These companies spend very large sums on AI data centers, chips and power. The market asks when that spending will earn a return. Each quarter, the capital spending plan and the growth of AI revenue show whether the answer is getting clearer.
This is information, not advice (see the disclaimer).
Far below intrinsic value · Analysts: Bullish
The market treats the AI spending of Alibaba as a cost, and fast Cloud growth can help, but the discount for US-China risk and the VIE structure will probably stay.
Next checkpoint: Fiscal Q2 2027 results: Cloud growth against capital spending (Nov 19, 2026)
Far below intrinsic value · Analysts: Very bullish
The market fears that AI answers will take clicks from Search, and steady Cloud and Search growth through early 2027 can close the gap.
Next checkpoint: Final judgment and appeals in the US ad tech case (Q4 2026 (estimate))
Below intrinsic value · Analysts: Bullish
The market fears that AI answers keep shrinking Baidu's search advertising, and fast AI cloud growth can help, but the discount for China risk and the VIE structure will probably stay.
Next checkpoint: Q3 2026 earnings: search decline and AI cloud (Nov 16, 2026)
Below intrinsic value · Analysts: Bullish
The market fears that AI spending is larger than the cash that ads earn, and paid revenue from Meta One and Muse over the next two to three quarters can close the gap if legal penalties stay small.
Next checkpoint: Q4 2026 results and 2027 capital spending guidance (Jan 21, 2027 (estimate))
Below intrinsic value · Analysts: Mixed
The market prices SK Telecom for slow growth, the cost of the 2025 breach and a large AI data center plan, and steady profit with partner funding such as the SK Horizon sale can close the gap.
Next checkpoint: Q4 2026 and full-year results (Feb 4, 2027 (estimate))
Below intrinsic value · Analysts: Leaning bullish
The market prices Tesla mostly for robotaxis and robots while its car margins are thin, and only years of growth in autonomy revenue with a margin recovery can close the gap slowly.
Next checkpoint: Q4 2026 results and 2027 plans (Jan 21, 2027 (estimate))
Close to intrinsic value · Analysts: Very bullish
The market fears that record AI spending will not pay back, and higher AWS margins and backlog that turns into revenue over the next four to six quarters can close the gap.
Next checkpoint: EU decision on AWS as a Digital Markets Act gatekeeper (Nov 2026 (estimate))
Close to intrinsic value · Analysts: Very bullish
The market fears that AI data center spending will hold down free cash flow for years, and Azure growth near its current pace through mid-2027 can close the gap.
Next checkpoint: Fiscal Q2 2027 results: Copilot uptake and Azure capacity (Jan 28, 2027 (estimate))
Far above intrinsic value · Analysts: Bullish
Investors pay a premium for long-dated growth in Starlink and AI computing, and only years of profitable growth that pays for the very large capital spending can earn it.
Next checkpoint: Q4 2026 results: Starlink growth and SI profit (Jan 20, 2027 (estimate))
Pass rate counts thesis checkpoints that came true. It is not an investment return. Past results do not predict future results.
Every result is on the checkpoints page.
Picks gives general opinions about stocks, including a "Top pick" label. They are not tailored to your needs, goals or risk tolerance. Kevin is not a registered adviser and relies on the general-advice exemption in Canadian securities law (NI 31-103 s.8.25). Do your own research, or ask a registered adviser. Kevin may hold any stock on this site. Read the Disclaimer.