The AI hype cycle phase is over. In 2026, success will be determined by execution in three critical battlegrounds. Organizations that master them will gain a decisive advantage; those that don’t will fall behind. CFRA’s recent three-part research series provides the playbook for each.

CFRA’s deep thematic research highlights the forces driving this next phase and what they mean for technology leaders, investors, and enterprise decision makers.

AI is no longer defined by hype. The market is now shifting its attention toward companies that deliver:

• Scalable infrastructure
• Profitable AI adoption
• Reliable revenue conversion
• Sustainable cost structures

As spending rises and energy bottlenecks grow more visible, performance—not promises—will separate leaders from laggards. Companies with disciplined execution and diverse revenue engines are positioned to outperform as AI deployments move from experimentation to measurable impact.

Download Thematic – A Changing AI Narrative: Entering the Next Phase (Execution) to understand the 12 biggest risks facing AI investments in 2026, and learn why CFRA believes higher-quality, profitable AI plays will outperform speculative bets.

The idea that AI will replace software has sparked debate. In practice, the opposite is happening. AI is reshaping how software is built, deployed, and scaled—but the strongest vendors are integrating these capabilities faster than emerging competitors.

What this means for the market:

• Platform software remains the system of record for mission-critical workflows
• AI modules and copilots increase product value and customer retention
• Consumption-based pricing opens new monetization paths
• Point solutions with narrow use cases face growing competitive pressure

>p>Organizations relying on multiple software vendors will increasingly prioritize integrated, AI-ready platforms that deliver efficiency, security, and scalability.

Download Thematic – Is AI Really Eating Software? Don’t Give up on SaaS Yet to discover why leading SaaS vendors will remain resilient against AI disruption and why fears of AI replacing traditional software are exaggerated.

OpenAI’s rapid scale introduces new competitive dynamics across infrastructure, software, and consumer engagement.

Key shifts include:

• A surge in compute demand driven by multi-gigawatt partnerships with leading chip and cloud providers
• New engagement models emerging from AI-generated content tools that challenge traditional social platforms
• Expanded enterprise tooling that blends workflow automation, agent capabilities, and custom app creation

This ecosystem expansion creates both opportunity and risk. Companies with strong AI alignment—particularly in chips, cloud, and platform software—benefit from rising demand. Those with exposure to audience engagement or narrow-function software must adapt quickly to stay competitive.

Download Thematic Report – OpenAI Disrupting Major Pockets of the IT Ecosystem to understand the second-order effects of OpenAI’s scale on your business and investments.

The coming year represents a turning point—where AI’s influence will expand across infrastructure, applications, and digital experiences. Organizations prepared for this shift will:

• Allocate capital more effectively
• Strengthen competitive positioning
• Identify structural risks earlier
• Capture growth in emerging AI-driven markets
• Improve long-term resilience

Understanding these trends is essential to making informed technology and investment decisions as the AI landscape evolves faster than ever.

Download CFRA’s complete 3-part strategic analysis now to ensure your organization is prepared to win in 2026.

Amid ongoing inflationary pressures tightening household budgets, a subtle payment revolution is reshaping how Americans shop this holiday season as U.S. retail sales are projected to see minimal to moderate growth.

CFRA’s Senior Equity Analyst Caydee Blankenship and VP of Equity Research Zachary Warring reveal the shifting spending behaviors and growing influence of buy now, pay later (BNPL) options. BNPL transactions are projected to reach $20.5 billion in 2025 – a 13% annual increase – driven by tighter household budgets and the recent “fewer but pricier” gift trend. Clothing and electronics are leading the BNPL surge, with mobile-first shopping (80% of BNPL transactions) driving new consumer behavior.

Watch the webinar replay below

In this thematic research report, CFRA analysts dive deep into how artificial intelligence and machine learning are not only optimizing productivity but also creating unprecedented cybersecurity vulnerabilities. As AI-generated threats scale rapidly, enterprises are accelerating investments in next-gen solutions—ranging from extended detection and response (XDR) to cloud-native application protection (CNAPP) and machine identity security.

Download the full report to explore:

• Why AI adoption has surged 3,000% YoY—and what that means for your threat surface
• Which cybersecurity vendors are poised to win in an AI-first future (PANW, FTNT, CRWD, ZS & more)
• How generative AI is creating new vectors for malware, automated attacks, and agentic access
• The rising wave of M&A activity as vendors race to build out AI-enhanced defense platforms
• Company-by-company investment implications, key financial metrics, and analyst insights

Cybersecurity has evolved from a reactive need to a strategic imperative and in 2H 2025, the winners will be those that can adapt to the AI threat landscape while seizing the cloud security opportunity.

Get the Full Report
Fill out the form to access CFRA’s complete Cybersecurity 2H 2025 Outlook and stay ahead of the next wave of security disruption.

The global electronics manufacturing services (EMS) industry is approaching a critical turning point. According to CFRA’s latest Thematic Research, 2025 could mark the bottom of the current manufacturing cycle—and the beginning of a sustained growth period fueled by surging electric vehicle (EV) adoption and electronic content expansion.

