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Luke Kawa

Wedbush analyst Dan Ives adds CoreWeave, IREN, and Shopify to his list of top 30 AI stocks, removes SoundHound, ServiceNow, and Salesforce

Wedbush Securities analyst Dan Ives is still very bullish on the outlook for AI stocks as we creep closer to the start of another new year.

“In a nutshell, this AI Revolution is just beginning today and we believe tech stocks and the AI winners should be bought given our view this is Year 3 of what will be a 10-year cycle of this AI Revolution buildout,” the analyst wrote.

But he’s switching up his roster of potential stock market beneficiaries from the ongoing boom.

Ives added neocloud CoreWeave, bitcoin miner turned data center company IREN, and Shopify to his list of top 30 AI winners (which are held in the Dan IVES Wedbush AI Revolution ETF). To make room for the trio, he axed SoundHound AI, ServiceNow, and Salesforce from the list.

His rationale for the additions and removals:

  • 🟢 CoreWeave: Demand for AI compute will exceed supply in the near term.

  • 🟢 IREN: He’s a fan of its “differentiated approach to providing significant power supply necessary to fuel the AI Revolution.” IREN touted its 3-gigawatt secured power portfolio in North America by announcing a deal to provide compute to Microsoft in early November, and aims to vertically integrate power infrastructure into its data center business.

  • 🟢 Shopify: He’s optimistic on how aggressively the company is integrating AI into its business, both in terms of expanding buying channels and pursuing operational efficiencies.

  • ❌ SoundHound AI: Ives is worried that the company is “facing a difficult competitive landscape” over the coming quarters, noting that it’s leaned more into M&A to add customers.

  • ❌ ServiceNow: He says the company has a “choppy path to monetize on its increased usage.”

  • ❌ Salesforce: Ives says that its AI monetization has been slower than anticipated to date.

Of note: the analyst is leaning a little more into the upstream parts of the AI supply chain, rebalancing his ETF toward the facilitators rather than companies that are closer to end consumers.

“The ability to provide enough infrastructure for these AI initiatives becomes more critical with rising risks regarding keeping these facilities online,” he wrote. “We are incrementally positive on these AI Infrastructure names over the coming years as more enterprises go down the AI path which will only increase compute demand over time creating a larger disparity between supply and demand.”

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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