Bytes: 2Q Mega-cap And Large-cap Previews: Like The Setup for AMZN, META, MELI, DASH, and UBER

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Bytes: 2Q Mega-cap And Large-cap Previews: Like The Setup for AMZN, META, MELI, DASH, and UBER

Global Internet

EQUITY RESEARCH Industry Report

July 11, 2026

Bytes: 2Q Mega-cap And Large-cap Previews: Like The

Companies mentioned

Ticker Price Rating Target Setup for AMZN, META, MELI, DASH, and UBER

ABNB $148.62 Neutral $140.00

Prev - - $150.00 Mega-Caps: Remain Bullish; Prefer AMZN->META->GOOGL Into 2Q Print

AMZN $245.34 Overweight $330.00 2Q Internet earnings season is set to kick off with GOOGL in two weeks. At

BKNG $178.39 Neutral $175.00 a high level, we expect 2Q results to be in-line-to-slightly better for mega-

DASH $191.82 Overweight $230.00 caps vs. current street forecasts. The demand environment in digital ads

Prev - - $220.00 was healthy and appears to have recovered from the slowdown in late

GOOGL $357.18 Overweight $435.00

1Q. Cloud businesses (GCP and AWS) should deliver another quarter with Prev - - $465.00

nice revenue acceleration and backlog growth in 2Q. On the guidance, we MELI $1,852.22 Overweight $2,150.00

META $669.21 Overweight $770.00 think 3Q outlooks should reflect similar trends. While we do not anticipate

Prev - - $750.00 material revisions to FY26E opex and capex on the 2Q prints for mega-

SHOP $122.54 Neutral $127.00 caps, we believe initial commentary on FY27E should take current street

Prev - - $115.00 estimates higher (revised CFe now +17% above street on FY27E mega-cap

SPOT $479.77 Neutral $510.00 capex average).

Prev - - $520.00

UBER $74.54 Overweight $98.00 Internet mega-cap shares have underperformed Nasdaq by 6 pts YTD on

Prices are as of 07/10/26. average, primarily due to fears of elevated AI-related spending. Admittedly,

we don’t expect trends in capex and opex to change in the NT, but new Research Analysts: