J.P. Morgan

Headlines · 2

1. 2d
   J.P. Morgan: cloud giants' cash flow is shifting to Nvidia

   A J.P. Morgan report covered by TechNews says that as Microsoft, Google (Alphabet), Meta and Amazon pour money into AI infrastructure, their free cash flow has fallen sharply — and more than 100% of that lost cash has turned into Nvidia's incremental free cash flow. The report attributes this to Nvidia's usually above-70% gross margin and pricing power, and notes its customers now include not only the big clouds but also newer providers such as CoreWeave and Lambda, sovereign AI projects and enterprises. The article also revisits Jensen Huang's forecast that global AI infrastructure spending could reach $3-4 trillion by 2030 — overall infrastructure, not Nvidia revenue alone — and describes the Vera Rubin platform combining a Vera CPU, Rubin GPU, HBM and high-speed interconnect.

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2. 4d
   Analysts favor Broadcom, Marvell as Google cloud spending grows

   Melius Research analyst Ben Reitzes expects a strong third quarter for Google Cloud, driving Alphabet to keep expanding AI infrastructure investment, and named Broadcom, Marvell and networking vendor Arista Networks as beneficiaries while keeping a "hold" rating on Alphabet. He set price targets of $610 for Broadcom (implying roughly 70% upside), $445 for Marvell and $275 for Arista, arguing Broadcom and Marvell gain from co-designing custom chips with Google and that Arista benefits as AI data-center networking demand grows. Melius estimates Google's AI infrastructure spending will reach $352 billion in 2027, up 75% from its 2026 estimate, and J.P. Morgan analyst Harlan Sur also listed Broadcom and Marvell among his top semiconductor picks. On the prior day (Oct. 12), Broadcom, Marvell and Arista all fell, with the iShares semiconductor ETF down about 2.5%.

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