Internet: IDM Group Trails Broader Market Amid Mixed Earnings Last Week; Google Inks $200B Cloud Deal with Anthropic

Research evidence excerpt

Internet: IDM Group Trails Broader Market Amid Mixed Earnings Last Week; Google Inks $200B Cloud Deal with Anthropic

Truist Securities

Equity Research Report May 11, 2026

TMT: Internet and Digital Media

Internet: IDM Group Trails Broader Market

Amid Mixed Earnings Last Week; Google Youssef Squali

212-303-4180 Inks $200B Cloud Deal with Anthropic Youssef.Squali@truist.com

The IDM Group trailed the broader market last week (5/4-5/8) at +1% vs. the S&P 500

up 2% reflecting mixed results from companies that reported earnings including SNAP,

Robert Zeller TTD and IAC. That said, results from the group so far are in line with their 5-yr avg.,

212-319-3917 reflecting a resilient consumer despite the tough macro and emerging green shoots Robert.Zeller@truist.com

from greater adoption of AI. Stories that piqued our attention include 1) Google inking a

$200B deal with Anthropic; 2) Meta expanding its safeguards to protect teens to comply

Nicholas Cronin with US & European regulations; 3) Meta developing a new AI assistant; 4) Amazon

212-326-6149 making €15B+ commitment in France; and 5) Amazon launching Amazon Supply Chain Nicholas.Cronin@truist.com

services.

14 Page Document

* The Truist Securities Internet Index (TSII) is made up of the 100 largest Internet stocks globally, a group we

Reasons for this report track* We'veweekly.includedIt is ourweightedCorporateby dollarAccessvalueschedulenot marketon pagecap.2. please review and let us know if you'd like to attend

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✓ Sector Read-Throughs

✓ Weekly Sector Update Performance among covered stocks this week was mixed. 11 out of 22 covered

stocks were up this week including Nextdoor (NXDR, Hold), Peloton (PTON, Buy), and

Google (GOOGL, Buy). The remaining 11 stocks were down this week including Angi