INDV
Indivior PLC
stock NASDAQ

MAG7:
* AAPL - Wedbush bumped its AAPL target to 350 from 320, saying2 026 is finally the year AAPL enters the AI revolution. They expect Apple to formally step up with a Google Gemini AI partnership in early 2026, see the 2.4B iOS and 1.5B iPhone installed base as the key unlock, and estimate AI monetization could add 75 to 100 dollars per share over the next few years.
* TSLA - Morgan Stanley downgrades to Equal weight from overweight, raises PT to 425 from 410. At the current valuation — with the shares trading at roughly 30x 2030 EBITDA (48x on our estimates), downside to next-twelve-month consensus estimates, and a non-auto catalyst path that appears largely priced — we see a more balanced near-term risk/reward and prefer to wait for a better entry point, even though the long-term bull/bear skew (base case $425, bull case $860, bear case $145) remains attractive for patient investors if Tesla can execute on robotaxis, unsupervised FSD and scaling Optimus."
* NVDA - Nvidia CEO says data centers take about 3 years to construct in the U.S., while in China ‘they can build a hospital in a weekend’ Fortune

OTHER COMPANIES:
* CVNA, CRH, FIX all up on joining S&P. LKQ, SOLS, MHK getting kicked off. PINS, BAH, SPXC all join Madcap 400, whilst PRIM, CWST, INDV, HE, join the Small cap 600.
* AVGO - BofA preview into earnings:
* Broadcom reports Dec-11, we expect upside to data center sales driven by success of Google’s Gemini 3 inferencing demand. Consensus data center sales (incl. networking) stand at: 1) FQ4’25: $5.7bn, 2) FY26E: $38.3bn, up 98% YoY inc. $10bn for Anthropic, and 3) FY27/28E: up 55%/45% at $59.3bn/$85.7bn with scenario bull-case \~$100bn. Upside from Google’s ability to add external TPU customers and from faster adoption of AVGO custom chips/networking (incl. co-packaged optics lasers/switches) at OpenAI, Apple, xAI and potentially Microsoft. Our Asia colleagues suggest demand for TPU could be as high as 2.5mn/4.5-5mn units for CY25/26E. Downside risks from: 1) supply constraints (NVDA’s ability to lock-up wafer, packaging, memory supply), 2) uncertainty in custom chip programs, and 3) potential (low-end) competition from Mediatek at Google v8E TPU (\~$2500 average selling price, likely for low-end inference.)"
* OKLO - Seaport Global upgrades OKLO to Buy from Neutral, PT 150. "OKLO’s 3Q25 call provided a wealth of information about its multivariate progress in executing its business plan. In this quarter, we focus on those items that strike us as most impactful and thought-provoking, with a focus on Pu-239 as fuel. We upgrade OKLO from Neutral to Buy with a price target of $150 per share, based on 15x our 2032 EBITDA estimate of $1.59 billion."
* NEE - NextEra Energy & Google Cloud are partnering on multi gigawatt US data center campuses + dedicated power to support rising AI demand, w/ the first 3 sites in development, \~3.5 GW already operating or contracted, & 1st joint product hitting GOOGL Cloud Marketplace by mid'26.
* NEE & META - It signed \~2.5 GW of solar and storage with META across ERCOT, SPP, MISO and New Mexico (11 PPAs, 2 storage deals, 13 projects starting 2026), extended 168 MW of Point Beach nuclear with WPPI into the 2050s, and agreed with Basin Electric on a proposed 1,450 MW gas plant in North Dakota to back a multi-GW data center campus.
* ORCL - price target lowered to $330 from $400 at Barclays, keeps Overweight.
* MSTR - Bernstein lowered the firm's price target on Strategy to $450 from $600 and keeps an Outperform rating on the shares
* Infinity Natural Resources INR is buying Ohio Utica upstream and midstream assets from Antero AR/ AM for $1.2B, then selling 49% to NOG for $588M and keeping 51%.
* CRWV - plans to raise $2B via convertible senior notes due 2031 in a private deal, with an extra $300M option for buyers.
* Other AI infrastructure names like NBIS down in sentiment.
* MRVL - trading lower after Benchmark cut the stock to Hold, saying Marvell likely lost AWS’s Tranium 3 and 4 designs to Alchip, which they see behind the slowdown to \~20% XPU growth in 2026 and Amazon revenue leaning on Tranium 2/Kuiper rather than new wins.
* KBH - Barclays Upgrades KBH to overweight from Equal Weight, raises PT to 71 from 49. "We upgrade KB Home to Overweight as we prefer it on a relative basis given strong execution, returning focus to build-to-order (BTO), and upside to returns long term. We think return on equity (ROE) could meaningfully recover into 2027 as KBH remains disciplined on capital allocation. We think that mix shift towards BTO could benefit its margin profile, especially as it has reduced cycle times meaningfully, and we see a path to 10% ROE in 2027 given its $1 billion share repurchase authorization."
* IBM, CFLT - IBM is buying CFLT for $11B.
