Akamai Technologies Inc: Once Again, 2Q Hinges On Compute

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Akamai Technologies Inc: Once Again, 2Q Hinges On Compute

Global Research

28 July 2026ab

Akamai Technologies Inc Equities

United StatesOnce Again, 2Q Hinges On Compute

Software

12-month rating Neutral

Summary

Following the 27% T+1 move on the 1Q26 print driven by a $1.8B, 7-year CIS contract 12m price target US$125.00

with a frontier model provider (now known to be Anthropic), shares have pulled back Prior : US$160.00

24%, in our view driven by investor concerns around the trajectory of the Cloud

Price (27 Jul 2026) US$112.85

Infrastructure Services (CIS) ramp as well as a lack of incremental compute deal

announcements. Relative to street expectations for a continued ramp throughout CY26 RIC: AKAM.O BBG: AKAM US

off the 1Q result of 40% y/y growth (consensus at 40%/47%/70% c/c for 2Q/3Q/4Q),

Trading data and key metrics

we think it's more likely that ramp looks more 4Q weighted, based on management

52-wk range US$161.14-70.53

tone intraquarter and as a result trim our 2Q CIS growth to 40% - stable with 1Q - from

43%. Conversely, we feel better on the Delivery and Security businesses this quarter. Market cap. US$16.9b

Into the 2Q print, we see a somewhat binary setup, where similar to 1Q we would Shares o/s 150m (COM)

expect any large deal announcements to offset what seems like a tougher numbers Free float 98%

setup. We're optimistic on the CIS story exiting CY26 as new capacity comes online Avg. daily volume ('000) 5,027

while the rest of the business stabilizes, but with the ramp potentially taking a couple Avg. daily value (m) US$669.4

more quarters to unfold, and profitability concerns lingering (55% increase in retail price Common s/h equity (12/26E) US$5.30b

on RTX Pro 6000 in June) we're comfortable staying patient with shares at 4x CY27E EV/ P/BV (12/26E) 3.1x