Brokerages highlight 3 stock themes set to benefit from Anutin's US roadshow to draw FDI

Evercore ISI says a sharp selloff across internet equities this year has created an attractive entry point, with major hyperscalers poised for potential free cash flow inflection points over the next 3 to 12 months. The 19 large-cap internet stocks covered by Evercore ISI have dropped by an average of 18% in 2026, severely underperforming broader market benchmarks, with the S&P 500 up 14% and the Nasdaq Composite rising 19%. Evercore ISI Senior Managing Director Mark Mahaney attributed the sector's underperformance to six primary bear market factors: stretched valuation exits after a three-year bull run, AI disruption risks that have hit names like Booking Holdings, Expedia Group, Shopify and Uber Technologies, capex intensity at major hyperscalers, inflationary headwinds from the ongoing war in Iran, investor capital reallocation ahead of an incoming generation of mega-cap internet public offerings, and the emergence of autonomous AI agents as primary consumer interfaces. Despite pervasive market skepticism that massive AI capex will cause negative free cash flow at Amazon.com, Alphabet and Meta Platforms over the next two to three years, Evercore ISI argued that Wall Street consensus is overly pessimistic, noting that upward revisions to revenue and operating income could easily offset spending increases. Mahaney wrote that positive free cash flow inflection points over the next 3 to 12 months could serve as a major catalyst to right market wrongs.

Amazon.com is reportedly considering moving roughly $8 billion of Nvidia Grace Blackwell chips into a special-purpose vehicle financed by outside investors and then leasing the hardware back, a structure that would make part of its AI buildout more asset-light as capital spending is expected to reach $220 billion this year. AWS revenue rose 37% to $42.2 billion in the second quarter, its fastest growth in more than four years, and contract backlog reached $496 billion, while CEO Andy Jassy said the company still lacks enough capacity to meet demand. Trailing-12-month free cash flow swung to negative $7.6 billion from positive $18.2 billion a year earlier as infrastructure spending accelerated. Amazon trades at 23.64 times forward earnings, and Tigress Financial recently raised its target to $385 from $315, arguing earnings from the investment cycle are approaching an inflection point where they grow faster than operating capital. The proposal also raises the question of residual chip value, since Grace Blackwell will eventually be superseded by Vera Rubin while Amazon assumes semiconductor generations remain useful for at least five years.

Alphabet Inc. has launched a prototype Tensor Processing Unit satellite aboard SpaceX's Transporter-18 mission on October 1, 2026, in partnership with Planet, marking its first concrete step toward putting data centers in orbit. The test, part of Google's Project Suncatcher, will examine how its TPUs handle launch stress, radiation, and extreme temperatures in low Earth orbit, with ground testing already showing Trillium TPUs can withstand radiation levels higher than those expected across a five-year mission. Heat management remains a key challenge because conventional air cooling does not work in a vacuum, prompting Google to evaluate heat pipes and radiators, and a two-satellite test is planned for 2027. Google emphasized the current mission is intended to collect engineering data rather than demonstrate a commercial system. SpaceX could benefit from additional orbital AI experiments if hyperscalers continue choosing its launch services, even as its valuation of over $2 trillion at about 45 times forward sales rests on management's own targets, including Elon Musk's expectation of a $100 billion annual revenue run rate by December and a $1 trillion revenue target moved up to 2030.

British AI data centre company Nscale stripped references to its relationship with Chinese technology giant Bytedance from official filings ahead of a planned $35bn public listing on Wall Street. Nscale, which counts Sir Nick Clegg and former Meta executive Sheryl Sandberg as directors and is backed by Nvidia, initially disclosed the Bytedance deal in a confidential document submitted to US regulators earlier this year, including a February filing stating that Bytedance was its largest customer for the year ended December 31, 2025. That filing was for DSNS Holdings, a holding company later renamed Nscale, and reported that Bytedance was the primary customer at a Norwegian data centre where it rents access to powerful Nvidia AI chips. References to Bytedance were removed from all of Nscale's later draft submissions and from its final 192-page prospectus published in September, which makes no mention of the company; the name is understood to have been removed for commercial confidentiality reasons, and Bytedance is no longer Nscale's biggest customer after the company signed major deals with Microsoft and Anthropic. The disclosures could draw fresh scrutiny, as US officials have sought to block China from accessing Nvidia's most powerful AI chips on national security grounds, and Nscale's February filing warned that the proposed Remote Access Security Act could restrict its ability to provide remote access to such customers. Nscale declined to comment, and Bytedance was contacted for comment.