* BIDU - Citi reiterates Buy - PT $181; OPENS 90-DAY UPSIDE CATALYST WATCH
* DEFENCE STOCKS:Congress has rolled out a $901B FY26 defense bill, $8B above Trump’s request, that hits China on multiple fronts with tighter outbound investment screening, bans on Chinese biotech and key tech in Pentagon supply chains, and more funding for Taiwan, Indo Pacific posture and Ukraine, alongside a 4% pay raise for enlisted troops and a new AI Futures Steering Committee.
* MU - bofA raises MU PT to 250 from 180. Compared to prior upcycles (personal computer, smartphone, 3D NAND, etc.), the current artificial intelligence upcycle could be more structural in nature and sustainable. Importantly, average memory content in artificial intelligence servers could be: 1) approximately 2x higher than traditional enterprise servers on a sales dollar basis, 2) approximately 3x higher for the more profitable DRAM content, and 3) even greater (more than 3x) for total gross profit dollars.
* NFLX - Trump is now openly flagging Netflix’s planned $72B takeover of Warner Bros Discovery as a potential antitrust “problem,” citing the combined >30% market share. Polymarket odds of the deal closing by end 2026 dropped from about 60% to 23% after his comments
* SNDK - JPM initiates at Neutral, PT 235. “While Sandisk offers leverage to the AI-driven eSSD supercycle (albeit with much smaller AI exposure compared to peers) and a structurally advantaged cost base via its Kioxia JV, we view current pricing power as a cyclical peak rather than a structural reset. Capacity ramps slated for 2027+ threaten to erode the current healthy supply/demand situation, just as traditional end-market demand growth matures, likely capping long-term multiple expansion. Given the 300%+ YTD outperformance in the stock, we see risk-reward as balanced, with near-term upside from an extended upcycle offset by the risk of earnings normalization as the industry reverts to its historical boom-bust pattern.”
* Demand for on site power keeps climbing as data centers outbuild the grid, and BofA calls power “a bullish call” for Caterpillar.
* WSJ reports SpaceX is in talks to sell insider shares at about an $800B valuation, roughly double the \~$400B level from July. SpaceX told investors it is aiming for a late 2026 IPO, according a report by The Information on Friday.
* C - CLOSED ABOVE ITS BOOK VALUE FOR THE FIRST TIME SINCE 2018.
OTHER NEWS:
* U.S. tech M&A snapped back to the strongest levels since 2021. Total deal value hit about $543 billion, which is more than the last two years combined.
* Ed Yardeni now recommends being effectively underweight the Mag 7 versus the rest of the S&P 500, saying “we see more competitors coming for the juicy profit margins of the Magnificent 7” and that “every company is evolving into a technology company.”

MAG7:
* AAPL - Wedbush bumped its AAPL target to 350 from 320, saying2 026 is finally the year AAPL enters the AI revolution. They expect Apple to formally step up with a Google Gemini AI partnership in early 2026, see the 2.4B iOS and 1.5B iPhone installed base as the key unlock, and estimate AI monetization could add 75 to 100 dollars per share over the next few years.
* TSLA - Morgan Stanley downgrades to Equal weight from overweight, raises PT to 425 from 410. At the current valuation — with the shares trading at roughly 30x 2030 EBITDA (48x on our estimates), downside to next-twelve-month consensus estimates, and a non-auto catalyst path that appears largely priced — we see a more balanced near-term risk/reward and prefer to wait for a better entry point, even though the long-term bull/bear skew (base case $425, bull case $860, bear case $145) remains attractive for patient investors if Tesla can execute on robotaxis, unsupervised FSD and scaling Optimus."
* NVDA - Nvidia CEO says data centers take about 3 years to construct in the U.S., while in China ‘they can build a hospital in a weekend’ Fortune

OTHER COMPANIES:
* CVNA, CRH, FIX all up on joining S&P. LKQ, SOLS, MHK getting kicked off. PINS, BAH, SPXC all join Madcap 400, whilst PRIM, CWST, INDV, HE, join the Small cap 600.
* AVGO - BofA preview into earnings:
* Broadcom reports Dec-11, we expect upside to data center sales driven by success of Google’s Gemini 3 inferencing demand. Consensus data center sales (incl. networking) stand at: 1) FQ4’25: $5.7bn, 2) FY26E: $38.3bn, up 98% YoY inc. $10bn for Anthropic, and 3) FY27/28E: up 55%/45% at $59.3bn/$85.7bn with scenario bull-case \~$100bn. Upside from Google’s ability to add external TPU customers and from faster adoption of AVGO custom chips/networking (incl. co-packaged optics lasers/switches) at OpenAI, Apple, xAI and potentially Microsoft. Our Asia colleagues suggest demand for TPU could be as high as 2.5mn/4.5-5mn units for CY25/26E. Downside risks from: 1) supply constraints (NVDA’s ability to lock-up wafer, packaging, memory supply), 2) uncertainty in custom chip programs, and 3) potential (low-end) competition from Mediatek at Google v8E TPU (\~$2500 average selling price, likely for low-end inference.)"
