC’s 32% capex jump to $54 billion and Intel’s tool spend rebound. Meanwhile, BofA kept Snowflake as a top pick, noting its role in enterprise AI analytics and rapid cloud adoption.