Why This Growth Stock Manager Likes Both the AI Trade and Eli Lilly
Jennison co-head of growth equity Blair Boyer says the AI buildout is early, despite cash burn and infrastructure bottlenecks. He cites hyperscaler capex rising above $700B in 2026, with AWS revenue growth accelerating to 37%. He highlights Eli Lilly’s $1B five-year Nvidia JV for AI drug discovery and discusses views on Microsoft, Apple, Snowflake, and CrowdStrike.
How this was made
The 30-second read
Why it matters
It provides thematic, manager-level theses and a few concrete datapoints (AWS 37% growth, hyperscaler capex scale, and LLY’s $1B Nvidia JV) but no new earnings, guidance, or regulatory action.
Market read
Traders get a sentiment and positioning read on AI beneficiaries versus infrastructure execution risk, but the text is not a fresh catalyst for any single stock.
What to watch
No discussion of power pricing, regulatory permitting timelines, or competitive AI model commoditization that could reduce monetization per compute dollar.
Background
The article is an interview with Jennison’s Blair Boyer on growth stocks in 2H 2026, emphasizing AI adoption, hyperscaler capex, and infrastructure bottlenecks.
Ticker impact
Jennison co-head Blair Boyer cites Eli Lilly’s $1 billion five-year Nvidia joint venture to accelerate AI-driven drug discovery and production.
Moderate positive bias, but no new financial print or guidance is provided.
The only LLY-specific, concrete item is the stated JV size and purpose; it is supportive but not a fresh earnings or regulatory catalyst.
Boyer links Eli Lilly’s $1 billion five-year joint venture to Nvidia to accelerate drug discovery and robot-operated lab operations.
Slight positive read-through, limited by lack of incremental deal terms beyond the JV headline.
The article provides a concrete JV value and duration, but does not disclose incremental revenue, margins, or timing beyond the partnership description.
Boyer calls Snowflake an important player in data warehousing and data access, benefiting from AI-driven data proliferation.
Neutral-to-positive, more thesis-driven than catalyst-driven.
The piece is an interview and does not provide new Snowflake-specific operational updates, guidance, or contract wins.
Boyer cites CrowdStrike as a key internet security name as AI increases security needs across complex systems.
Neutral-to-positive, but no new CRWD event is disclosed.
The article offers a thematic rationale without new product, customer, or financial datapoints for CRWD.
Boyer says Microsoft is positioned at the center of enterprise AI adoption, citing Azure acceleration and Copilot uptake.
Mild positive bias, but the article does not introduce new MSFT disclosures.
The interview includes qualitative drivers and valuation framing, but no fresh MSFT guidance, earnings, or deal announcement.
Boyer discusses Apple as a top holding, highlighting its installed base and brand as part of the growth thesis.
No actionable directional signal from this text alone.
The provided body does not include a complete, concrete AAPL-specific update beyond general attributes.
Boyer notes AWS revenue growth reaccelerated to 37% in the most recent quarter, and cites Amazon’s higher 2026 capex guidance.
Positive near-term read-through if investors believe capex is translating into cloud growth.
The article provides a specific AWS growth datapoint (37%) and capex context, but it is still an interview rather than a new company filing.
Boyer includes Alphabet among hyperscalers whose AI compute demand could exceed capacity for multiple years.
Mild positive bias, but no new Alphabet-specific metric is provided in the excerpt.
The GOOG mention is thematic and grouped with peers; the excerpt does not add a fresh GOOG datapoint.
Market effects
Reinforces a trade-off for AI infrastructure and data layer names: demand strength versus power, construction, and capacity constraints.
No explicit regional policy or demand shock; mostly global AI capex and data center execution risk.
Highlights worldwide AI data center project delays and multi-year compute demand, relevant to global cloud and AI supply chains.
Counterpoint
The piece may over-weight early AI compute demand signals while under-weighting that hyperscaler capex could compress margins longer than expected if capacity bottlenecks persist.
Key entities
- companyEli Lilly
Cited for a $1 billion five-year Nvidia joint venture to accelerate AI-driven drug discovery and robot-operated lab operations.
- companyNvidia
Named as the AI/robotics partner in Lilly’s joint venture.
- companyAmazon
AWS growth acceleration to 37% is used as evidence of early AI capex returns.
- companySnowflake
Positioned as a data warehousing and data access beneficiary of AI-driven data proliferation.
