AI Stocks & Markets

Today's Stories

1. 1

   ON Semiconductor cheaper than Vertiv for long-term AI play

   Two AI infrastructure stocks—Vertiv, which supplies power and cooling for data centers, and ON Semiconductor, which makes power and sensing chips—trade at different valuations despite both being Nvidia partners. ON Semiconductor is pursuing a $7 billion（約1.1兆円） acquisition of edge solutions company Synaptics to build out its physical AI capabilities. AI spending will likely shift from cloud-based model training and inference (phase one) to edge AI—inference performed by robots and electric vehicles near where data is collected (phase two). Vertiv leads in phase one, but ON Semiconductor is positioning itself for the long-term phase-two boom. ON Semiconductor's data center business is expected to double in 2026, and the Synaptics deal gives it sensors, power management, control technology, and edge computing in one package—a full stack for industrial robotics and autonomous systems.

   ON Semiconductor's data center business is forecast at $500 million（約800億円） of its nearly $6.5 billion（約1兆円） total revenue in 2026. The critical question is whether management can successfully integrate Synaptics and capitalize on the shift to physical AI infrastructure.

2. 2

   Bristol Myers Squibb stock may trade 48% below fair value on AI drug discovery push

   Bristol-Myers Squibb has expanded its AI collaboration with Nvidia and opened a new San Diego R&D hub. A Discounted Cash Flow analysis estimates the company's intrinsic value at about $123 per share, implying the stock trades at roughly a 48.1% discount to that level. The stock has delivered a 42.2% return over the past year, signaling growing market optimism. The DCF model, which projects future cash flows from a latest twelve month free cash flow of about $12b, suggests meaningful upside if the valuation estimate holds — though regulatory uncertainty around partnered drugs and pipeline outcomes could affect how durable those cash flows prove to be.

   The stock's next move depends on whether the current price already reflects the intrinsic value from the DCF model or still leaves a margin of safety for investors. Bristol-Myers Squibb scores 4 out of 6 on overall valuation checks, pointing to a mixed picture rather than a clear bargain or overvaluation.

3. 3

   Anthropic, OpenAI now outpace McDonald's, Starbucks in annual revenue

   Anthropic is forecast to generate $71 billion（約11兆円） in annual revenue and OpenAI $49 billion（約7.8兆円）, surpassing Starbucks ($37.2 billion（約6兆円）) and McDonald's ($29.6 billion（約4.7兆円）) individually, according to data from AI investment research platform Funda. The two AI companies' combined projected revenue nearly equals McDonald's, Starbucks, and Yum Brands (Taco Bell and KFC's parent) combined, illustrating how rapidly corporate spending on generative AI has scaled relative to entrenched consumer giants with tens of thousands of physical locations worldwide.

   Anthropic, founded only five years ago, has raised more than $100 billion（約16兆円） and was valued at $965 billion（約150兆円） in May 2026; it has secured major customers in finance, healthcare, and technology, and continues expanding partnerships with Amazon Web Services and Google Cloud. OpenAI has expanded its ChatGPT Enterprise program and signed agreements with businesses seeking AI-powered productivity software.

4. 4

   Amphenol rides AI boom as interconnect demand surges

   Amphenol, a maker of electronic interconnect products (cables, connectors, and related components), is experiencing strong growth driven by rising demand from artificial intelligence infrastructure and data centers. AI buildout requires vast quantities of physical interconnect hardware to link processors, storage, and networking systems. Amphenol's position as a leading supplier means it stands to capture significant revenue from the infrastructure investments that power AI services—a secular shift in capital spending.

   The sustainability of Amphenol's AI-driven growth depends on whether tech companies continue heavy infrastructure spending at current levels, and whether the company can maintain its competitive position as demand scales.

5. 5

   Tech stocks stumble after earnings beats, weakest reaction since 2019

   Technology companies in the S&P 500 that beat earnings-per-share estimates have underperformed the broader market by 3.3% on average on the day of or day after reporting results this earnings season, according to Charles Schwab data from Wednesday. This marks the weakest post-earnings performance for S&P 500 technology stocks since at least 2019. Investors are shifting focus away from whether companies beat profit targets and toward forward guidance and capital spending plans—particularly AI spending. The reversal is stark: during Q1 2026, tech companies that exceeded expectations outperformed the S&P 500 by about 2% on average, a swing of roughly 5.3 percentage points. This suggests earnings headlines alone no longer drive stock gains the way they once did.

   The trend reflects a fundamental change in how the market values tech firms. Previous periods of negative reactions between 2020 and 2024 ranged from about 0.5% to 1.3%, so the current quarter's 3.3% underperformance is significantly steeper and signals that investors are demanding more from tech earnings than beating expectations.

6. 6

   Marvell to Invest $250M in India, Double Headcount Over 3 Years

   Marvell Technology announced a $250 million（約400億円） investment in India over the next three years to expand its Bangalore office with a new wing and grow its presence in Hyderabad. The company plans to double its headcount over that period and will launch the Marvell Scholarship for Technical and Engineering Merit (MSTEM) program, which has already attracted more than 7,000 applicants and selected 100 students from leading Indian universities. India is now Marvell's second-largest R&D organization globally, with teams developing advanced semiconductor solutions for AI, cloud, and data infrastructure. The investment signals Marvell's commitment to deepen its engineering footprint in the region and strengthen India's semiconductor ecosystem at a time when semiconductor talent and innovation capacity are critical for global technology companies serving hyperscalers and cloud providers.

   The expansion will focus on advanced process technologies (2nm and beyond), high-speed analog IP, and software/firmware development. The MSTEM program offers financial support and hands-on industry experience to cultivate the next generation of AI and semiconductor talent in India.