In Case You Missed It: Weekly Equity Market Commentary & Conviction Calls

Research evidence excerpt

In Case You Missed It: Weekly Equity Market Commentary & Conviction Calls

Barclays | In Case You Missed It

OpenAI (OAI) and Amazon, prompting the question of whether these agreements are market-

driven or a function of an improving technology portfolio. He estimates the fast inference

market at $80B in CY27, approaching $300B by the end of the decade. He sees the WSE as the

best solution to address this need today. Cerebras has a proprietary process at TSMC and a

multi-year moat around its technology. It is the largest chip in the market and is able to pack

more compute and memory closer together to generate advantages in speed. Cerebras is

roughly 7x faster than GPU-based solutions running Kimi 2.6, a leading 1T parameter open

source model. He notes that 750MW take-or-pay deal with OAI gives investors visibility and

security through the end of the decade. Conversion to chip deals would also bring forward the

economic value of those deals. In his view, AWS could potentially layer on single digit $Bs

revenue opportunity and lever the company to one of the largest ASIC ramps globally

(Trainium). He estimates total company revenue growth greater than 200% in CY27 and greater

than 150% in CY28.

Fervo Energy: Shale 2.0 - Unlocking the Power of Geothermal; Initiate at

Overweight (06/08/2026). Dave Anderson initiated coverage of FRVO with an OW rating and a

$47 PT as he believes it can unlock scalable geothermal power (“Shale 2.0”) by applying shale

drilling and fracking techniques to enhanced geothermal systems. He notes that the company

has significant first mover advantages having begun operations in 2017. First, the company has

43 patents protecting its IP for drilling and hydraulic fracturing in granite. Second, it has