Research

Adobe's revenue and AI metrics accelerated, but free cash flow and GAAP operating margin weakened. Raised guidance supports a $287.20 fair value, only modestly above the market price.

AI semiconductors drove a sharp acceleration in revenue, margins and cash flow. Broadcom’s execution improved, but a 46.0x P/E leaves little room for the AI ramp to slow.

Adobe’s recurring revenue, margins and buybacks remain formidable, but AI is raising costs while threatening its interface. At $248.83, the valuation requires preservation, not renewed hypergrowth.

Revenue stayed in double-digit growth, but both reported margins declined and net debt remained above $30 billion. At $243, the shares sit just beyond our undervaluation threshold.

CoreWeave’s revenue reached $2.575 billion, but free cash flow fell to -$5.74 billion. Growth remains exceptional; the financing burden makes the equity less forgiving.

Broadcom’s AI engine is converting real customer programs into record profit. At $360.83, however, the shares already require roughly $90 billion of fiscal 2030 free cash flow.