JPMorgan swaps Alphabet for Meta and Amazon on its Analyst Focus List
On November 9, JPMorgan removed Alphabet from its Analyst Focus List and added Meta Platforms and Amazon as its preferred internet stocks. The bank highlighted Meta’s 26% year‑over‑year rise in Q3 ad revenue and AI‑driven ad improvements, and Amazon’s 39% year‑over‑year growth in AWS revenue. JPMorgan projects that Meta’s Family of Apps ad revenue will outpace Google Search in the fourth quarter of 2026 and thereafter.
Why it matters
The change signals JPMorgan’s view that Meta and Amazon will deliver faster returns on AI spending, which may attract investors to their shares. Alphabet’s removal suggests concerns about slower AI monetisation in search and ongoing cash‑flow pressure.
Key facts
- 1JPMorgan removed Alphabet from its Analyst Focus List and added Meta Platforms and Amazon as its preferred internet stocks on November 9. investing.com
- 2Meta’s Q3 2026 advertising revenue grew 26% year over year to $63.1 billion, adding roughly $13 billion in incremental revenue. finance.biggo.com
- 3North American ad revenue for Meta accelerated to 33% year over year in Q3. 247wallst.com
- 4Meta’s ad impressions rose 10% and the average price per ad increased 14% in Q3. finance.biggo.com
- 5AWS revenue grew 39% year over year to $46 billion in Q3, with operating income rising to $17.8 billion. finance.biggo.com
- 6Google Search revenue growth slowed to 12% year over year in Q3, while Google Cloud revenue rose 103% to $30.7 billion. finance.biggo.com
Summary written by AlphAI AI Desk from 11 of 11 sources. Not investment advice. Figures are as stated by the linked sources.