* OKLO - Seaport Global upgrades OKLO to Buy from Neutral, PT 150. "OKLO’s 3Q25 call provided a wealth of information about its multivariate progress in executing its business plan. In this quarter, we focus on those items that strike us as most impactful and thought-provoking, with a focus on Pu-239 as fuel. We upgrade OKLO from Neutral to Buy with a price target of $150 per share, based on 15x our 2032 EBITDA estimate of $1.59 billion."
* NEE - NextEra Energy & Google Cloud are partnering on multi gigawatt US data center campuses + dedicated power to support rising AI demand, w/ the first 3 sites in development, \~3.5 GW already operating or contracted, & 1st joint product hitting GOOGL Cloud Marketplace by mid'26.
* NEE & META - It signed \~2.5 GW of solar and storage with META across ERCOT, SPP, MISO and New Mexico (11 PPAs, 2 storage deals, 13 projects starting 2026), extended 168 MW of Point Beach nuclear with WPPI into the 2050s, and agreed with Basin Electric on a proposed 1,450 MW gas plant in North Dakota to back a multi-GW data center campus.
* ORCL - price target lowered to $330 from $400 at Barclays, keeps Overweight.
* MSTR - Bernstein lowered the firm's price target on Strategy to $450 from $600 and keeps an Outperform rating on the shares
* Infinity Natural Resources INR is buying Ohio Utica upstream and midstream assets from Antero AR/ AM for $1.2B, then selling 49% to NOG for $588M and keeping 51%.
* CRWV - plans to raise $2B via convertible senior notes due 2031 in a private deal, with an extra $300M option for buyers.
* Other AI infrastructure names like NBIS down in sentiment.
* MRVL - trading lower after Benchmark cut the stock to Hold, saying Marvell likely lost AWS’s Tranium 3 and 4 designs to Alchip, which they see behind the slowdown to \~20% XPU growth in 2026 and Amazon revenue leaning on Tranium 2/Kuiper rather than new wins.
* KBH - Barclays Upgrades KBH to overweight from Equal Weight, raises PT to 71 from 49. "We upgrade KB Home to Overweight as we prefer it on a relative basis given strong execution, returning focus to build-to-order (BTO), and upside to returns long term. We think return on equity (ROE) could meaningfully recover into 2027 as KBH remains disciplined on capital allocation. We think that mix shift towards BTO could benefit its margin profile, especially as it has reduced cycle times meaningfully, and we see a path to 10% ROE in 2027 given its $1 billion share repurchase authorization."
* IBM, CFLT - IBM is buying CFLT for $11B.
* BIDU - Citi reiterates Buy - PT $181; OPENS 90-DAY UPSIDE CATALYST WATCH
* DEFENCE STOCKS:Congress has rolled out a $901B FY26 defense bill, $8B above Trump’s request, that hits China on multiple fronts with tighter outbound investment screening, bans on Chinese biotech and key tech in Pentagon supply chains, and more funding for Taiwan, Indo Pacific posture and Ukraine, alongside a 4% pay raise for enlisted troops and a new AI Futures Steering Committee.
* MU - bofA raises MU PT to 250 from 180. Compared to prior upcycles (personal computer, smartphone, 3D NAND, etc.), the current artificial intelligence upcycle could be more structural in nature and sustainable. Importantly, average memory content in artificial intelligence servers could be: 1) approximately 2x higher than traditional enterprise servers on a sales dollar basis, 2) approximately 3x higher for the more profitable DRAM content, and 3) even greater (more than 3x) for total gross profit dollars.
* NFLX - Trump is now openly flagging Netflix’s planned $72B takeover of Warner Bros Discovery as a potential antitrust “problem,” citing the combined >30% market share. Polymarket odds of the deal closing by end 2026 dropped from about 60% to 23% after his comments
* SNDK - JPM initiates at Neutral, PT 235. “While Sandisk offers leverage to the AI-driven eSSD supercycle (albeit with much smaller AI exposure compared to peers) and a structurally advantaged cost base via its Kioxia JV, we view current pricing power as a cyclical peak rather than a structural reset. Capacity ramps slated for 2027+ threaten to erode the current healthy supply/demand situation, just as traditional end-market demand growth matures, likely capping long-term multiple expansion. Given the 300%+ YTD outperformance in the stock, we see risk-reward as balanced, with near-term upside from an extended upcycle offset by the risk of earnings normalization as the industry reverts to its historical boom-bust pattern.”
* Demand for on site power keeps climbing as data centers outbuild the grid, and BofA calls power “a bullish call” for Caterpillar.
* WSJ reports SpaceX is in talks to sell insider shares at about an $800B valuation, roughly double the \~$400B level from July. SpaceX told investors it is aiming for a late 2026 IPO, according a report by The Information on Friday.
* C - CLOSED ABOVE ITS BOOK VALUE FOR THE FIRST TIME SINCE 2018.
OTHER NEWS:
* U.S. tech M&A snapped back to the strongest levels since 2021. Total deal value hit about $543 billion, which is more than the last two years combined.
* Ed Yardeni now recommends being effectively underweight the Mag 7 versus the rest of the S&P 500, saying “we see more competitors coming for the juicy profit margins of the Magnificent 7” and that “every company is evolving into a technology company.”