Wells Fargo: $META intent to sell excess compute is a positive signal around underlying demand and unit economics of AI. “Despite this shift, we don’t expect a pullback in Meta’s capex or that overall compute needs are lower” Regarding Neoclouds: WF thinks it validated the massive AI infra opportunity as well as acquisition opportunities. Despite any potential competition for Neoclouds. I’m inclined to agree with Wells Fargo here and say markets completely misunderstood Meta’s excess compute comment.

WELLS FARGO INVESTMENT INSTITUTE RAISES 2026 YEAR-END TARGET RANGE FOR S&P 500 INDEX TO 7,800-8,000 FROM 7,400-7,600 WELLS FARGO INVESTMENT INSTITUTE SETS 2027 YEAR-END TARGET RANGE FOR S&P 500 INDEX AT 8,600-8,800

The latest Tokenized Newsletter is live!⁣ ⁣ 𝗪𝗲𝗹𝗹𝘀 𝗙𝗮𝗿𝗴𝗼 𝗣𝗿𝗼𝘃𝗲𝘀 𝗧𝗼𝗸𝗲𝗻𝗶𝘇𝗲𝗱 𝗗𝗲𝗽𝗼𝘀𝗶𝘁𝘀 𝗔𝗿𝗲 𝗡𝗼𝘄 𝗧𝗮𝗯𝗹𝗲 𝗦𝘁𝗮𝗸𝗲𝘀 penned by @shwetabhsameer & @sytaylor⁣ ⁣ 𝗗𝗶𝘀𝗰𝘂𝘀𝘀𝗲𝗱:⁣ 🏦 Why Wells Fargo entering tokenized deposits late is actually the signal that this is inevitable⁣ ⁣ 📊 Tokenized stocks evolving from price exposure to real ownership (with voting rights)⁣ ⁣ 🪙 Top-down (banks) vs bottom-up (crypto) tokenization and where they collide⁣ ⁣ 💳 Western Union ships stablecoin cards before scale, exposing infra dependencies⁣ ⁣ 📈BlackRock turns a one off collateral trade into a permanent onchain product⁣ ⁣ Read the full piece at newsletter(dot)tokenizedpod(dot)com