Microsoft $MSFT price target raised to $700 from $650 at Wells Fargo Wells Fargo raised the firm's price target on Microsoft to $700 from $650 and keeps an Overweight rating on the shares. Open models accelerate diffusion of intelligence via lower cost and broader availability, the firm notes, adding that its CIO survey suggests customers increasingly taking a hybrid model approach. Wells sees increasing terminal value of incumbent platforms improving multiples vs. what market was previously pricing in, but also expects to see continued dispersion in return on yield between software winners and losers given heightened investor focus on increasingly competitive backdrop.

$RKLB delivered record $234M revenue, a $2.36B backlog and more than $1B of new launch and Space Systems contracts, so the selloff is not about demand but about Neutron timing, weaker near-term margins and rising cash burn. Peter Beck says “the window for an end year launch is narrowing” because Rocket Lab is prioritizing qualification for reuse and high cadence over rushing Flight 1, which matters because Neutron only becomes economically transformative if it can progress from one launch to three, five and eventually many more. That added spending is painful near term but underneath Neutron keeps getting stronger as Space Systems approaches $190M quarterly revenue, HASTE expands Rocket Lab deeper into missile defense and hypersonics, and its component stack gives it more control over spacecraft economics. If Neutron works and Iridium closes, Rocket Lab increasingly becomes a full-stack space platform that can build the components, manufacture the satellite, launch it, operate the constellation and eventually monetize recurring communications services on top.

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