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JPMorgan upgraded Meta to Overweight and lifted its price target to $820 from $640, alongside the stock's nearly 30% rebound ahead of Connect 2026.
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Alibaba Unveils Zhenwu V900 AI Chip, Expands Qwen and Global Cloud Push
Alibaba is expanding across the AI stack, from its Qwen models and proprietary chips to cloud infrastructure and overseas markets, as it prepares for a larger role in the global AI race. The company is already working on Qwen 4, while future versions like Qwen 5 are designed to scale up to 10 trillion parameters, and the Qwen 3.8-Max model has gone through 33 rounds of recursive self-improvement. Alibaba unveiled its Zhenwu V900 accelerator, calling it China's most powerful AI accelerator, with commercial use expected in 2027. Alibaba Cloud is expanding internationally with new data centers planned in Turkey, Finland and the Netherlands, plus added capacity in Malaysia, Germany, the UAE, France and Hong Kong, building on its current 107 availability zones across 31 regions. According to Gartner, BABA was the world's fourth-largest cloud IaaS provider by revenues in 2025, behind Amazon, Microsoft and Google, and the largest in Asia-Pacific with a 22.5% regional market share, while AI-related products have maintained triple-digit year-over-year growth for 12 straight quarters and now account for more than one-third of Alibaba Cloud's external revenues. Alibaba is working through a RMB380 billion, three-year investment plan, with about RMB190 billion spent by the June quarter, and the Zacks Consensus Estimate for BABA's fiscal 2027 and 2028 EPS implies year-over-year growth of roughly 67% and 40%, respectively, though the stock remains a Zacks Rank #3 (Hold).
Sharon AI Signs Five-Year Rafay Systems Deal to Scale Toward 150,000 GPUs
Sharon AI Holdings Inc. signed a five-year agreement with Rafay Systems on September 4 to run the orchestration layer across its AI Factory data centers, a platform built to scale toward 150,000 GPUs by the end of the contract. The deal gives the Australian neocloud a single layer to provision and monitor capacity as it expands into New Zealand and the wider Asia-Pacific region. Sharon AI has built up $8.8 billion in total contract value as of August 6, anchored by a $4.9 billion collaboration with NVIDIA running for six years that covers as many as 40,000 GB300 chips, a $1.32 billion deal with a global AI lab in New Zealand, and a $373 million contract for 2,048 NVIDIA B300 GPUs. Secured data center capacity has grown to 212 megawatts, and the company expects more than 64,000 NVIDIA GPUs installed by mid-2027, with a 600 petabyte data layer built with VAST Data already sized to support roughly 100,000 of those chips. The build-out is far ahead of the revenue: Sharon AI generated just $1.9 million in revenue in the second quarter of 2026, up 412% from a year earlier, and posted a net loss of $430.4 million, of which $423.8 million was non-cash, mostly a $400.4 million fair value loss on its convertible notes. Adjusted EBITDA was only $0.6 million, and the company has funded the build-out largely through a $1.6 billion private placement, a $350 million convertible notes offering, and $74 million in proceeds from selling its Texas Critical Data Centers unit, closing the second quarter of 2026 with $1.9 billion in cash on hand.
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IREN Taps $14 Billion Funding Capacity as Microsoft Accepts First Horizon Deployment
IREN ended June with about $7.6 billion of cash, including $1.7 billion that was restricted, and management says existing cash, committed GPU financing and customer prepayments provide roughly $14 billion of funding capacity as the former Bitcoin miner redirects sites, capital and staff toward AI cloud infrastructure. Microsoft accepted the first Horizon deployment in August under a broader multiyear arrangement, and IREN says its 2026 capacity is largely sold, with recent customer prepayments able to fund roughly half of GPU capital expenditure on new contracts. Management is targeting cumulative delivery of about 300 megawatts of IT load in 2026 and 800 megawatts in 2027, with fiscal 2027 capital spending estimated at $25 billion to $30 billion. Hedge funds moved in before the latest delivery milestone, with 69 holders in Q2 2026 versus 53 in Q1, while short interest stood at 93.61 million shares as of August 31, around 25.01% of float with 2.06 days to cover. The remaining risk is execution: IREN must turn tens of billions of dollars of capital into commissioned capacity fast enough to earn returns before technology and rental pricing move again.