J.P. Morgan U.S. FTM 5 Aug 26: SPCX; Strong Debut w/AI & Compute Driving Accelerated Growth Trajectory; Reiterate and More. Wed Aug 05 2026

研报英文原文证据摘录

North America Equity Research

U.S. First to Market

05 August 2026

Top Stories

SpaceX (Doug Anmuth/Sebastiano C Petti/Seth M. Seifman, CFA/Richard Choe) (SPCX, OW, PT $240.00)

Strong Debut w/AI & Compute Driving Accelerated Growth Trajectory; Reiterate Overweight &

Raising PT to $240

We went into SpaceX’s earnings thinking there wouldn’t be big changes to numbers given the June IPO was less than 2

months ago—we were wrong. SPCX continues to benefit from extreme vertical integration and the pace of change in AI

is incredibly fast. As a result, SPCX believes it can exit 2026 with a December ARR of $100B—well above our previous 2027

revenue estimate of $75B—and that it can achieve $1T in revenue in 2030, a year earlier than previously expected.

Mentions

Advanced Micro Devices (Harlan Sur) (AMD, N, PT $550.00)

Data Center Growth Poised to Significantly Outpace Overall AI Infrastructure Spend in CY27;

Margins Remain a Watch Item as High-Growth DC GPU Remains Dilutive

Astera Labs Inc (Harlan Sur) (ALAB, OW, PT $465.00)

Strong Beat and Material Raise to Estimates Led by High Volume Ramp of Scorpio X Into AWS

Trainium XPU Launch; Aries, Taurus and Leo/CXL Add 2027 Upside; Reit OW

Spotify (Doug Anmuth) (SPOT, OW, PT $650.00)

Continued Solid Execution Despite MAU/Expense Noise; Still Tracking Toward AI Music Tier;

Overweight & $650 PT

Arista (Joseph Cardoso) (ANET, OW, PT $250.00)

2Q26 Review: Rerouting Competitive Fears as Supply Knots Loosen and Demand Broadens; Reit.

OW

McDonald's (John Ivankoe) (MCD, OW, PT $280.00)

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