This article first appeared on GuruFocus.
HSBC is upbeat on Big Tech as AI is front and center this year, even as the trade continues looking a lot less forgiving.
That said, the bank has gone with Buy ratings on the tech leaders like Nvidia (NASDAQ:NVDA), Alphabet (NASDAQ:GOOG), Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), Meta (NASDAQ:META) Platforms, Oracle (NYSE:ORCL) and Broadcom (NASDAQ:AVGO), while taking a more cautious stance on Apple (NASDAQ:AAPL) and CoreWeave (NASDAQ:CRWV).
HSBC highlighted that AI bumped almost everything in 2025, but the mood shifted late in the year as massive capex plans tracked ahead of early revenue payback.
Looking into 2026, the firm expects cloud demand to stay hot, but capacity, power and chips to remain real bottlenecks Hyperscaler spending is still climbing, GPUs remain central, and competition among top AI models is tightening.
