Wolfe Research named Nvidia its top AI pick for 2026, arguing the stock's recent underperformance creates upside potential. Analyst Chris Caso cited easing concerns over the Blackwell launch and competition, noting Nvidia's valuation trades at just 23x 2026 earnings estimates, well below its historical average.

Morgan Stanley boosted ASML's price target by 40% to €1,400, forecasting a record 2027 as chipmakers ramp spending. The bank expects strong demand from TSMC, Intel, and Samsung for advanced lithography tools, alongside a memory sector recovery. This aligns with its view that China's demand has proven more resilient than feared.

Barclays upgraded Dell to Overweight, citing robust AI server orders and an improving enterprise market. Dell plans to ship $9.4 billion in AI servers this quarter, with fiscal 2026 orders projected to surge 155%. Meanwhile, Morgan Stanley's CIO survey shows Microsoft is capturing IT wallet share as generative AI adoption accelerates.