Bernstein says $META could surpass $GOOGL Search in ad revenue by year-end after capturing “nearly half of every incremental digital advertising dollar” in Q2. Meta’s AI spend is already translating into measurable share gains against most dominant ad product on the internet.

Bernstein: $META is on track to surpass Google Search in advertising revenue before the end of 2026. In 2Q26, Meta captured nearly half of every incremental digital advertising dollar.

Bernstein sees $BTC reaching $300K by 2029 and ~$1M by 2033. The note says rising sovereign debt and eventual “currency debasement” could make Bitcoin’s scarcity increasingly valuable over time.

Bernstein added up binding vs. non-binding deals across a few of the power companies to assess how much demand we see is backed by real orders and $ vs. framework announcements: Tier 1) executed PPA 2) cash-secured reservation 3) master framework with executed tranche 4) non-binding master agreement 5) MOU or LOI PRs & bragawatts <> signed deals with real $ on the line

BERNSTEIN SEES GOLD RISING IN LATE 2026 Bernstein raised its 2026 gold forecast to $4,533 per ounce, with a second-half target of $4,375. The bullish outlook is supported by strong central bank demand, limited ETF outflows, and expectations that the Federal Reserve will avoid aggressive rate hikes. However, persistent inflation could force higher rates and pressure gold prices.

Bernstein analyst Gautam Chhugani said Bitcoin’s roughly 54% decline from its October 2025 high of about USD 125,000 remains far smaller than the 75% to 90% drawdowns often seen near the end of previous cycles. Bernstein, a major Wall Street research and brokerage firm, maintained its USD 150,000 year-end Bitcoin target and said it will keep watching for “signs of life” in capital flows.

Bernstein Upgrades $AMT to Outperform, PT $207 Analyst comments: "Several overhangs weigh on the AMT story today, each of which we feel is overstated. The first is satellite risk, which we wrote about yesterday. We believe that, in order to compete with terrestrial wireless solutions, direct-to-device (D2D) satellite plans will require either a low-band terrestrial deployment or an MVNO partnership to make them truly competitive for nationwide wireless. Either of these scenarios is positive for tower companies. Secondly, we anticipate rate hike(s) in the future. AMT, along with its REIT peers, is extremely sensitive to rates. We estimate a -0.87 inverse correlation with the 10-year over the last decade because of both the leverage position and the relative trade-offs against bonds. AMT has been reducing its floating-rate debt — ~4% exposure at $1.4 billion, most of which matures in 2028 — and strengthening its credit rating, mitigating the exposure that the market is already pricing. Third, the company has already taken Dish churn out of its model and is involved in litigation to claw back those revenues. The FCC has now created a $2.4 billion escrow fund to pay infrastructure providers on whom Dish has defaulted. While we believe AMT should do better than its share of this escrow account, it represents a floor should litigation fail." Analyst: Madison Rezaei

INSIGHT: Bernstein targets $150K $BTC by mid-2027 and $300K at the 2029 cycle peak, arguing a debasement trade is emerging as the 40-year era of declining interest rates ends and governments face rising debt at $40T in the US alone.