JPM TECH SKETCH: META Watermelon Soon?, RIOT Cloud Deal (re: META?), TTWO Outperform + Top Pick, CRWV Favorable Demand & Leadership

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11 August 2026

META Watermelon Soon?, RIOT Cloud Deal (re: META?), TTWO Outperform + Top Pick, CRWV Favorable Demand & Leadership

JPM TECH SKETCH: META Watermelon Soon?, RIOT Cloud

Deal (re: META?), TTWO Outperform + Top Pick, CRWV

Favorable Demand & Leadership

SCHILSKY’S SNAPSHOT

- META Watermelon Coming Soon? That would be my readthrough of this Alex Heath tweet andblog post: “Zuckerberg

told me the immediate reason he decided to publish his philosophy now is that Meta believes it is “very close to having

substantially stronger models…”

- RIOT Strikes $9B Cloud Deal with Anthropic (re: META?):…and why can’t META do the same? RIOT is trading up

+17% pre-market… Bloomberg

- TTWO Dropping Down in Vice City – Top Pick: From Bryan’s TTWO Dropping Down in Vice City – Top Pick: “We're

updating our investment thesis, estimates, and price target following our assumption of coverage. We are moving to

Overweight-Rated (from Not Rated) and establishing a December 2027 PT of $310 based on ~30x FY28E Adj. EPS of

$10.18/sh…Assuming a conservative blended net ASP of $64, we believe TTWO’s FY27 Net Bookings guide embeds ~34M

unit sales, in line with the 33M+ unit sales in the first fiscal year for GTA V…”

- CRWV Favorable Demand & Leadership – Maintain Neutral:From Samik’s CRWV Favorable Demand & Leadership

– Maintain Neutral: “The recent rise in rental GPU prices for prior generations, including YTD increases of 21% on Ampere

and 21% on Hopper, in conjunction with the 32% increase in Blackwell, serves to highlight the overwhelming requirements

for compute capacity led by the surge in inferencing as companies increasingly shift their focus towards monetization

through inferencing…Meta’s pursuit of a Cloud-like infrastructure model does not challenge demand visibility, rather it

highlights the attractiveness of the revenue model.”

- JPM Research: TTWO Dropping Down in Vice City – Top Pick | CRWV Favorable Demand & Leadership – Maintain

Neutral | ZG Q226 Leaning Into Preferred Brings N-T Headwinds | DOCS Q127 What Actually Changed | RPD Q226

Better Profitability But Growth Outlook Weak | CABO Q226 Encouraging Connected Trends | SE Q226 eComm Guidance

…