Michael Wiggins De Oliveira remains highly bullish on Nebius (NBIS), citing its explosive revenue growth and customer-financed capex, while JR Research has upgraded CrowdStrike (CRWD) to Buy after what the analyst believes was an overblown selloff tied to Anthropic’s new AI security tool.
On the other side, analysts are advising caution on previous outperformers. Daniel Jones has downgraded General Motors (GM) to Hold following a 91% rally, pointing to valuation concerns and scaled-back EV production. Tech Stock Pros has issued a Sell rating on AMD (AMD), viewing its equity-for-demand strategy with Meta and OpenAI as a red flag for underlying chip demand.
Upgrades
- Nebius Group (NBIS): Highly Bullish rating maintained by Michael Wiggins De Oliveira. The analyst highlights Nebius’s projected 550% year-over-year revenue jump to $4 billion in 2026 and notes that customer contracts have already secured the majority of its massive capex requirements, significantly de-risking the expansion.
“NBIS is growing frenetically, while its management team is doing everything in its power to minimize its dilution. In fact, nearly 60% of Nebius’ roughly $18 billion of capex in 2026 is already financed, the majority of which comes from customers’ long-term contracts. … Therefore, this is my thesis: that paying 6x sales for NBIS is a giveaway.”
- CrowdStrike Holdings (CRWD): Upgrade Neutral to Buy by JR Research. The analyst believes the market overreacted to perceived competition from Anthropic’s Claude Code Security, arguing that CrowdStrike’s runtime endpoint protection addresses a fundamentally different layer of enterprise security than code vulnerability scanning.
“CRWD’s ability to beat expectations and maintain its current cadence has also surprised me. Moreover, with the recent software forest fire engulfing even top-notch and high-quality stocks like CRWD, it has also brought its valuation down to its 3-year average, and about the 85x forward earnings level.”
Downgrades
- General Motors Company (GM): Downgrade Buy to Hold by Daniel Jones. Following a 91% rally since April 2024, the analyst argues the valuation is no longer as attractive, especially as GM scales back EV production, absorbs $7.6 billion in EV-related charges, and faces softening demand in the U.S. and China.
“I fully believe in the company and its prospects, especially when it comes to the electric vehicle market. But with economic conditions worsening and shares of the business no longer as cheap as they were in the past, I believe that downgrading it to a ‘hold’ is the appropriate choice.”
- Advanced Micro Devices (AMD): Downgrade Buy to Sell by Tech Stock Pros. The analyst views AMD’s recent $60 billion chip deal with Meta—which includes performance-based warrants for up to 10% of AMD’s common stock—as a sign of desperation, suggesting the company is offering equity incentives because its upcoming MI450 chips are not seeing sufficient organic demand.
“We think the fact that AMD is having to commit to stakes in the company tied to deals for hyperscalers or OpenAI to purchase its chips is a big fat red flag. … We think it flags the upcoming MI450, which is weighted towards the second half of 2H, after Nvidia’s Vera Rubin release, is not seeing ample demand, and so AMD is creating it through attractive deals similar to the one we saw with OpenAI and again now with Meta.”