CFRA forecasts a 12% CAGR for the EMS market through 2030, with the automotive electronics segment leading the way. EVs and hybrids require 2x-3x more electronic content compared to traditional vehicles, creating enormous opportunities for EMS providers with automotive expertise. Companies like Jabil (JBL), Flex (FLEX), and TE Connectivity (TEL) are well-positioned to benefit.

Watch a short snippet of the full video.

What You’ll Learn from the Thematic Research

• Why 2025 could mark a turning point for global EMS providers
• Long-term growth projections for EV and healthcare electronics
• Company-level implications for JBL, TEL, FLEX, and SANM
• Risk factors that could challenge EMS recovery
• Updated global manufacturing outlook and PMI trends

Following President Trump’s April 2 “Liberation Day” announcement of sweeping reciprocal tariffs, CFRA analysts explore how this new trade regime could reshape the hardware landscape—both in terms of cost structure and competitive positioning.

Tariffs as high as 54% on imports from China and other critical supply chain hubs pose major challenges for companies like Apple, Dell, HP, Logitech, and others. Supply chain disruptions, cost absorption decisions, and strategic delays in product launches are now central to their survival playbook.

Apple, while better positioned than many peers thanks to diversification and its growing Services segment, still faces potential margin pressure and demand softness. CFRA’s research outlines the scenarios in which Apple could seek (or be granted) an exemption—while cautioning that Trump 2.0 might not be as lenient as the first administration.

This report provides timely, company-by-company analysis and highlights key investment implications, including why Garmin and Super Micro may emerge as relative winners due to their U.S.-based operations or less tariff-sensitive revenue streams.

What You’ll Learn

In this exclusive research report, you will gain insights into:

• Which tech hardware companies are most exposed to new 2025 reciprocal tariffs
• How Apple, Dell, HP, and others are responding through supply chain diversification and pricing strategies
• Why Apple may still be positioned to secure an exemption—and why it might not
• The impact of tariff-related costs on earnings, margins, and free cash flow across the sector
• CFRA’s take on which companies are better insulated (e.g., Super Micro, Garmin) and why

Google’s acquisition of Wiz marks a pivotal moment in the evolution of cloud security. With $32 billion on the line, Alphabet is betting big on protecting workloads and data in increasingly complex multicloud environments.

While the acquisition boosts Google Cloud’s position, it’s unlikely to dramatically alter the dominance of established cybersecurity leaders—yet. Companies like Palo Alto Networks and CrowdStrike already offer robust CNAPP suites and benefit from cloud-agnostic designs. But this is only part of the story.

Our latest research dives deep into:

• How this deal may impact mid-market and enterprise CNAPP adoption
• The potential fallout for Wiz’s existing partnerships—especially with Check Point
• Why cloud security spending is still under-allocated—and poised for a breakout
• Real-world ARR growth from leading vendors like PANW, CRWD, and S
• Strategic shifts that security vendors may pursue in response

What You’ll Learn

In this exclusive research report, you will gain insights into:

• How the Wiz acquisition strengthens Alphabet’s cloud security platform
• Why CNAPP (Cloud Native Application Protection Platform) spending is accelerating
• The projected growth of cloud security relative to overall cloud IT spend
• Which cybersecurity vendors are best positioned to maintain momentum
• Risks and opportunities tied to partnerships and multicloud strategies post-acquisition

The Future of Electronic Manufacturing Services: Key Trends & Insights

The Electronic Manufacturing Services (EMS) industry is undergoing a major transformation, driven by supply chain regionalization, rapid advancements in AI and Industry 4.0, and increasing demand for high-performance computing, electric vehicles, and 5G infrastructure. As OEMs accelerate outsourcing and geopolitical tensions reshape production strategies, EMS providers are poised to capture a larger share of the electronics value chain.

What You’ll Learn:
Discover the critical shifts shaping the EMS industry over the next 12 months. This in-depth research from CFRA provides insights into:

• Regionalization & Supply Chain Shifts – How 30%-40% of China-based EMS production is migrating to Mexico and Southeast Asia.
• High-Performance Computing Growth – Why HPC manufacturing is expected to hit $68.4 billion by 2026, outpacing broader EMS sector growth.
• AI & Industry 4.0 Advancements – How AI-driven predictive inventory management and smart factories are transforming EMS efficiency.
• OEM Outsourcing & New Revenue Streams – Why OEMs are increasing EMS partnerships by 7%-10% and how EV and 5G infrastructure expansion are creating new opportunities.
• Investment & Market Outlook – Top EMS stock picks and strategic insights into supply chain resilience, tariff implications, and emerging competitive advantages.

Download now to stay ahead of industry trends and gain actionable insights into the evolving EMS landscape.

China-based AI model DeepSeek is disrupting the market as the top U.S. app with lower costs than Western rivals. CFRA Senior Vice President of Equity Research, Angelo Zino, CFA, favors software over semiconductors, highlighting the benefits of AI for software and the challenges posed by China. He also notes heavy investment in computing by hyperscalers, though growth may slow, while large SaaS providers are expected to thrive due to reduced AI costs.