D.A. Davidson has initiated coverage on Meta Platforms (META) — with a Buy rating and $600 per share price target — and Alphabet (GOOG, GOOGL) — with a Neutral rating and $170 per share price target.
Additionally, D.A. Davidson managing director Gil Luria has excluded Tesla (TSLA) in his Magnificent Seven coverage in the firm’s “compute sector,” grouping Meta and Alphabet with Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), and Nvidia (NVDA). On Tesla, Luria wrote “if it looks like a duck (greater than 90% of revenue from cars) and quacks like a duck (greater than 90% of profits from cars) it might just be a duck (a car company)” in a note on Tuesday.
Luria sits down with Julie Hyman and Josh Lipton on Market Domination to talk more about his call about these tech giants and their investments in AI and computing.
“Those markets require scale, reach, and capital. So unlike previous waves of technology innovation that came from startups, innovation now is coming from… these biggest companies. So these six companies will continue to dominate in AI and spatial computing, and extend their lead from the sectors they’re already in — desktop and mobile computing, cloud computing and advertising, computing,” Luria tells Yahoo Finance. “They’ll keep dominating those and they’ll dominate the next two waves.”
Luria elaborates on how Meta is differentiating its AI usage and large language models from its Silicon Valley counterparts as prominent tech players continue to spend more on Nvidia chips.
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