🤣A foreign boy recites Li Bai's Qiang Jin Jiu in Chinese — complete with props, expressions, and body language, nothing missing. @salahzhang @consulat_de @zhang_heqing @pan_xuesong @xuejianosaka @YDunhai @CG_WangBaodong #recite# #AmazingChina# #culture# #culture# #interesting# #reels#

Barclays Reiterates $SPOT at Overweight, Maintains PT at $500 Analyst comments: "Spotify’s upcoming investor day this week, on May 21, could be an important catalyst for the entire music value chain, given that its timing coincides with ongoing investor debate about the structural impact of AI on the music business. In our opinion, while medium- and long-term financial guidance updates will be important, what will be even more important is management’s articulation of a deliberate monetization plan for AI and concrete milestones to measure progress. At this point, the AI narrative is nebulous and tends to shift in shape depending on the last headline, which risks the company losing control of the story without a firm outline of its plan. The company will need to define the AI narrative instead of seeming to be reactive to AI. While the company has already launched some AI features on the service and has talked up potential future opportunities, the missing piece thus far has been an articulation of the revenue opportunity arising from AI-based services. There have been startups such as Suno and Soda Music that have gained significant mindshare in investor debates, and the company risks being seen as behind the curve without its own AI monetization story, even if the underlying growth trajectory remains intact for now. In fact, AI costs consume more investor attention as of now rather than AI revenue opportunities in the case of Spotify, especially given the flagging of growing inference costs on the service last quarter. Even simple features like AI DJ can be a noticeable drag on margins, all else remaining the same, unless the company adds additional revenue drivers. Features such as mixing of songs can be orders of magnitude more expensive, which may be tough to do without corresponding revenues. As we have highlighted in the past, we see Spotify having a number of pathways to benefit significantly from AI if it were to lean into being more of an aggregator of experiences instead of content. This could include creating a curated app-store-like experience where everything from Duolingo to Peloton and even Suno is available to consumers in a way that is integrated into the Spotify playlist or user experience seamlessly, with Spotify benefiting from ancillary categories while helping them grow. In addition, Spotify can combine this with investments in areas where the use of AI can be transformative for user experience. This may be even more important in non-music content, which also comes with the advantage of greater operating leverage. Thus far, however, the company's AI initiatives in its major markets have been focused on largely incremental enhancements rather than enabling new monetization levers. It is possible that the company announces new initiatives at the investor day. However, the fact that the company plans to spend more on marketing in the first half of this year versus the normal second-half-heavy cadence seems to imply that there may not be new tiers or major new features launched after the investor day this year. At this point, the stock doesn't reflect much of an expectation about major new monetization initiatives. Despite this, lack of articulation on this front could become a more sustained narrative overhang on valuation." Analyst: Kannan Venkateshwar

BofA Reiterates $NVDA at Buy, PT $320; ER Preview: Analyst comments: "Nvidia reports post-close on Wednesday, May 20, and we expect the usual historical 2–4%/$2–$4 billion sales outperformance relative to current sell-side expectations. However, beyond headlines, we expect the focus to be on: 1) potential for enhanced cash returns; 2) Vera Rubin ramp timing (2H26E); 3) gross margin durability (~75% amid continued memory/other cost inflation); 4) update to the $1 trillion CY25–27 forecast, especially contribution from LPU racks, CPU, and Vera Rubin Ultra, which were not included before; and 5) competitive landscape changes against Google TPU, agentic CPU, and other ASICs. We maintain our Buy rating, top-pick designation, and $320 price objective on the company’s dominance in the fastest-growing tech market and its compelling valuation at <20x CY27E P/E, or only 0.4x PEG relative to 46%+ CY25–28E EPS CAGR. As discussed in our recent note, NVDA’s large existing positioning — 8.3% of the S&P 500 Index and ~78% active fund manager ownership — often acts as a headwind. Other large-cap tech names in the same position have added incremental investors by boosting cash returns and appealing to dividend/income-oriented investors. NVDA hasn’t done this yet, with only 47% of free cash flow from CY22–25 allocated to dividends/buybacks versus peers returning around 80% of free cash flow. NVDA’s investments have instead been diverted to investing in the ecosystem — OpenAI, Anthropic, and tech partners — and have been unfairly, in our view, characterized as circular/vendor financing. Boosting shareholder returns could expand ownership, close NVDA’s valuation gap, and minimize circularity concerns, a second-half catalyst." Analyst: Vivek Arya

I recieved a booth space at Winter Comiket! ⭐️ I’ll be working in very important Photobook for the occasion from now until then! 💖 My booth will be located at East 34ab! #c105#

Evercore ISI Reiterates $ADI at Outperform, PT $387 Analyst comments: "Positive set-up indicators: 1) investors remain underweight analog/MCU semis into 1Q earnings; 2) our checks indicate improving cyclical signals and price hikes on certain legacy products; 3) most momentum indicators are trending positively; and 4) supply chain reads are showing positive signs, with EMS inventories restocking and auto Tier 1/OEM inventories below normal. Negative set-up indicators: We think the positive indicators are partially offset by negative indicators: 1) ADI trades at a 60% premium on an NTM P/E basis to its 10-year median and a 41% premium relative to the S&P 500; 2) ADI outperformed the S&P 500 by 70% over the past six months; 3) ADI outperformed the S&P 500 by 14% over the past week; and 4) mixed customer feedback. AI revenues accelerating: We think momentum in data center will contribute to accelerating revenue in communications. Last quarter, ADI highlighted that AI-exposed revenues now represent nearly 20% of overall revenues at a $2 billion+ run rate. Of that, 40% is related to Automated Test Equipment, 30% is related to data center power, and 30% is related to data center optical revenues. Management expects to gain content in pin electronics, device power supplies, hot-swap protection, intermediate bus converters, multiphase controllers, and more. Positive set-up indicators: investors are underweight analog/MCU; most momentum indicators are trending positively; ADI’s guide versus seasonality has improved from +2% to +3% to +8% over the past three quarters; channel checks show improving cyclical signals; and supply chain reads are positive. Cautious set-up indicators: ADI is +80% versus the S&P 500’s +11% over the past six months; ADI’s NTM P/E is 34x and relative to the S&P 500 is 1.6x, a 61% and 41% premium to its 10-year median, respectively; and ADI is +20% versus the S&P 500’s +7% since 4Q25 earnings." Analyst: Mark Lipacis

RBC Capital Reiterates Outperform Rating on $AVAV, PT $250 Analyst comments: "Increased focus on execution; expectations should reward investors into FY27. We hosted a day of meetings with AVAV management. We continue to like the stock for its position in the growing unmanned and C-UAS market, but near-term risks include FY27 DoW budget visibility, geopolitical de-escalation, and the potential for mid-term election risk. Moreover, AVAV has recently struggled with execution and expectation management, which has contributed to the underperformance. Management is confident in its 4Q26 outlook, which we believe can be a positive catalyst. However, we believe FY27 adjusted EBITDA estimates are elevated and expect the company to be notably conservative with its initial FY27 guide." Analyst: Ken Herbert