Microsoft and Chipmakers Upgraded on AI Momentum, While Media Giants See Possible Deals Ahead

• Microsoft initiated with Overweight rating by KeyBanc, which sees it benefiting from AI wave with Azure and Office copilots

• Broadcom upgraded to Outperform by Cowen on potential growth from custom AI silicon, networking, and VMware synergies

• Micron upgraded to Buy from Hold by Argus after solid Q2 results that topped expectations

• Paramount and Warner Bros. Discovery upgraded to Neutral from Sell by Rosenblatt on speculation of potential breakups/deals

• Centene downgraded to Equal Weight from Overweight by Stephens due to “one step forward, one step back” stock performance over past 2 years