Published research this week leans broadly constructive on US equities, with the loudest conviction sitting in AI-infrastructure names.
The bull case, as laid out across multiple research notes, rests on a few reinforcing points: Q1 tech earnings beats were large and broad, AI capex is compounding (one estimate pegs total tech-sector capex above $900 billion by 2027), and that spend is showing up as real backlog and guidance upgrades at infrastructure names like Dell. A separate strand of analysis argues leadership has shifted from pure momentum to earnings — broadening opportunity into healthcare, financials, and small/mid caps. Several research shops cite resilient profits and no recession in base cases through 2027.
On single names, recent notes flag Amazon as a preferred 2026 big-tech idea on robotics and logistics, and Tesla as a multi-year SpaceX proxy. Semiconductors are highlighted on order books extending into 2027.
The contrarian thread: one camp warns mega-cap concentration is a fragility — a 20% drop in the top names could pull the S&P down roughly 8% — and would fade upcoming AI IPOs on triple-digit price-to-sales multiples.